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2 Bumps

At one point do you say I have to file for Bankruptcy? My husbands been on disability since Dec. & with minimum payments & late charges its out of control

I feel hopeless all 6 cards =a little over 11,000 ouch I know horrible! Has anyone out there been through this? I'm ashamed to get to this point.

 
Anonymous

Asked by Anonymous at 12:52 AM on Jun. 2, 2011 in Money & Work

This question is closed.
Answers (8)
  • see an attorney...many have free consultations. don't do credit counciling or debt consildation...doesn't work. pm me if you want to chat. Don't be embarassed...millions of people have to do it. God Bless!! It will work out!!
    mkdirector2011

    Answer by mkdirector2011 at 2:33 PM on Jun. 2, 2011

  • There is no way in the world I would declare bankruptcy over $11,000.00. Your creditors want their money..they won't get it if you declare bankruptcy. I suggest you visit Consumer Credit Counseling first. They can help you come up with a plan and they will negotiate with the creditors. Good luck.

    yourspecialkid

    Answer by yourspecialkid at 10:19 AM on Jun. 2, 2011

  • More facts are needed before determining whether you should file for bankruptcy. However, if that is the only choice you have to get out from under mountain of debt, then swallow your pride and do what you need to do. You should talk to a lawyer-- many law schools have free clinics where you can ask questions. Good luck!
    Busimommi

    Answer by Busimommi at 1:02 AM on Jun. 2, 2011

  • Don't be ashamed. Bankruptcy was designed to give good people a second chance when, often through no fault of their own (such as the disabilty) their financial problems have spiralled out of control. Talk to a bankruptcy lawyer but remember they want you to file so they get paid of course. A bankruptcy stays on your credit report for 10 years. A bad debt stays on only 7 years from the date of the first delinquent payment. You may be better off just not paying the bills and letting them go to collection.
    blackisbetter

    Answer by blackisbetter at 4:43 AM on Jun. 2, 2011

  • Let them go into collections and negotiate some thing with the collection agencies. Don't do credit counseling, they will take your money and you will still get calls.
    matthewscandi

    Answer by matthewscandi at 11:21 AM on Jun. 2, 2011

  • Have you contacted the credit card companies? Many will work with you. They will be pushy but stand your ground.
    pookiekins34

    Answer by pookiekins34 at 12:01 PM on Jun. 2, 2011

  • When the creditors will not work with you anymore. No matter how high the total on the debt, as long as payment arrangements are still an option, that is better on your credit than a bankruptcy. Late/low payments are a black mark, but the bankruptcy is a 7 year black mark. Small and steady payments will fall off faster.
    NotPanicking

    Answer by NotPanicking at 1:39 AM on Jun. 2, 2011

  • Consult an bankruptcy attorney to see if that should be your option.
    tasches

    Answer by tasches at 11:59 AM on Jun. 2, 2011

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