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should we file bankruptcy?

5 months ago, dh lost his job. he hasnt had much luck since. we recently had our second daughter. i can go back to my old job in a few weeks, but i wont even make enough to cover our basic bills, not counting others. we were really stupid with credit card debt when we were younger, and still have about 14,000. right now, we are making all our payments on time, and arent behind, but only have about 2000 left in savings. after that i dont know what we are going to do. our credit isnt to great. dh's is really low ( under 500) because of a voluntary repo from when we were dating that we still owe 3000 on, and mine isnt horrible, but not great either, so it wouldnt be killing our great credit. i just dont see how after this month we are going to keep our head above water, let alone get ahead..we've tried dave ramsey, ect. any advice?

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Anonymous

Asked by Anonymous at 1:08 AM on Apr. 28, 2009 in Money & Work

Answers (6)
  • I think bankrupcy should be a last resort. Although 14k is alot of debt i don't think it warrants that. We are even further in debt right now, and it snuck up on us so fast it almost knocked me on my feet. I would just try to cut out any expenses that are not a necessity, figure out how to make a little more money and and think of other ways you can save money. it is possible and although i wish we could file backrupt and start over, unless something happens that causes my DH to lose his job and and we are unable to recover or get help then I just would rather not think that way. Just keep on chuggin, it will be ok!
    batsonsgirl

    Answer by batsonsgirl at 1:16 AM on Apr. 28, 2009

  • Please, contact a consumer credit counseling service. Go to a nonprofit like moneymanagement.org. Look for CCCS affiliation. They can help you decide whether or not bankruptcy is the right route.
    gdiamante

    Answer by gdiamante at 1:47 AM on Apr. 28, 2009

  • Also if your husband lost his job he should be entitled to unemployment, make sure he applies for that so he can start collecting....it may just be enough with your job to keep you able to pay your bills.
    Mom2Jack04

    Answer by Mom2Jack04 at 7:45 AM on Apr. 28, 2009

  • Call your credit card companies and let them know exactly where you are. Often, credit card companies only get a tiny percentage of the debt (like 1-2%) when discharged through bankruptcy than they would if you paid normally. Let them know you are that close, and perhaps they'll negotiate with you for 1) a lower interest and 2) a lower balance. They will probably require you to shut your account down and allow only for payments to be made.

    Good luck!
    Busimommi

    Answer by Busimommi at 8:31 AM on Apr. 28, 2009

  • No,do not file bankruptcy.I personally wouldn't if I were you.Good luck =)
    sweetest-sin7

    Answer by sweetest-sin7 at 6:00 PM on Apr. 28, 2009

  • NO!
    Anonymous

    Answer by Anonymous at 2:53 AM on Apr. 29, 2009

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