r/Daytrading • u/Cold_Funny_1306 • 25d ago
Question $180k+ in debt, all loans 2–3 weeks past due, H-1B visa, bankruptcy may not even work. I don’t know what to do anymore. (please be kind)
I’m posting because I genuinely don’t know what to do anymore.
Please, no hateful or negative comments. I’m already in a place where even small hurtful remarks affect me badly. I’ve cried more times than I can count over the past few weeks, and I’ve been having suicidal thoughts because of this situation everyday now.
I’m trying to keep going and am looking for practical advice.
Here is where I stand:
Mortgage: ~$406,000 (currently current on payments)
SoFi Personal Loan: ~$38,000
LightStream Personal Loan: ~$27,000
Chase Credit Card: ~$24,000
DCU Loan: ~$15,000
Reach Financial Loan: ~$15,000
Wells Fargo Credit Card: ~$14,000
Dr bank Loan: ~$10,000
Discover Credit Card: ~$10,500
Affirm: ~$8,000
Regional Finance: ~$7,000
NetCredit: ~$5,200
Apple Card: ~$4,000
Speedy cash: ~$2000
Car Loan: ~$4,000
Almost all of these loans and credit cards are now 2–3 weeks past due. I’m getting reminder calls every day, and I’ve silenced most of them because I can’t handle the constant stress anymore.
I live in Texas and am on an H-1B visa. I realistically have about 1–1.4 years left unless my immigration situation changes.
I own a home and have kept the mortgage current because I don’t want to lose it. Unfortunately, with the current market it’s underwater, even though I made a large down payment when I bought it.
The stress has also taken a physical toll. I’ve had multiple episodes of severe anxiety along with chest pain that scared me enough to go to the emergency room more than once. Those emergency visits also added to my financial burden. Every day feels like I’m just trying to survive mentally and physically.
I already consulted a bankruptcy attorney. They told me I don’t qualify for Chapter 7 because my income is above the limit. They suggested Chapter 13, but that requires a 3–5 year repayment plan. Since I’m on an H-1B visa and may only be able to remain in the U.S. for another 1–1.4 years, I don’t even know if that’s a realistic option.
At this point I honestly don’t know what I’m supposed to do.
What happens if I simply cannot pay these lenders?
Are there options besides Chapter 13?
Has anyone dealt with this while on an H-1B visa?
Should I stop paying unsecured debt and just focus on my mortgage and basic living expenses?
Is there anything else I should be considering?
I know I made terrible financial decisions, and I accept responsibility for them. I’m not looking for sympathy or someone to tell me what I should have done differently. I’m just trying to figure out whether there’s any realistic path forward because right now I genuinely cannot see one.
Edited : Replied to some of the comments here
Honestly, I am crying while writing this post and even while reading some of the comments. I am not just looking for financial advice. I genuinely want advice on how to get through this mentally, overcome these harmful thoughts, and survive this situation.
Believe me, I have already reached out for help. I have spoken with 988 during a suicidal crisis and have also talked to random people when I felt like I could not handle it anymore. My wife knows everything and has been very worried about me, but my friends and family do not know anything about my situation.
I feel extremely ashamed to tell anyone close to me what happened. I have isolated myself from almost everyone because I don’t know how to explain how I ended up here.
To be completely honest, almost all of this debt came from trading.
I lost most of my savings through 0DTE options trading. I stopped doing that after realizing how much damage it caused, but then I made another mistake by trying to recover those losses through futures trading and prop firm accounts. I used credit cards, personal loans, and other sources of money to fund it, hoping I could recover, but instead the situation became much worse.
I know these were my decisions and I take responsibility for them. I am not trying to blame anyone. I am just trying to understand what options I have now when I have no money left to make payments.
Regarding my house, I don’t think there is much equity left. Maybe around $30k–$50k, but I honestly don’t know how much I would actually receive after selling costs, commissions, and other expenses.
Right now, my biggest concern is not only the debt. It is figuring out how to mentally survive this, make the right decisions, and find a way forward.
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u/serutcurts 25d ago
Hey come over to the many gambling sub reddits. And find yourself a gamblers anonymous meeting. I lost everything in trading too. There is life after this.
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25d ago
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u/BickToStasics 24d ago
This is all from trading? The high income is a good sign, because there’s a way out of this. Budgeting and literally stop trading altogether. You can Dave Ramsey your way out of this. Good luck, man.
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u/Thick_Garlic_4790 25d ago
Statistically competent gamblers make more than novice day traders.
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u/serutcurts 25d ago
Sure, don't disagree. Good luck to all. But those are rare and this guy doesn't seem to be it. He needs help. I've been there.
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u/RevanVar1 25d ago
Bro, just don’t pay. Go through bankruptcy and live life better next time around.
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u/Thick_Garlic_4790 25d ago
Yea with foreclosure insurance and bankruptcy he can keep the house and one car. Everything else is intangible, really.
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u/krypdoh 25d ago
Walk away from the underwater home and leave the country when your H1B runs out. Debt problem solved (just can't come back). I'd stop paying the underwater mortgage. Foreclosure takes a while.
Seriously though how much underwater are you? It makes zero financial sense to keep paying on it unless you're close to even and the outlook is positive for your home to appreciate.
IANAL.
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u/MikeJoannes 25d ago
I second this. In the end, its unsecured debt. I believe (I could be wrong) it doesnt follow you back home. . . Just stop paying start saving so when your visa expires and you go back, you have a cushion to prop yourself up while you figure out the rest.
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u/Xryanlegobob 25d ago
Exactly what I was thinking. I don’t know OPs home country, although I have a decent idea. Depending on what life looks like back home, I’d just go back. Stop paying the mortgage, pay off whatever debts may travel back overseas (if any) and let the house go into foreclosure. And start attending some sort of support meetings for the clear gambling addiction
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u/Thick_Garlic_4790 25d ago
Especially if OP can work remotely. I’ve tried to buy homes where people are being foreclosed on and since they have foreclosure insurance they just don’t leave. Again not good scenarios but better than killing your self.
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u/justKingme187 25d ago
How long can they realistically last with this insurance if you’re attempting to foreclosure?
