Should i declare bankruptcy? I have a total of 15k outstanding from my credit card which i cant pay.?

I have a total of 15k outstanding from all my credit cards which i really cant pay. Should i declare bankruptcy? What is the consequences if i do so ?

I don't know enough about your situation to say.

It could cost you a new job. (Employers now do credit checks.) It could affect a security clearance. It will affect you being able to get new credit, a house, etc...for at least 7 years. It will affect your shame (you will likely feel very embarrassed about it.) It will affect your self-esteem.

It is better to just negotiate with your creditors and pay them, do payment plans. or even let the debt go until later when you can reapproach and settle up the debt with them...

Bankruptcy is never a good idea. It totally destroys your credit.

Try debt consolidation or working with the creditor to get better rates so that your problem doesn't keep growing.

Get another job that pays for the debt ONLY!!

You dug this hole, now bust you @$$ and get out of it.

You don't provide enough information. Why can't you pay? Are you employed? What is your family income situation?

The consequences of filing bankruptcy, assuming you have stopped paying on and stopped using your credit cards, is that the debt gets discharged. The consequences of not filing and not paying your debt is that you can get sued, have judgments and liens entered against you and get your wages garnished. This is a personal decision and it may help to consult a bankruptcy attorney to learn more about the process and determine if it's worth it for $15000 of debt.

Don't be too hasty in deciding on Bankruptcy, there are other options that you should investigate thoroughly. The good news is that there are many options out there to help you avoid bankruptcy. You have several possible options to help you improve your financial outlook, but I think the best strategy would be to get an honest and free consultation from a debt consultant to help you evaluate your alternatives in detail.

If you want a free debt consultation with a qualified provider, check out the matching service provided by Bills.com available at http://www.bills.com/debthelp/debt

If you own a home, a secured debt consolidation loan might be right for you. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. However, be careful before you borrow money against your home to pay off credit cards and unsecured loans; you are converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefullyâ€“the Bills.com Savings Center is a great resource to help you find a lender for this type of loan.

Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: http://www.bills.com/mortage/refinance

Another option to consider is a Consumer Credit Counseling Service, or CCCS. CCCS companies offer numerous services, such as financial counseling and budget planning, as well as Debt Management Plans (DMPs). In a DMP, the CCCS would arrange a new payment amount with each of your creditors, usually based on a reduced interest rate. You would then make a single monthly payment to the CCCS which would distribute the funds to your creditors, based on the new payment amounts. There are several drawbacks to CCCS, though. First, depending on your creditors, it may not be able to reduce your monthly payments enough to improve your financial situation. Second, it may have a negative impact on your ability to obtain a loan, so you may not wish to enter into a DMP if you anticipate any large purchases, such as home or an auto, in the near future. Third, the average DMP takes around five years to pay off your debts, so you must be willing and able to commit to a long-term repayment plan.

You may also want to consider the services offered by debt settlement firms. Rather than making monthly payments to your creditors, these programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. These programs usually take only 2-3 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner. In many cases they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs, thoughâ€“they will significantly damage your credit while in the program and for at least a year or two afterwards. However, if you are currently unable to afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt.

You can also speak with a qualified bankruptcy attorney to discuss the relief available to you in bankruptcy. You can search for a American Bankrupcy Institute certified attorney in your area by visiting the ABIâ€™s website at http://www.abcworld.org/condir.html

Consulting with an attorney does not mean you are going to file bankruptcy, but it will help you better understand the options available to you in case other solutions I mentioned above do not work out. For more information about bankruptcy, I invite you to visit the Bills.com Bankruptcy Information page at http://www.bills.com/bankruptcy

An qualified bankruptcy attorney should also be able to carefully analyze each aspect of your financial situation to advise what non-bankruptcy solutions may help you.

What people fail to realize is that when they file bankruptcy the companies you owe must make up the loss somewhere, so that loss gets passed on to other people in the form of higher prices. To claim bankruptcy for 15k is irresponsbile, as you were when you got yourself into this debt. First, cut up the cards, then start paying them off. Turn off your cable tv, there is a credit card payment monthly. Turn off your cell phone, there is another credit card payment. Do not go out and eat, or drink, or movies, or any other event that costs money, there is another payment. Cut back on all luxury items and use that money to pay off your debt.

It is really crappy of you to expect to get off not paying YOUR debt and that the rest of us will have to take up the slack. I hope you are denied bankruptcy.

you have to pay about 1000 to a lawyer to handle the bankruptcy.

The Bankruptcy will stay on your credit reports for 10 years.

It could effect you getting loans for vehicles, personal loans and other type of loans.

Good Luck

Need more information. Bankruptcy is a serious hit to your credit and if your young and have a good income look at other options before bankruptcy, like reorganizatoin.

you can declare bankruptcy but that will not relieve you of your debt.
you will have to pay it eventually.

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