If the cash is just going to sit there collecting dust you might as well pay cash for the car and avoid the auto loan interest.

What is the current interest rate and what would be the interest rate if you canceled it and turned it into a closed-end loan?

>Is it ever a good idea to just cancel the cards and set up new payment plans without payments until I get my head above water

The credit card company isn't going to be OK with you just not making any payments for a while regardless of whether or not you cancel the card.

If you're eligible for the exclusion and know that you don't want to own it forever then get it sold and laugh all the way to the bank with those tax-free gains. If you try to time the market you may be forced to sell for less in a year to get it done before the clock runs out.

Absolutely not. You can borrow money for a house (and just about anything else while you're working) but you can't take a loan for retirement.

Also:

>I'm just thinking my rent money gains me absolutely nothing. Its a full net loss.

That's not true. It buys you housing.

>Whereas my 401k(all index funds) will return what like 10% at best per year over my lifetime?

Which adds up to a LOT of money by the time you retire.

>I'm spending 20k/year on rent, so why not just take the 401k hit but actually contribute to a mortgage instead of just pissing money away in rent?

Rent isn't just 'pissing money away' and houses have a lot of costs that will also feel like you get nothing for, like taxes, insurance, maintenance and repairs, etc, etc.

It won't be any easier to get another car loan once you have this one. It sounds like your credit score isn't the issue and your verifiable income is. That won't change quickly.

I know you want to help your father but you can't handle this for him. The best thing to do would be to hook him up with a tax professional and for him to do what they say needs done. It sounds like he's picked Optima, so now he needs to work with them and it's on him to understand his options and what they're doing on his behalf.

It obviously depends on his income those years but if he paid absolutely no taxes then it could easily be what he owes.

He needs to file for the years that are missing, figure out what he owes, then talk to the IRS about a payment plan.

If you need it to buy another home in six months then put it in a high yield savings account instead of investing it.

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Also, ditch the managed investment account. Study after study shows that they don't outperform the broader markets over the long term so the fees you pay are wasted money.

I'm used to responding to posts here saying that their debt doesn't warrant bankruptcy. That they need a strict budget and to knuckle down and struggle through so they never make this mistake again.

But you're 31 years old with about your annual take-home pay in high interest credit card debt. You should talk to a bankruptcy lawyer and see if it makes sense for your situation.

Whether you could afford it depends on the rest of your budget. But you shouldn't want to afford a car that costs your entire annual salary over things like building an emergency fund or maxing out your retirement savings.

There are two separate issues here.

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The first is the immediate issue with the lease. See if your lease allows you to sublet and roommates might be an option. Also talk to your landlord about what it would take to get out of the lease early so that you can find something you can afford.

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The second issue is the divorce and marital property. You need a divorce lawyer right now. Seriously. Immediately. In the meantime document everything. Your wife can't just drain the accounts and leave the state. It's very likely that at least half that money is yours. Depending on where you are and how long you were married you might be entitled to some of her retirement savings or even spousal support as well. Call a lawyer.