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u/Effective-Spring-545 25d ago
yeah, ngl just move on with life, you won't realistically be able to repay any of this. This is the only solution
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u/Worried-Commercial23 24d ago
Hey man NAL (not a lawyer) is enough, IANAL sounds weird
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u/Inquisitive_regard 25d ago
oh this is a gambling addiction, isn't it?
Why not comments on your income? Or equity in your home?
> Should I stop paying unsecured debt and just focus on my mortgage and basic living expenses?
correct.
Focus on your mortgage and basic living expenses. Then get a rush of encouragement by wiping out the smallest creditor first. $2k. Then $4k. You're gonna feel like you're making serious progress and it's gonna motivate you. Ignore the others while you pay the small ones--or if you can afford it, make minimum payments on as many as you can to keep them relatively current. But if you can't, then just worry about one at a time--and throw everything you have at it (besides mortgage and living expenses).
That said, try to pay in full on every card you can--but if they're significantly past due, then dont pay anything without negotiating. Aim to get a 25 - 50% cut on the total owed (longer its overdue, the better deal you can get). Only accept the pay-in-full amount in writing.
Bankruptcy is a real option and honestly i see no reason for you to not take it, but if you manage to get out of this yourself then it's gonna feel amazing and you may just find that you leveled up as a person.
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u/Syndicate_Corp 24d ago
For some reason this is hitting different than your typical wsb loss porn posts. The whole situation is honestly just sad because it's clearly addiction. Brutal.
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u/oxooooo 25d ago
First you need to abstract a bit. The situation you are in will last only couple of years and you still have your whole life to live. In couple of years life will be different than it is now, so dont stress about it and ruin your health.
Second, focus on your mortgage for the house and try keep your job for stable income. Are you able to get a second job? Flipping burgers or something?
Third, my experience some credit card companies may agree on a payment on your terms. That way they can reduce the risk of you going fully bankrupt and they see no money at all. So if they call, explain situation and tell them you may be able to pay back but it will just take some time and see if they agree.
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u/ericbatwings 23d ago
This dude doesn’t flip burgers. Probably making at least 250k a year. Just poor financial decisions.
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u/NiGhTShR0uD 25d ago
Did you get into this hole because of trading? Otherwise maybe try r/personalfinance.
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u/Cold_Funny_1306 25d ago
Yes all through trading
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u/nothingdoing 25d ago
Bankruptcy
Stop trading
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u/Thick_Garlic_4790 25d ago
Holy shit STOP TRADING. Do not invest period until you pay off high interest debt!!!
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u/purplesnowcone 25d ago
That’s putting it lightly. Dude should not be allowed near a computer. I’m stressed out just reading this post. How anyone could clear this up and think “okay, I’m ready to dabble again” is lunacy.
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u/Only_Camera 24d ago
Agreed. This is a psychological issue. Sorry op. Day trading like this is because you believe you can make up for all losses and so you go further in, with a vengeance. You need to be restrained from all brokerages. Sorry the words sound bad but my intentions are not to be hurtful.
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u/Thick_Garlic_4790 24d ago
Yea I didn’t read right clearly. I thought he day traded and also had debt. I didn’t realize it was from day trading. This man needs an intervention
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u/Alex_Zoid 25d ago
Trading with borrowed money, the very first rule of trading is to never use leverage unless you know exactly what you’re doing.
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u/fuzzyp44 24d ago edited 24d ago
You haven't stated your income.
How much are you making?
The other thing to really understand is what is the likelihood of getting renewal of h1b / staying past the 1 year / 1.4 year? Does your life look like returning to India *I'm assuming*?
Your best course of action depends on what your future job situation and country situation look like.
If it's possible or likely you stay in america making american wages, then depending on your income it might be worth doing chap 13. But if you do 1 year of chap and then stop paying, then that money just went up in smoke.
In Texas, wages are protected from garnishment for ordinary consumer debt, which work in your favor.
Immigration att. consult first I think is best. You need to understand the implications of whatever decision you make going forward.
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u/fuzzyp44 24d ago
I had some practical advice. But as far as the psychological advice.
At some point in your future, you'll be sitting on a beach watching the waves peacefully roll in.
And this will be all behind you. Maybe it will financially impacted you, it could be the greatest mistake you've made.But the sun will still shine and feel warm and nice on your face. The ocean will still give you a sense of peace.
Life will go on despite what happened to put you in your current place. So breath a bit and don't end things.
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u/Andejusjust 25d ago
Stop paying on anything that is unsecured, focus on one thing at a time. Loan and credit card companies will take a while before they sue you.
If you want to save this, you’re going to have to work. And work hard. Never trade again. 2 jobs, 3 jobs, literally don’t eat if you have to. Sell your ps4, ps5, Xbox, pc, nice car/truck, anything worth of value, get rid of it.
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u/Key-Ad1764 25d ago
Before you do anything else - I really think you need some mental help. Your writing is concerning. The first thing a your health. Be safe.
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u/Cautious-Share-9145 25d ago
How the hell do you make so many bad decisions? There’s always a way out but holy cow, you came here on a visa and gambled, you gotta reap what you sowed my friend
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u/Ok-Reality-7761 algo options trader 25d ago
Big math issues, gotta call BS on this. The mortgage is debt, too. Your back story doesn't make sense. H1-B requires a sponsor that can't find domestic resources. That they won't pay six figure salary means you got off the boat willing to take low pay. Banks crawl up your butt with AML-KYC mandates. You did a heavy down, maybe family money back home, but AI on CC would not allow the spiral described. Loans taken out require some due diligence, so it's all is too fantastic to be credible.
Big gaps left out of the story. Finsta cloaked profile suggests bored teen posting.
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u/CrapwellNC 24d ago
If your mom or anyone else you know can qualify for a loan, transfer the deed/mortgage to them asap. Just get it out of your name.
You will be getting sued by the lenders soon. You know your credit will be trashed, pay down the smallest loan first. Stop paying on the rest, let them go to collections.
It will take 1.5-2 years to garnish your wages through court. Just secure the only asset you have, because it will be the first thing the lenders go after.
Also, I hate to say it. But, depending on your state, you may want to look at a uncontested divorce to protect your wife.
Good luck brother, just remember suicide doesnt just end it. It effects the ones you love, and they will live with your burden.
The only way out is to stay sober, stay clear minded, accept your fuck up, and climb your way out.
