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Bankruptcy, cheaper alternatives?

I have really reviewed my finances and I know bankruptcy is probably my best option given all the circumstances in my life. I am not proud of that, but even to declare that you are broke is costly. Does anyone know of any way to help cut some of these costs? I am having a hard time figuring out where it will come from once I pay the regular household bills and I need to get this figured out ASAP.

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Anonymous

Asked by Anonymous at 2:52 PM on Nov. 19, 2010 in Money & Work

Answers (8)
  • Will your tax return help put a dent in any of it? Sometimes if you let the credit companies know you have no leeway, they will refer you to a credit counselor, then if that credit counselor determines you can't be helped, sometimes the credit companies will work out something like: cutting payments in half, cut the debt in half, sometimes they get rid of it completely. You just have to stay in communication with the debt companies and they will be more likely to help. MY SO went thru this
    DomoniqueWS

    Answer by DomoniqueWS at 3:03 PM on Nov. 19, 2010

  • You might try to find in your area that you live to try a school or a student that might help with the cost. I hope that did not confuse you. I just did the bankrupty route and did not really have to pay much money. Just mainly money to cover the cost the class they made us take. Try working with your creditiors. but speaking from experise I know easier said than done. I hope that helped some.
    momindiana

    Answer by momindiana at 3:06 PM on Nov. 19, 2010

  • YEs, it is costly. Unfortunately, we are going through the same. We are currently making payments to a lawyer. Sucks. Not enjoying it. I'm looking to the brighter side , after this is done we can start over. Releif!!
    Anonymous

    Answer by Anonymous at 3:16 PM on Nov. 19, 2010

  • Have you negotiated with your creditors first? Can you live in a less expensive area? Can you move in with a relative or friend?
    tasches

    Answer by tasches at 5:03 PM on Nov. 19, 2010

  • Sorry to hear you are filing for bankruptcy. Have you considered debt consolidation or a credit counselor?
    maybaby22

    Answer by maybaby22 at 6:04 PM on Nov. 19, 2010

  • Don't get into one of those loan consolidation "services" they are online scams and rip you off.
    Call the United way, and ask for a consumer credit counseling service in your area. They can put you on a repayment plan, drop interest, stop late fees...you will still be paying off your debt, but it does indeed look better on your credit rating than a bankruptcy. With either option, you have to accept that you cannot use credit for almost 7 years.......

    CCCS works....I have paid off almost 26k in credit card debt with cccs.....and my credit score is beginning to improve. I have not used credit for 7 years, and will not use it again...ever.
    romanceparty4u

    Answer by romanceparty4u at 11:55 AM on Nov. 20, 2010

  • We tried filing twice. Both times we were told that we did not make enough money...
    Anonymous

    Answer by Anonymous at 3:51 PM on Nov. 20, 2010

  • how can you file for bankruptcy and be told you don't have enough money to file? I guess the point of filing is that you are accepting it will be impossible to ever really catch up with what you make, and yet they tell you can't file? How will you ever get ahead? That just seems odd to me.
    Anonymous

    Comment by Anonymous (original poster) at 3:55 PM on Nov. 20, 2010

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