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What should I do?

I have an income source that will never go away and I have a job that is pretty secure as well.  I am planning to use my other income source to pay off my debt. I have a little over 20k in debt.  It is NOT student loans, it is credit card and apartment debt.  I transfered my husband's debt onto my cards so he could get a job, then he passed away and I was stuck with the debt.  I figured out that I can pay off my debt completely in the most 5 years...sooner if I get an even better job and throw more at it. 

OR


I can file bankruptcy and pay the 10%, but then have to wait 7 years for it to be off my record to buy a house or apply for a btter job. Even after it is off my record, there are still applications that ask if you've ever filed.

What do you think is a better plan?

 

P>S> I know quite a few people who have filed and can still get a bank account and a house/apartment.  I checked into it and I can keep my car.  I don't own a home or any property, so there isn't anything they can take. 

 
Anonymous

Asked by Anonymous at 8:41 PM on Mar. 23, 2011 in Money & Work

This question is closed.
Answers (4)
  • Honestly it depends on your situation. If you can live comfortably and pay off your debt on your own that is what I would do. You will feel better about yourself and your credit won't suffer if you pay it off yourself. However, if you are severely struggling paying your payments month by month and worry about how you are going to pay the payments then I suggest bankruptcy. If you feel you can do it...I would just try it. I am in the same boat. I am working on debt myself. I found out what I needed to do to pay off my debt and to be honest it was to be faithful in the Lord and trust in Him to take care of it. I actually paid off $4000 worth of debt in 2 weeks. I had faith and He came through. I still have debt, but I am working on it. Good luck!
    Momm2Princess

    Answer by Momm2Princess at 9:18 PM on Mar. 23, 2011

  • Honestly, pay off your debt on your own.

    Part of the reason why things cost so much is from people filing for bankruptcy. The rest of us eat what you can't pay off.
    Jademom07

    Answer by Jademom07 at 8:43 PM on Mar. 23, 2011

  • Get a job pay the debt Off yourself. Can you even file bankruptcy for such a SMALL amount of debt? Student loans ARE NOT bankrupt able either. Depending on your state you file it in you could loose your car, and any assets you have like jewelry, home. Bank account. It will HAUNT you longer than 7 years as well. I mean no one will rent to you, give you a loan, OR a job in MANY cases these days because employers check your credit before hiring today. No one will give you a bank checking account either. Good luck renting an apartment with no checking account unless you wanna live in the slums. 20K is NOTHING as far as debt. And today MANY creditors come to court and FIGHT and WIN so you CANT wipe the debt off.
    vbruno

    Answer by vbruno at 8:47 PM on Mar. 23, 2011

  • Just try to pay off the debt as you can. If its on collection, you can make arrangements with the companies. My brother had(smaller) debt but went to the law years the were handling his collection case, ended up paying a deposit, and has to pay monthly, in his case $50. It's just easier to do it on your own. And a bankrupcy is on your record FOREVER
    emmasmama2007

    Answer by emmasmama2007 at 9:06 PM on Mar. 23, 2011