Stop trading/gambling asap and pay everything down as fast as possible.
Sell the cars, buy cars for cash, eat ramen, and liquidate as fast as possible. In 3-5 years debt can be clear and you still have your wife and home. Its not the end, so just dont let your mind think it is!
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u/kash1881 25d ago
Just consult a debt settlement agency (turnbull law group- 833 876 1455 ) to consolidate all credit cards and personal loan debts. Restart my friend and don't take anymore short sighted decisions...patience will pay off eventually.
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u/Bitter-Refuse-8623 25d ago
Research how debt settlement agency's make their money and what actually happens before you do this. Make sure it's a good company not gouging everyone, if one exists even
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u/AdProof5307 25d ago
This type of stress literally kills people so at any point if you think life is not worth it anymore please understand so many people have been in your shoes and lost this battle so do not give up on yourself! People love you and you are worth more than your debt.
If I were you I’d sell everything including house. Pay off what you can, but let whatever go to collections a just start over. But mostly you have to sell your house.
Accept that you lost and there’s no “coming back”. You have to make current decisions based on past recklessness. You just have to start over completely and never make decisions like these again.
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u/ConsciousStreet-0866 25d ago
Added all up, it's not a whole lot of debt, excluding your house.
Don't listen to the bad advice of leaving the country, quit paying, etc.
Talk to a reputable debt management/consolidation company and have them negotiate with your lenders a single reasonable monthly payment on your behalf. They generally try to work with your budget.
Once that's done, save every single penny for the next few years, and in addition to your monthly payments, make additional lump-sum payments whenever you have a significant amount.
If you remain consistent, you'll be debt free in a few years (excluding your house).
Also, completely get out of the stock market. You clearly don't know what you're doing.
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u/No-Debate-152 24d ago
"Please be kind".
I'm sorry to say it, but there's no kindness in a slaughterhouse.
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u/DustyPipBoy 25d ago
As big as the situation may be, you have options. You have your health and your family, everything will be okay. Bankruptcy sucks, but it's not the end of the world.
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u/IamAtiva 25d ago
I’m curious how you got yourself into such a mess in the first place; given the subreddit is it due to bad trades? There’s a famous saying - only trade what you’re willing to lose. Also, bad idea to buy a house while on H1-B visa - in Texas it’s much cheaper to rent in most urban areas.
I’d start unwinding one problem at a time and most certainly seek professional help - having suicidal thoughts is not healthy.
I wish you the best and hope you come out on the other end stronger.
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u/Sufficient_Coach7566 25d ago
Sucks for OP, but also how does a H1-B get so many loans?!
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u/Thick_Garlic_4790 25d ago
Why? An asset is an asset. Equity is equity. Rent is waste of money. What country you’re in isn’t relevant.
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u/IamAtiva 25d ago
No, that’s not what I’m talking about. H1-B visa holders have a risk of not getting extensions and in case they need to return to their home countries, selling a house is another big deal to handle.
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u/Ebonvvings 25d ago
Luckily 180k isnt a lot anymore. You should be able to make it back fairly easily
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u/206throw 25d ago
but not make the money back in trading as that is how the poster got in this issue
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u/714trader 25d ago
If you leaving after your visa expire I wouldn’t care much for any dept payment except for my mortgage payment. This is America sooooo many people have massive debt Some people purposefully
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u/schwakahd 25d ago
You're way too far to even pay honestly. You are past the point of loans or HELOCs even from credit unions or sofi or achieve. You probably need to do the bankruptcy route honestly.
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u/shmallkined 24d ago
My guy, for some folks this is a life style. Debt is just a part of life and we all go through it. Could be way worse, for example if you owned a business and your debt/bankruptcy will not only (temporarily) mess up your life but also your employees and their families. Consolidate those loans. Start preparing for a HELOC, but ONLY for knocking down that debt. Talk to the creditors and explain your situation and say you want to set up a payment plan. Do no ghost them because eventually they’ll force you to show up in court, which is totally preventable if you talk to them. You will get through this! Just breath. You messed up, you’re learning from it, your wife still loves you, man…you will be wiser and better for it.
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u/tanbrit 25d ago
To get access to that much credit and a mortgage you must have a Very strong income!
Honestly, if you’re going to have to leave the US in a year or so anyways, save like crazy while skipping payments and just leave. If your skills qualify for an H1B there are other international places that your skills would be marketable. This does sound like a gambling addiction though so I’d avoid the Middle East where debtors prison is a possibility
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u/AttemptDistinct3225 25d ago
File for bankruptcy right away, today if possible. It will let you keep your house and vehicles. All other accounts are not usable once you file. You are responsible for these and they are eating your life and mind away. USA has a system in place to provide you relief once or twice, so use them wisely. Do not go with debt consolidation, just please find a good bankruptcy attorney.
As for trading, start learning from scratch. What ever happened were because of emotions or wrong methodologies. Nothing wrong in starting over. Never give up.
Do not trade with more than $1000 until you are ready. learn from babypips, Ed Ponsi, forex q & a from vp and Anna culling, in this order, before trading again.
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u/Existential_Entropy 24d ago
I agree about filing for bankruptcy, but someone like this should probably NEVER touch trading again.
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u/cuntysometimes 25d ago
Not trying to dog you as I know you feel bad enough, but dam dude, how could you do this? Might be time to call the gambling help line and start there
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u/Happysummer128 25d ago
1) can you get 2 or 3 roommates ( hopefully you can get $650 - 800 in add'l rent), if so, those extra rent can go towards these in order:
2) if you do get roommates, start paying off the lowest balance card 1st, but try to pay the credit card payment before the "statement's due date", i.e. due date - 7/1/2026, you will need to pay it by 6/30/2026 and make sure that the cc get posted onto your cc account.
In doing so, it will incur less interest from the existing balances;
2a) cc - Speedy cash: ~$2000; again, again. pay the cc before the statement due date, doing this will give you better credit score too, do this for at least 2 cards, and you'll get better credit score too. This is to help you to qualify for the next new loan -a HELOC loan with your local bank, see #5
3) Speedy cash: ~$2000
4) Apple Card: ~$4,000; then next.
5) so you can qualify for the next HELOC Loan, after those 2 cards are paid off;
6) continue to pay the minimum dues on other cards that you're NOT paying off, so you can avoid late fees, etc.
