R J
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depends but you should talk to an attorney anyway.
ask everyone you know for a referral for a good lawyer for bankruptcy. |
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Gail W
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Wow, no matter what anyone tells you Bankruptcy is no small deal. It depends on your total circumstances. Have you tried financial counseling? I have been close a couple of times, once when I lost my job and had to live off my savings. I managed to stem it off by calling all my debt holders and working out arrangements for repaying that included closing accounts, living totally within my means and they in turn reduced interest charges, over the limit charges, etc. You can do this yourself or go through a credit counseling agency. If you are to the point where you do not believe this is possible you will need to consult an attorney. Good Luck. |
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curiositor
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First, stop using credit. Tear up you credit cards and stop borrowing money.
Next, contact a credit counselling service. Check their credentials and get references. They can help you deal with your creditors and usually get a reduced payment and reduced interest rate as long as you keep consistent payments. But remember, despite of their best intentions, you are still responsible for paying your creditors.
As a last resort, you can look into a bill consolidation loan. But if you go this route, get rid of all your credit cards, charge accounts, merchant cards, gas cards, etc. The only way to make a bill consolidation loan work is if you make it only debt you are paying off. And once you've started paying off your creditors, shred any credit card offers that arrive in the mail.
A bankruptcy will stay on your credit report for, I believe, 7 years. I would recommend avoiding it if you can. |
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sarge927
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If you have a lot of unsecured debt (credit cards or other loans that don't have collateral like a house or a car attached to them) look in your Yellow Pages under "Debt and Credit Counseling." Several years back I got in over my head and got help from Consumer Credit Counseling Service. They worked with my creditors to get my monthly payments lowered so I could afford to eat. The catch is they charge you a monthly fee, which is usually $25.00 or less. It took over three years, but all my creditors are now paid off. |
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sweet.pjs1
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You could try debt counseling, or instead or chapter 13 bankruptcy protectoin. This is where you still pay your bills(I think they do it as a percentage of what you owe),but it takes years to get everything paid off, but in the meantime no one can sue you. My sister and brother-in-law took this way. I took bankruptcy and glad I did. It was a big load off my shoulders. Now I don't even want to think about having another credit card. Hope this helps. |
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Mephistopheles
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Credit advisors can sometimes help. Have a look at: http://www.creditadvisors.org/ . And don't worry it will be sorted out. Best wishes. |
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flowerspirit2000
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GO TO AN ATTORNEY WHO SPEC IN PARTICULAR PROBLEM.....TOTAL ALL OF YOUR CREDITORS BILLS....YOU WILL HAVE TO PAY THE ATT. A PORTION AFTER CONSIDERATION HE WILL ADVISE YOU....IF YOU CAN LET HIM INITIATE A BUY DOWN FIGURE OR FILE FOR RUPT. |
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boogatt
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Check into a non-profit debt consolidation agency. My ex was a regional manager at one and I know she help save people from financial peril. |
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peacfulwar
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See if you can negotiate smaller amounts to pay back, as oppossed to what you actually owe. Many companies are willing to take some portions instead of getting nothing. Its worth a try. |
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Tatyana
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I think its the best choice. |
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Keepingmycool
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There are agencies that can help you out. Try calling them, they can lower your monthly payments too. |
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butterflykisses427
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You could always find a reputable debt company. Basically what they do is neogtiae with your companies and get lower interests rates, etc. Than they pay off all your debt and you pay one monthly payment.
You have to realize they changed the rules on who can file bankruptcy. If you make 50,000 or less you can file bankruptcy where they wipe the slate clean. If you make 50,000 dollars or more a year you have to file for the bankruptcy where you have to make payments.
You have to make the decision. You can contact bankruptcy lawyers and talk to a few different ones for a free initial consultation. They can take a look, give you a recommendation, and tell you how much you need to pay. Like I said it couldn't hurt to talk to a lawyer and see your options. |
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LOVELY
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If you haven't tried a loan or debt consolidator I wouldn't go that route just yet. Debt consolidators can lower monthly payments & lock in an intrest rate that doesn't change.....or fixed rate. |
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Vince M
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There are other ways, but they are much worse.
1. Borrow even more money to pay off your creditors. All that does (if you can even borrow the money) is put off the inevitable. You will face the same choices you do today.
2. Let your creditors reposess what they can and sue you for the rest. Very bad idea if bankruptcy gets them off your back.
3. Run away. Hide. Change your identity. Not as easy as the movies make it out to be. You can never come back.
The WORST bankruptcy does is spoil your credit rating for a few years. When that's done, you can start over, practically from fresh. How did you survive before you went into debt? |
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cam
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.Depending on your income and how much debt you have you may want to consider debt consolidation first, take all of your debts to different banks and see what they have to offer for loans, use bankruptcy as last resort. |
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jayne_galaxy
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What kind of debt do you have? I can show you a legal way to walk away from all unsecured debt like credit cards, without ever having to pay them another penny. If you are interested, shoot me a message. |
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buffywalnuts
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try to get out if you can good luck |
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Danielle A
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Before you do anything make sure you do all your research. Is your debt so bad that bancruptcy is necessary? After you declare bancruptcy your credit is shot nor are you able to have any for 7 years. Make sure your debt isn't something that can be consolidated with a bank loan or home equity loan. |
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hoddin
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Can't really answer that without specific details. Sometimes bankruptcy is actually the best way to go. Consumer credit counseling, in my opinion, is really kind of a joke because a lot of lenders still treat it like bankruptcy. It really depends on the situation though. |
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sallypointer
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Any of these help?
http://personal-wealth.blogspot.com/...
http://www.quazen.com/Home/Personal-Finance/Managing-your-Debts,-a-common-sense-approach.525 |
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crystal8345
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Don't do it because it stays in your credit history for awhile! you can't do certain things when u have that on you! |
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Calvin the Bold
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Bankruptcy laws have changed. You can no long just wipe the slate clean. Before you file for bankruptcy you have to understand the choice that you are making. After bankruptcy the record will affect you for a long time. So you got to look at the nature of debt that you have and how you accumulate it. My suggestion is to sit down and write out your current financial status as precisely as possible and ask the question: How can I turn this around? Have faith in yourself because many of the most successful people in our country have been in really compromising financial situation until they turned everything around. So I believe the decision you should make is not weather or not to file bankruptcy but to ask the question how to change your personal financial habit so the you can turn every thing around and reach you financial goal. If you have a clear and present vision then you can follow through any kind of challenge and succeed.
Good luck, and keep the faith. |
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