IM OVER MY HEAD IN DEBT... CAN YOU ADVISE WHAT I SHOULD DO?

I owe 117,000 on my home, I owe 36,000.00 on a second mortgage... and owe $15,000.00 in credit card debt. My Yearly net wage is: 48,880.00. PLUS my tenants pay $650.00 per month. YET I cant seem to make ends meet. WHAT ADVICE can you offer? Do I need to file BANKRUPTCY?? I cant afford to purchase food or medical for the household anymore...
Please let me know my options. Your thoughts and advice is greatly appreciated.

Additional Details
OK.. If Im over my head in debt.. should I file for Chapter 13 or Chapter 7??? I don't wanna LOSE my house!!! HOW do I file for Chapter 13? Do I need an attorney on MY BEHALF??? Please tell me DETAILS OF HOW and WHEN I should file. ALSO, do I need to file against ALL my creditors or only the ones I choose? Your imput is requested here.. please leave me your email address for further discovery.. Thanking ALL who responded!!

If you have a good record of payment with credit card companies, see if they will lower your rate. You could see someone from a consumer credit organization where they look at all your debts and assets and try to work out a budget for you and get some interest rates lowered for you. If all else fails, see a bankruptcy lawyer. If you have to file for bankruptcy it is on your credit report for 10 years. It is not the end of the world if that is what is needed to get your life back on track. Good luck!

Please, do everything you can to avoid bankruptcy, it will only bite you later. Contact http://www.cccsatl.org/ and meet with their debt counselors. They will work with your debtors to arrange payments you can afford. Also, what are your monthly debt bills? How far behind are you? What kind of mortgage is it (arm, fixed, etc)? How large is your household? You are $168,000 in debt and make over 55K a year, so there are options that they can help you with. With more details I may be able to offer more advice.

Edited to respond to additional info:

The above link can also offer counseling on bankruptcy such as what is best for you. You will need a lawyer. You may lose the house and a bankruptcy does not stop foreclosure, only delays it. You can lose all of your assets, including cars and rental properties.

contact a local financial advisor. they would be able to help you now, and for the long term.

but i feel your pain. i'm in the same boat as you. but i wouldn't file for bankruptcy unless it is absolutely necessary. that can forever ruin your credit.

tradingsolution.org to sites on the
Internet for forex!
Browse our resources or just
try the search
http://tradingsolution.org/

Unfortunately I think filing for Bankruptcy is your only option at this point.

There are people that you can go to to have them look at your budget to get you back on track. They're not credit councelors, they show you where you can save money to make the most of your income. If you don't plan on buying anything for a few years bankruptcy isn't the worst choice, however the lawyers that take care of filing for it are expensive. I suggest finding a good budget coucelor to get you on track.

Do not file bankruptcy as bankruptcy will remain on your credit report for mare than 10 years and if the individual is listed as having filed for bankruptcy, it results in a 160-220 point deduction on their credit score and if a delinquent account is added to the individuals credit file, 70-120 points are subtracted. During the period of bankruptcy and after bankruptcy you would face difficulty in getting loan, purchasing and leasing and building your credit.

I think before filing bankruptcy you can go for a debt settlement program. It is the best alternative to bankruptcy. In debt settlement your debt counselor would help you reduce your debts sometimes more than 50% Thus you can pay off your debts. It may hurt but not as much as debt consolidation. It may hurt for the time being you are in the program but as soon as you pay off that would rise gradually.

sell your house and pay off cards

talk to your bank. sometimes they have programs to help you out. the government should also have some tax reductions.

I would suggest you to take the guidance of financial advisor. There are many types of loans you can take likewise bad debt consolidation loans,

Some of the options you can prevent bankruptcy:

A term applied to insolvent persons who surrender, voluntarily or otherwise, their assets in fulfillment of their debts (insolvent companies are closed). A debtor may be stated bankrupt by the Federal Court (at his or her own instigation or that of creditors), which will place his or her estate in the hands of an administrator receiver for allocation. An entity can have substantial assets but still be made bankrupt if the property cannot be rapidly converted into cash to pay debts as they become due. The word 'bankrupt' comes from the Italian banca rotta, meaning 'broken bench'.

For creditors, when their debtors file bankruptcy, they are giving a chance to get some portion of the money that the debtors are obligated to pay back, as chosen by the court. If debtors do file for bankruptcy, creditors must immediately stop attempts to collect the debts which provides temporary relief and a period of less stress for the majority of individuals filing for bankruptcy, but it doesn't stay for long! After a bankruptcy is filed, you'll find it hard, if not impossible, to gain any kind of credit for numerous years; your employer can let you go or a new employer can refuse to hire you based on your bankruptcy; and it can be hard to find a place to live if you don't already have a home.

Sell Your Assets

The earliest thing you can do if you find yourself on the brink of filing for bankruptcy is to sell your "Assets". Yes, this hurts, but if you go through with a bankruptcy you can pretty much say goodbye to everything you own anyway.

If you have a car loan, try to turn the vehicle in and get something used and without a car payment. If you already have a car without a payment, think of selling it if it's worth much; and buying a less expensive car and using the rest of the money to apply towards bills. If possible, go down to one vehicle for the family for awhile.

If you have a mortgage and a home, consider selling the home to live someplace less expensive.

Sell any belongings you don't NEED that can give you some much needed money right now and apply all money from the sale of items to your debt.

Generate Income

You may go for the short term need to work more often and find ways to generate your income in order to control some of the money pressure you're experiencing. This may include obtaining a night job if you work during the day; working weekends if you currently only work during the week; or finding ways to earn money from home on your computer or other possible & legal ways. There are several ways to earn additional earnings, and you can do many of them without any investment beyond your time. Yes, working more cuts into family time, but if you understand it's temporary and the additional money will be used to repay your debt and avoid bankruptcy, you can get through this temporary period.

Consider odd jobs for neighbors (lawn mowing, dog walking, and errand service), writing articles online for website owners who pay writers, using the experience and skills you have at your current job as a side business opportunity.

If you aren't sure how to get business from a side business, then head out for a part time job anywhere you can find one. Don't hold out for a "high paid" position, because all the time you spend looking can be spent making GBP10 an hour or so at a part time job near your home. You can keep looking for something better in the meantime, but the idea is to find a part time job to start earning extra income as soon as possible.

There are lot of tips on this website which should help you make some money if not a lot.

http://www.onlineblogging4money.blogspot.com/

become a drug dealer

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.004
Copyright (c) 2011 Financial Crisis Monday, May 28, 2012 - Terms of use - Privacy Policy