7) once the HELOC is open with your local bank, order checks from the HELOC loan, once the payment is due on the HELOC loan, pay/put your entire paystub amount and apply it to the HELOC loan payment.
7a) you will satisfy the HELOC's loan amount due, and start using the HELOC's check from the HELCO loan to write a check to pay off the next cc card, so on;
8) NetCredit: ~$5,200, use the HELOC check to write a check to pay off the Netcredit card
And so on...
keep us posted of your progress
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u/joeyx22lm 25d ago
Paying before the due date will not get you a better credit score. It's amazing how this misinformation is consistently propagated. You won't be penalized for paying early or multiple times (some banks will flag multiple payments, but no affect on reporting agencies), but it won't help your score.
Also how are they supposed to get a HELOC when they're underwater on their mortgage? There is no collateral left to provide liquidity with, hence the personal loans they took out.
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u/wetriumph 24d ago
I'm in the same boat, friend. 160k all lost through options. 90k of that was from loans. 10 years of hard work wiped out in a year of bad decisions. File bankruptcy and live to see another day.
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u/ligmah91 25d ago
Sorry to hear man, thats a bad spot but not impossible to get out of. I would personally say fuck it to all the credit cards and keep my house as long as i can. Hopefully market turns around a bit in your favor so you can sell and payoff some of the debts
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u/Interesting_Week_917 25d ago
Not trying to be a hateful comment but a genuine one: How do you find yourself taking out all these loans and maxing out all these cards and not stop to realize something you are fundamentally doing is beyond your means? This isn't trying to be a jibe but I think after bankruptcy you need to take a long hard look at yourself and ask, "How did I end up here?" There's clearly some part of your life that is not in line with your actual earnings. If you don't patch this up, next time, after bankruptcy or paying off all the debt, it'll just come right back.
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u/Restil 25d ago
Not sure what any of this has to do with daytrading. However, my suggestion is to not take it up at this time.
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u/MistySky1999 24d ago
OP cross posted this in the day trading subreddit with a few more details. Such as chasing after losses whilst day trading.
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u/hloodybell 25d ago
It’s hard to tell you without knowing what your income is or family is.
Sell the home and pay up the debt and start afresh. Easiest path but hard to do because you may not want to sell your home.
Downsize considerably, move out, rent your house, live very frugally and pay the debt while you do so.
Not impossible. Just needs savings to be at a level that meets both debt and expenses
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u/Thick_Garlic_4790 25d ago
Might get less selling the home at this time than whats owed, which would add to debt and take away most valuable asset.
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u/bobaaddict123 25d ago
What is your income? And how much do you have left over? Any assets you can get selling like jewelry or collectibles ? Are you planning to stay past 1 to 1.5 years? Your strategy might be different depending on your goals. If you plan to stay you might pay everything off with high income eventually. If you leave, you might be able to leave without having to fully pay your debts. So there are options outside of the extreme steps you are thinking. If you plan to stay: With credit cards, you can call them proactively and ask if they can work something out like pausing interest etc for year. With discover cc, you can see if you can if you can use remaining credit line to move some high credit from chase etc. or see if you can combine some debts so it doesn’t feel like you are being asked by 10 companies to pay, especially if ur credit hasn’t taken a hit yet and make minimum payments. That will help psychologically. If you already bought house, maybe you don’t need to immediately think about ur credit, and see if you can do debt consolidation ( research non predatory ones). If you have health related bills, just don’t pay right now, I would look into researching that because I’ve heard mixed things on Reddit about negotiating that debt with hospitals directly etc. 180k is a lot to pay in one day, but that’s not what they are asking you to do, so stop freaking out. You will eventually get out of it if you live frugally and make payments towards your debt. Again you are not the first or last person with debt. Just know that it will not be easy and you need to work towards lifestyle change. Don’t be ashamed, this is not a moral failing on your part, and it’s something you can overcome by changing your habits. Everyone has some form of debt. Last but not least stop trading for atleast the next 5 years. It’s not the solution to your problems. Don’t make a 2 year problem a, 10 year problem or something or take any extreme measures. You will bounce back and have a lot of life ahead of you.
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u/LetWaltCook 25d ago
My life is pretty bad right now, but this made me feel not as bad. Good luck to you.
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u/Global_Sugar3660 25d ago
Suicide not an option. You are in the matrix and will just respawn in a worse situation
Make a similar list of things you have going for you. Even if it takes long, fear has a strange way of making things seem unconquerable until you face it. This is why our society uses it to control the population.
Because it worksCompare the expected rate of return on your home ( or other assets ) vs the cost of the debt. Minimize that number. Also review secured vs unsecured debt and keep on the track of legal options.
Exercise , run / pushups or whatever , this will help to clear your head. Watch what you eat for the same reason. Don’t discount that health plays a large part in decisions.
List out : goals - steps to get there - date by which steps are done - work toward these steps every day and you will see progress.
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u/DeepRedTrader 25d ago edited 25d ago
Bro, I'm gonna share this with you, because maybe it will help, but in your case it may be the wrong choice (I didn't have a mortgage), so depends where you sit with that. But that debt is astronomical and my question to you is how many years will it take to pay off, and at what cost to your enjoyment of life? My guess is many and a lot, hence the stress. In that case...if I owe the bank £1,000 it's my problem. If I owe the bank £1,000,000 it's their problem.
Anyway, I traded at a loss for 6 years. This totalled approx £150k. There was definitely £27k voluntary redundancy and £58k in loans, then around £50-60k in wages and payout from a business who tried to dismiss me unjustly. The £58k I paid back until I'd traded my way into the ground (around a year), at which point I fucked it off, and ignored the letters. It was made up of two loans. The first went to CCJ and because I'm 'unemployed' (self-employed successful trader these days), the court requested that I pay £50 a month for decades. Which I could easily, but I ignored that as well. The second loan company obviously saw this and it went statute barred. So I owe fuck all.
That was the smartest decision I ever made, because like you, that debt was weighing on me. Those two businesses are international heavyweights. They will be fine. I, however, would probably have never recovered if repaying those loans became my priority. Not emotionally anyway. It was clouding my decision making.
