2 apply or 2 not apply?

Hi all,

I am not sure if I should post my state of mind in this forum. I do not have anywhere to go for advice and GMATCLUB was the only place that came to my mind repeatedly. That s why........

I am based in tokyo and hence would be an international prospective applicant. I am 29 yrs old at present and targetting Round 2 applications at 3 top schools (wharton, chicago and nyu stern).

I had been dreaming about top bschool from past 5 years but was not able to put in efforts + focus following family priorities. A year ago (2005) I was finally able to finish attending family priorities and was back with a fresh mind to kick-off mba prep. During same time I discovered my sweetheart, went into a live-in relationship after 1 year and now we are engaged. She has been extremely supportive towards my dream. Last 2 years I spent working hard saving money, took gmaxonline course, managed to get recommenders (both from current employer) and arranged bschool visits (onsite trips, class visits, meetings with students and admission directors). Being an international student it is tough and expensive to visit bschools just for the sake of deciding whether all efforts are worth spending. I found myself more confident after the bschool visits, meeting current students and admission directors. Besides 3 schools listed I had 1 more school in mind and after visiting that school I dropped it altogether despite being a top-notch school. In August 2006 I had to leave my current job as I needed more time for mba preparation and I am targetting 2007 Fall season for mba. My employer (they are my recommenders too) showed excellent understanding & respect towards my bschool goal and offered great co-operation and help. I visited bschools during Oct.2006 along with studying for gmat. Then came Nov.2006 when a family priority sprung up all of a sudden and I had to leave everything aside for 2 weeks. During same time I was studying for gmat, working with recommenders on letters, working on arranging college transcripts. Ofcourse mba preparation got affected considerably due to new family priority but family is important so I had no choice but to re-prioritise. I finished attending family priority and returned back to tokyo in late November 2006. After coming back I learnt that my fiance is getting concerned about me not having a job as we are planning for marriage in 2007. Her patience finally broke off and she did confess it to me. She has been an active partner in my struggles from past 2 years and being a full-time working professional gets her busy and tired too. So I had to change my priority again and directed my efforts for finding a new job. Finally by mid-December 2006 I got a confirmed job offer at a reputed firm in tokyo. As per my original application strategy I would apply to Round 2 at Wharton, Chicago and NYU Stern.
Today is Dec.26th 2006.
After all these years of struggle and a roller-coaster ride managing priorities I am currently left with 8.5 years of full-time work exp., 2 strong recommendation letters, official college transcripts, initial draft of essays for 3 schools, online applications that are completed 95%, low GMAT score (below 500) and average GPA.

I still have 6 days left to complete final draft of essays and mail recommendation letters and college transcripts. But I am thinking with low GMAT score (below 500) is it really worth submitting my application this year? Even after submission the probability of getting admitted this year is very less. I am also worried that if I apply next year as a re-applicant I will not be able to use same recommenders for next application season (because most bschools do not prefer 'same' content in a re-applicant's recommendation letter). I do not think my recommenders would consider spending another 2 months next year for re-drafting my letters.
I have spent 2 sleepless nights trying to decide whether to wait until next year OR simply submit application this year and see what happens.

I still don't know where I went wrong in my application strategy and planning. Was it the unexpected family priorities that I could not had avoided anyway? At present my mind is blank, very tired and shut off completely. Any advice, critical comments, suggestions....feel free to shower unto me. I think if not the emotional support but I do deserve the punishment for not meeting the mark.

Thank you for your time in reading my story.