Personal Bankruptcy Bankruptcy

[Dancelikefox]

I'm in hi debt with credit cards and trying to figure out which route to take . Do I file for brankruptcy or find a debt counselor?
My Current debt is about 48,000.........Yikes

 

[Michael Wechsler]

Wow... that is high. But we don't have any information to help with the decision. We don't know what you own and could be sold to pay the debt. It is possible to renegotiate some of it or obtain a deferment (loan is delayed and does not accrue interest.) These are preliminary quesitons and a bankruptcy should not be taken lightly.

Originally posted by Dancelikefox
I'm in hi debt with credit cards and trying to figure out which route to take . Do I file for brankruptcy or find a debt counselor?
My Current debt is about 48,000.........Yikes

 

[NYClex]

find a good and reliable debt counselor, for example at a non profit organization, and go through the details with him. He might then recommend filing for bk or might recommend other ways.

Without knowing anything about your income, property and a lot of other details we cannot answer that question.

 

[MrsMJ]

I myself am going thru this decision. I have been to many debt counselors, but the payments are high. For instance on $10,000 the payment is $325.00 per month. Other ones work like this: pay fees upfront, open a savings account put money in it, and when it is enough one creditor is paid off. Meanwhile there is a4% chance of judgment, even though they negotiate and ward off the creditors. I do not trust waiting. Have you tried Consumer Credit Counseling. They do not charge and pull a credit report. It is a fee of approximately $30.00 per month on top of paying your creditors. The int rates are negotiated down to an affordable rate, and fees stop.

 

[applebee]

before you decide to file a BK... look at your debt again... is the 40k+ for current debt.... or is that including a hand full of old credit cards that there has been no activity on in a couple of years? most old credit card stuff can simply be deleted if you know how and become dilligent.... it is what is recent and current with you now... such as a car loan, and do you intend to re-affirm any of the current stuff like a car loan. if thats the case... re compute what is currently outstanding and what it is that you really have to gain or loose by filing a BK. i would stay away from all those debt consolidation and non profit agencies to help you...... as they receive from 10 to 35% of everything they collect from you... they are nothing more than a collection agency in sheeps clothing. re-evaluate your current liabilites... and call the creditors and let them know you are going to file BK and ask to settle your debts for less than face value. always include in every contract that they will delete or otherwise remove all negative reportings from the credit buearo's when you are done paying....always