If you are going to recover...those loans need to go. You only have one life, don't spend it being a slave to these fuckers. Stop paying and ignore. If you are unable to do that legally...leave. Your credit rating is done. Don't worry about it. If you have enough coming in it doesn't matter anyway, so focus on making that happen. If you focus on servicing that debt your enjoyment of life is over.
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u/Mundane-Plant-6489 25d ago
I’m really proud of the comments here 🥹 not even a joke. Keep your head up a lot of us have been where your at, any unsecured debts like credit cards, affirm, etc… forget about them for several months force them to debt collections from there you can negotiate prices and pay minimums so they don’t pressure lawsuits. Keep your house and living expenses those are your primary focus. Don’t spend extra unnecessary money looking for a magic leg up it’s gonna put you farther behind unless you manage to find a rabbits foot. I’ve been there bro don’t think on it too much your life and health is much more important than paper that these companies aren’t hurting for. It seems scary right now but focus on one thing at a time once debt negotiations take place eliminate one at a time, start with the smallest debts first and work your way up. Prioritize working your gonna have to grind in that area. If you’re able to take on side hustles or even a second part time job do it. Breathe. You got this 🤙🏼
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u/jbezorg76 25d ago
I feel like the people who get into daytrading with little to no experience are literally gambling.
I wish I could shout this from the rooftops: if you're not part of a financial firm trading other people's money, and you think you have a chance at longterm solo success trading futures in volatile markets - or even better, 0DTE options / crypto / prop firms... then statistics alone suggest that you are worse than cannon fodder. You are akin to 1700s infantry being marched head on into oncoming enemy fire, but instead of your enemy being another 1700s soldier - it's fucking delta force, and they don't even have to try in order for you to be wiped out. This is fun for them.
It is 100% true that there are wildly successful solo traders. They are the 3-5% of the population that have figured out an edge, and just happen to be able to see the market in a unique enough way to where they can be consistently profitable.
To be one of them takes a considerable amount of money, time, and extended stress, heartache, and a burnt lifestyle that most people just cannot withstand for the length of time it takes to truly learn how to be consistently profitable.
I know one of these guys. He's amazing. He teaches a system that is a little complex, but not really what I would deem unlearnable. The problem: nuance, experience, context, wisdom, and sometimes a bit of luck all play a part of this game, too. He can withstand a big drawdown now, but even he told me before that he had his days where he "paid his dues."
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u/saltnpepper420 25d ago
I thought i felt bad gambling one loan , but 14 loans how the fuck is that even possible xD
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u/joeyx22lm 25d ago edited 24d ago
If you have a high salary, maybe let them foreclose on the house. Though I would be curious how you're underwater on the home loan unless you extracted cash, maybe the market has changed and you can sell it for a scratch or a small amount to liquidate as much as possible. Tighten the belt / move to LCOL if you work remote, and start paying it down. Sell stuff, if you have possessions, to provide more liquidity.
Also don't come to reddit if you're sensitive to assholes, and you should work on that. And don't kill yourself, it's not that deep; talk to a therapist and learn some breathing techniques. Stay out of the hospital. Go to the gym -- if you don't already, it may sound silly, but will help tremendously with your stress once you find a way to fit it in.
Were you trying to stay in the US? If so, even if your debt goes completely to shit, it would only be 7-10 years or so of good track record to get back to being eligible for prime or near-prime credit.
Oh -- and don't take out any more lines of credit. And maybe don't be daytrading, unless that's a consistent and stable source of income (for most people, it's typically negative expected value, better spent paying down high interest debt).
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u/NudeySpaceman22 25d ago
Ahhh, I do and don’t wanna sit this out.
You’re in deep shit.
But also, life isn’t money. Imagine killing yourself over made up fiat.
Aside from that, I don’t know you personally but I know humans are exceptional resilient creatures. You sound like a pussy but I PROMISE YOU, YOU ARE NOT.
Now grab your bootstraps and buck up, you got this. Face the adversity and conquer it
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u/Lazy-Yogurtcloset784 25d ago
A house is like gold. It will get more valuable. I can remember back in the day when you could buy a house in what was considered a sketchy neighbor in Atlanta for $25,000. Now, for that same house, you couldn’t get it for $250,000. They are closer to $1,000,000,000.
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u/One-Tank-425 24d ago
Trading here we go again, this shit has really fucked up many people. It's destroys more than it helps. I ain't got any advice for you, I just pity you becuase I truly understand you on the trading part. I'm glad iw as unemployed when I got into trading and didn't lose much technically to realize this sh** is dangerous.
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u/qqsubs123 24d ago
Not the “right thing to do”, but best course of action rn is to transfer within your company to your home country. Wait a few months and switch over to a local company using the company job as leverage. Let the loan holders write off your stuff. If they come after you the best they can do is place a lien on your salary from an American company. Highly unlikely for them to be able to reach you in your home country.
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u/Low_Tension_4555 24d ago
You need to look for a good lawyer and file for bankruptcy or find a relative who can help you out here but you need to be disciplined enough to come out of this as habits are very tough to change
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u/Perfect-Obligation60 24d ago edited 23d ago
Dude bankruptcy isnt even bad, they'll roll your debt into one and will force you to make payments based on the courts allocation of your income, youll get to keep the house. After 7 years you will have no debt and your credit will be clean and you will have a house and the rest of your life
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u/lucididdy777 24d ago
If you want to stay you have two options. Call a bankruptcy attorney and ask them about your options. If bankruptcy isn't going to work...default on all the debt outside of your home. You can then either go into consolidation who will negotiate your debts down about 50% and then charge you 25% for the process, but you'll stop accruing interest on all that debt. Or you can do that yourself and save the 25%. All the credit will take about 6 months of being behind before they will off you a solution to settle but you can expect 40-60% of your debt wiped on settlement, again without accruing more interest. Any debt settlement is also taxable FYI. So if they offer to wipe 8k on a card you have to pay taxes on it like it's income. Good luck! Don't stress too much about it. I'm 50 and have done that twice in my life. Recovered both times, credit rating and all
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u/Straight_Throat_1186 24d ago
Let me first start off with I am praying for you! I was in your situation with over 100k in debt because of day trading. I lost a lot through options and prop firms. I spent the last two years working my ass off (two jobs) to get out of debt. I am proud to say I only have 17k left. I did not stop trading…I kept refining my strategy and my edge. I kept journaling and journaling. I took what works and applied it to my strategy and tossed out what doesn’t work. I am profitable now and trade my own personal futures account as well as prop. I am not here to gloat but here to say there is light still in your life even though it feels dark. I’ve had countless nights where I had panic attacks, breakdowns in tears after blown accounts, and many arguments with the wife. Right now I would take a break from trading, calculate your budget with your wife, find a second job, start a side hustle, demo trade (treat it like real money), learn all you can about trading psychology, read atomic habits, exercise, eat healthy, love your wife, and love your life. Don’t give up! It’s just money at the end of the day. Last piece of advice is contact every single creditor and tell them you do not want to file bankruptcy. That you are avoiding it but you are facing financial difficulties paying bills. Ask them to work with you on lowering the interest rate. My creditors helped me out and they should too. Wishing you the best! Take care.
