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Additional Details
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ypykyay28 | Is bankrupcy better than dept consolidation? |
64 years old, amount owed is approx 25,000 in credit card debt, retiring in 1 year, unable to continue full minimum payments and still keep my car.. (Got in too deep!)
Additional Details
Angrymarvin: have you always been an idiot? I think it is great that you are possibly the only person in the real world that has never gotten into debt. Good for you. How's this...my son and daughter died in a car accident due to a drunk driver, they left behind a child with severe health problems and I am the only one left to take care of her..so screw you, you idiot. |
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Studly
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AngryMarvin's a jerk! Don't blame the consumer. Start by asking the credit card companies why they make it so easy for people to get far into debt? They should be the one to suffer and not pass on their mistakes.
In your case I can't give a recommendation because you don't give enough information.
But the first warning flag for Bankruptcy is your current income. The fact that you have income means you probably will not qualify for Chapter 7, so they will put you on a wage earner plan. That means they will look at the amount of money you make, calculate the "disposable" income and use that to pay back some of your debts.
The problem is they will look at the last year of earnings, and you will be paying that amount for the next 3-5 years. What happens when you retire? Your income will most likely go down, making it more difficult to make the payments you agreed to.
Debt consolidation isn't much better. You would need to take out a $25,000 loan. Do you have a home with that much equity to borrow on? The advantage is lower interest rate with tax advantages.
You will need to check into this, and crunch the numbers to see if you can handle the payments for the next several years.
That's why it's hard to answer your question at this time, we don't know your future income. You really should check with a bankruptcy attorney and find out what your options are.
Bankruptcy is always the last resort, but many times it's the only way out. |
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getrd2go
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you can go to a bankruptcy attorney for a free consultation...he can advise you of what kind of debt relief you would be eligible for as far as the bankruptcy goes. The bankruptcy laws have changed and not everyone gets away debt free.
Also keep in mind that with bankruptcy your credit is shot for the next 10 years...with consolidation you could salvage your credit rating. good luck. |
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karenmarie
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debt consoladation is when you take all your bills and put them together for a lower monthly payment..you will not pay them off faster...bankruptcy is when you rid yourself of all your bills for a lower payment (which takes about a year to pay off) you may lose your assets when you do this, etc, car!, house....after 2 years you can establish credit again. in the meantime --all creditors stop calling or you have a lawsuit against them. hope this is helpful...the choice is yours but it's a hard one to make...kt |
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AngryMarvin
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Your debt is your responsibility. No one but you charged things to your cards. When you declare bankruptcy, your debts get passed on to others in the form of higher fees and interest rates. Consolidate your debts, move into a smaller house, work another year or two, but please be responsible for your own debts. I don't want to pay them. |
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goldie
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file a chapter 7 |
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Jenn J
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I have done both - Debt Consolidation will help you but it will take awhile. Bankruptcy is quick....the person above says you pay nothing....wrong you pay your lawyers, the court, and sometimes even if you file Chapter 7 you have to pay some monies to the court to pay to debtors. You also pay for the decision you make - both debt consolidation and bankruptcy impact your credit....but with that being said so does not paying or paying bills late. I would go with debt consolidation because it does not have as big impact on your credit - looks like you are trying not just writing it off. |
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buckoe59ca
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Personal bankruptcy is a last resort solution. It will put a major blemish on your credit bureau file for at least 7 years. During this time it is unlikely you will be able to get a loan of any kind. Your creditors had sufficient confidence in your honesty and integrity to lend you money. Surely you feel a moral obligation to fulfill your legal commitment. Call your creditors, explain your situation and ask for their help/assistance. |
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cent188
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Don't file for bankruptcy. The laws are totally different now since Bush is in office. He changed the laws back in Sept. So it's really hard to improved your credit once you file bankruptcy. Also, your credit might not, be as bad as you think. Consult with someone in doing the debt consolidation first. It will save you a lot of trouble and less paper work. Trust me. |
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TheAnswerPerson
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Not for your credit rating. Dept Consolidation is much better. Bankruptcy stays on your credit rating longer.
There are new rules on claiming bankruptcy you better check into your state rules first. |
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rescueteam5
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Not as far as you credit file is concerned. Any type of settlement weighs less on your Beacon score than a bankruptcy. What's best for you financially howver is something you'll have to decide. |
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jbenally72
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Yeah The Bush Administration passed a new law making it harder to file Chapter 7. So no more Chapter 7. OUCH!
There is some information on a couple websites that can give tips on how to improve your credit and debt.
I hope everything works out for you and the 64 yr. old person. Good Luck |
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justheard
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DEfinetly bankruptcy then you owe nothing |
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chris_p26
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Backruptcy will remove the problem only in the short term, as in wipìng the slate clean. However you will probably not be able to get any credit for at least 10 years afterwards. Debt consolidation is a much better way of doing things. Arrange with your creditors to pay about $1 USD a month and explain the purpose of this and they will usually (90% of the time) agree to this. |
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