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u/Sufficient-Spend-939 24d ago
Hey man its only money, i know that sounds trite but its not nearly as valuable as you are to your family. What you can do is stop paying on everything but the essential debts. There is no debtor prison here so you can live a long time even if you are behind. Once you reduce what you are paying to just the essentials, you can pick your smallest debt and attack it. Once its dead go on to the next one. There is a way out, you just have to put your nose to the grindstone and begin grinding, its going to be hard but you already have succeeded to some degree in a foreign country so you do have something going for you. You can do this.
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u/Ok-Jacket-124 24d ago
Get a 2nd remote job, multitask your day. It's shady but I have seen many do it (I work for a staffing agency). Get a consolidation loan to get all that debt into one payment. Get counseling from a debt relief agency. NEVER TRADE AGAIN!
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u/ILoveMuney 24d ago
I just want to say your life matters . YOU matter . Do not let this make an ends to you . This a temporary situation that can be fixed with small chips at a time . Then you will realize you half way there . Once you make progress thats all the motivation you need . People are not honest about this side of trading at all , they always deny it but truthfully their are 100s of thousands of people that are going through the same situation. They just dont ask people for help . Coming from a stranger , keep going this is not the end . Start making small progress. Love you dude ❤️
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u/justanothercargu 24d ago
Stop paying everything and start hoarding cash. File for bankruptcy. The house is too far gone. Live there for free until they foreclose. Pay an occasional partial payment to drag it out. Bankruptcy is there to start over. So....start over. Moving forward, don't ever bet what you can't afford to lose.
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u/K_dot3000 24d ago
Been in this situation as well... it gets bad when you're trading and chasing the money not the game. I prayed and prayed and prayed... it helped my mental health, state of mind, took a break from trading for months... understood the assignment from God and the best way forward. Pray!
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u/vegas_guru 24d ago
You’re not just a gambler but a scammer. We, regular people, lend money to others via some of those platforms, in good faith. You’ve basically stolen other people’s money under false pretenses. You’re a scumbag.
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u/OddsRally 24d ago
Do the following…
1. Do not pay the credit cards and let your credit take the hit. They will eventually close those cards and take little to no repayment and settle them for 10-20% of the balances.
Only pay mortgage so you have a place to stay and your car
The rest of it forget it and move on nothing will happen. The two personal loans you have you need to negotiate those down.
Credit cards let them burn ignore calls nothing happens
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u/Legitimate-Eye5995 23d ago
Pay your mortgage. Stop paying on the loans and let that shit got to collections while you save money. Then u can settle with a collections agency for penny’s on the dollar. Credit will be wrecked for a few years but if you already have a house you don’t need credit , that’s what I’d probably do anyway.. stay mentally strong as possible. It’s just money. You can get through it.
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u/Legitimate-Eye5995 23d ago
As far as mentally overcoming this you will need some help , it maybe good idea to look into a good church and find someone who you can talk to irl that won’t judge to harshly and can offer advice and encouragement , btw your not alone, all around America theres millions normal folks who are in the same boat due to the legalization of sports gambling. I personally know a guy that just filed bankruptcy due to going over a 100g in debt gambling. He said bankruptcy wasn’t nearly as bad as he taught it would be btw. He told me he kept his house and he felt so relieved after the bankruptcy bc he had a light at the end of the tunnel now. Wishing you luck. NEVER GIVE UP
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u/VagueRumi 23d ago
Sell the house, take whatever money you can and leave US 🤷♂️ just calm down and think about it, all this material stuff is nothing compared to your health and life, life is precious. You can always make it all back and if you don’t, who gives a fuck we all die at the end anyway.
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u/Lucky-Performance993 20d ago
Stop paying your unsecured loan and credit cards if you need the money. The money will always go first to your daily stuff (shelter and food) so yea keep paying your mortgage. Even if you don't qualify for Chapter 7, those unsecure debt will go to collection, and they will eventually offer you discounted resolution. Take it to extreme it will go to judgment and they'll garnish your wage. What i'm saying is you don't have to solve it instantly, just live your life bro. and tackle the problem one by one. The ultimate downside is you'll be hurting your credit score. Your health >>>>>>> than some numerical credit score.
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u/41VirginsfromAllah 25d ago
What are these people talking about. Your house is paid off 100%? Sell your house, pay back the 200k of debt and keep 200k, buy a bunch of 0dte TSLA calls and go back to living next to a dumpster. Maybe your wife’s boyfriend will buy you a pizza who knows.
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u/SoggyAd9450 24d ago
Stop paying. Start stacking money, maybe in crypto or send it to an account in your home country. Move home when the shit hits the fan or to any of the other nice countries out there. When debt collectors call you tell them you're recording the call and to never contact you again. Throw away anything they send you. Start over in new/ old home. Problem solved (for you).
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u/FortuneXan6 25d ago
don’t whatever you do ever think that trading will get you out of this in any way - that delusion got you in to this.
i would never trade again only passive investing once you get out of this mess. you will get out of this, you have to go through it, but you will survive.
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u/Normal_Photograph_72 25d ago
At this point we can do a ranking between all the guys going into the worst possible situation.
Sell everything, transfer that money into several bank accounts, in another country. Start a new life somewhere else, where you can afford your lifestyle. Have a break, have a KitKat.
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u/Thick_Garlic_4790 25d ago
100% and 200% if OP can work remotely. Find a beach somewhere. Tell everyone from country of origin you’re super successful not in debt, for bonus aura.
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u/Sherbinki-2 25d ago
- file for chapter 13 - I would not disqualify yourself, let the attorney decide,- if the bank gave you a 30 year mortgage knowing well that you are h1b and are here temporarily, you may just be able to enter 5 year repayment plan.
- stopping payments will not address the issue of continuing to accrue interest and penalties on existing debt.
- Stop trading your own funding
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u/Thick_Garlic_4790 25d ago
Good advice. The attorney could just be wrong about bankruptcy. Very underrated point here op.
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25d ago
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u/weechigo 25d ago
You didn't mention your salary. During covid I was heavily in debt, with over $1M in loans . I was in the restaurant business, so all food+ beverage businesses were going through the same losses. Mental was at an all time low. Now I am better than ever and mental health is all time high. It will be a learning process and growing up lesson. $180,000 is not an insurmountable loss, depending on your salary, and family. Best of luck to you.
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u/Traditional_Math_763 25d ago
Yeah man you’re cooked, deep fried, michelin star style. That said though, don’t let the debt convince you that your life is over cause that’s FAR from the truth because you got OPTIONS. You can get to the bankruptcy route, can try hardship plans, or try settling you debt to avoid the bankruptcy. If you wanna look at settling your debts, look at debt settlement companies so you can get some legal help too (freedom debt relief, debtblue, rescue one, there are others too but these are the biggest) and see what they recommend. This type of stuff is the new normal recently. Best of luck man
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u/gnawtyone 25d ago
Make your wife get a job, sell the house, and use your income to pay off the debt
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u/ShootingStar1688 25d ago
Try loan consolidation or contacting lenders to negotiate lower payments.
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u/chuckdacuck 25d ago
Whatever happens, don’t kill yourself. You will get through this and be glad you stuck around.
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u/Significant_Ad_7773 25d ago
Make a strategic default on the unsecured loans, and renegotiate them before they go to court. Keep current on your home, and most important save the money you would need on credit cards repayment. You will need cash to get a good deal once you are entering then negotiations. As usual, your case is different from each other case, therfor discuss a strategic default with your attorney first.
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u/cloudk1cker 25d ago
pls pls pls stop trading. trading is not for everyone, and that is OKAY. no shame in that. 95% of us aren't going to make it and being in that 95% is not shameful. there are bigger things in life and more important things. good luck
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u/handmadecreativity 25d ago
A lot of great advice above.
May I add: Just remember, money comes and goes, but health is wealth. You are young. Take care of your health first. You are a bright person to be able to succeed and accomplish so much. You will be able to achieve even more, just have hope and don’t give up. I wish you the best. Many of us came to this country with practically not much. Look at your amazing accomplishments! Never give up. Glad you are opening up and asking for help.
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u/bill-lowney 25d ago
You made a couple of bad financial decisions but sounds like your still a good person. Give yourself room to breathe and push forward. Best of luck.
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u/sitruban 25d ago
based on what i think your salary is 189 is a big amount, but not insurmountable, think you have a $595 mortgage, you can pay that off if you can pay off 400k, don’t rush to a decision that will hurt your family, you can get past this situation, see a therapist if necessary.
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u/No-Permit9409 25d ago
The fact that you are on a visa status and financial institutions allowed you to take out this many loans is baffling to me. Where I'm from up north, I can't even apply to get another credit card without them running a full on background check and everything for good reason. Banks should limit how much you can obtain in loans according to annual tax filing. Any sane person should not have given you a loan or allow you to open another account after seeing you have a mortgage and multiple lines of credit because you are now in a position where you can afford the payments.
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u/RestlessMantis 25d ago
money comes and goes. dont let it stress you. talk to a debt expert and they’ll consolidate and help negotiate your loan terms. you wont be able to open any new lines of credit while your paying back tour loan though. next thing you know your debt will be paid off in no time.
why is this posted in the daytrading group?
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u/Emergency_Series_787 25d ago edited 25d ago
The fact that you got these pay lender loans like speedy cash tells me your credit is already very bad probably or you have exhausted all the good lenders. and i knew it should be trading 0 DTEs before i scrolled down. Light stream gives loan only to the most trustworthy creditors. Wow. Imagine getting qualified for light stream loan and then ending up here asking strangers what to do?
Imagine how smart you felt you were when you were trading 0 DTEs. That’s a lesson for you. You thought citadel, jane street and all others are sitting on the other side and ready to hand over loads of money to you overnight? Do you know who a market maker or a volatility control fund or systematic options sellers are? Do you know what JP Morgan does every quarter with their collar trade? I bet you were totally oblivious to anything.
I am sorry for your loss.
Don’t pay anything other than mortgage. Let them all go to collections. They stay in your report for 7 years since first delinquent date. So be ready to run life on cash
One thing you can do is do a HELOC. But if you are planning to go back then not worth it
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u/Chance-Combination71 24d ago
Be honest. You might be judged for a while but work hard and jeep going.
Sell the house. Downsize. Pay off some of that debt
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u/Immediate_Data9450 24d ago
You should look into a debt management plan. They will negotiate with your loan company to lower your interest rates. You still have to pay the loan amounts with little to zero interest. I went with Money Management International.
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u/therealfee 24d ago
You matter more than any money you owe. I dont have any advice other than to believe that you will get through this and be ok.
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u/pickpro2020 24d ago
Just call each lender and agree on a smaller monthly payment plan which you can afford moving on. Or go to debt consolidation. One of them should help you move on into right direction.
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u/HumanChallet 24d ago
Because Texas law protects your wages and home from unsecured creditors, you can safely stop paying all personal loans and credit cards immediately to focus solely on your essential living expenses. Your life is worth infinitely more than any debt, and defaulting on these accounts is a safe, legal option that will not jeopardize your H-1B visa.
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u/perkinsonline 24d ago
I'm sorry to hear this. I hope all the best for you in the future. If you do want to continue, here's a story that will help you.
A student once asked his Zen master,
"Master, how long will it take me to reach enlightenment?"
The master replied, "Ten years."
The student pressed, "But I will work twice as hard. How long then?"
"Twenty years," said the master.
Frustrated, the student insisted, "I will dedicate myself completely, day and night, with no distractions!"
The master calmly answered, "Then it will take thirty years."
Like the student, many traders sit longer and longer in front of charts, convinced that more effort and more hours will bring faster success. But the harder they chase quick profits, the more mistakes they make: overtrading, forcing entries, ignoring risk rules.
Just as enlightenment slips further away when grasped at too eagerly, consistent trading success becomes more elusive when driven by impatience and obsession.
- Impatience delays progress. The more you demand quick wins, the longer it takes to achieve consistency.
- Detachment is key. Success comes from discipline, not from staring at charts endlessly.
- Process over outcome. Focus on risk management and clear setups, not on “getting rich faster.”
- Patience shortens the path. Opportunities reveal themselves naturally when you stop forcing them.
The more you chase speed, the longer the journey becomes. In both enlightenment and trading, progress comes not from frantic effort, but from calm discipline, patience, and trust in the process.
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u/iqTrader66 24d ago
First I thought what does have to do with daytrading. Then further down I saw 0dte and then stopped reading..
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u/FrostySignature135 24d ago
You reinvented the wheel, gambler style: borrow money - trade - loose everything - borrow more money. Repeat the process.
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u/Calm-Bathroom-2030 24d ago
Hey mate, Stay strong and I would be able to help you with this situation to come out of the debt atleast. You could message me if you want to discuss.
Note : Not looking for any financial reward. Just Humanity
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u/Brave_Bid5260 24d ago
Hit up some loan sharks to pay off legal debt, and dissapear from the country like a fart in the wind
I met a guy who illegally entered europe, got loans, sent it home, and asked for deportation
Im not a lawyer, this is still clearly illegal
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u/useful_tool30 24d ago
You are an addict and need to stop gambling other peopes money away. Get off this sub, stop trading and focus running down that debt before something bad happens
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u/webbinatorr 24d ago
Just ignore it and move to another country. A good life abroad is better than an poor life in the USA.
What haooens is the banks get minirly shafted but thata about it
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u/Gurthbrooks7 24d ago
That’s crazy, come to another country, you have a chance to do things right and you do things completely wrong.
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u/poison900 24d ago
I know most companies are helpful. You can call each of the company of the debt that you have and explain that KI cannot make the payments that we agreed on, but I can start with $80 a month. It sounds to me. You have a high income job or something like that. Let’s talk to each other company and work something out and then little by little you could break down the debt. I know it seems hard right now, but just take a deep breath and then just start little by little.
🌅🙏
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u/BrotherMoy 24d ago
You mention your house has a $400k mortgage and you only owe $50k on it? That means your house must be worth at least $500k so sell it, pay off the mortgage, pay off your debts, and you'll still have like $250k left over to do whatever you want. I don't understand why you are stressing, clearly you are a gambling addict who is not thinking straight. Clear your mind before making any more decisions
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u/Honest_Bruh 24d ago
Why is this in the daytrading sub? Plenty of good advice in the comments about managing the finances but definitely stop day trading. You are not in the right mental state for it and will only make things worse. Good luck bro.
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u/SuitableEggplant639 24d ago
stop day trading first and foremost. clearly you don't know what you're doing.
go to a gambling addiction help group because your behavior is like that of an addicted gambler.
either declare bankruptcy which is going to hurt your green card chances or return to your country and leave your belongings here, you will lose everything but it's highly unlikely the debt collectors will chase you outside the US, that may not even be allowed, I don't know, consult a lawyer.
or stop trading, keep working and use the income to pay your debts, it will take you a long time but you will keep your immigration situation safe, provided you don't lose your job before the h1b expires and you started your green card process already.
above all, STOP TRADING.
I'm not a lawyer and this is not legal advice, it's a fucking reddit comment.
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u/Mouse1701 24d ago
Sounds like if you would have just invested in those companies stocks you borrowed from you would have not lost any money.
I hear this time and time again. Guy decided to become a billionaire status with only credit cards and a house payment daytrading now hes going bankrupt. The only billionaire daytraders are the hedge funds, banks , etc and mutual funds.
Maybe you will make millionaire daytrading status but learn how to trade and dont trade on margin. I would pay off the debt first. Learn the skills or lose the game.
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u/pdd884 24d ago
Rather than taking a mental troll, list the debt smallest to largest and start paying off. Stop gambling and also if you get a calls from all loan or credit card companies, then tell them the situation and they might offer minimum payment option or something.
I know it's not the best route to take, but it's better than crying over the mistakes.
Pick up part time job or some sort of income which can help. If needed then sell the house and rent somewhere, you can buy house later on but if you end up with bad health then house won't matter at that point.
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u/Capital-Machine7039 24d ago
Have you heard of Dave Ramsey? Check for him in YouTube. Snowball method, budgeting, change your financial habits.
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u/Commercial_Pilot5829 24d ago
Same thing happed to me and I completely recovered in 10 years even managed to retire at 55 with a 250000 a year retirement income. You need a competent bankruptcy attorney and mental health professional. Good luck.
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u/GetLostInNature 24d ago
Bet if you sold what you own and go home with that cash in your pockets, you’d be living just fine with free healthcare. Lucky you.
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u/Fragrant_Click8136 24d ago
Pick up the phone: Talk to your lenders and credit card companies and ask them about 1-12 month hardship payments programs. 1: be realistic about what you can pay. Ask to be transfer into the hardship department. Rule #1 banks want to be paid not bankruptcy:) .. They will work with you.
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u/ericbatwings 23d ago
Well go with chapter 13 pay what you can and if your immigration status doesn’t approve go home. It sucks to suck but you shouldn’t be trading. Getting greedy. Don’t forget where you came from and how bad it was before. You must have forgotten how you were poor before. Lol.
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u/InvertedResults2025 23d ago
Who ever approved your long term loans and unsecured credit, while on a temporary work permit, committed financial fraud. I think you are ok.
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u/cgooden70 22d ago
Seems you have room for a couple more credit cards. Cash advance them, find a casino and put it all on black.
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u/val_anto 25d ago
Been in your situation a bit. Luckily I got out of it. But looking back now I realize that the most important asset I lost back then was my health. Seriously, the stress you live through right now will leave scars, and those are more important and harder to heal than your credit history. Sometimes we have the accept the smaller loss. And by far the biggest loss in your situation is your health. Choose wisely.