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Posted: Fri Jul 18, 2008 4:41 pm Subject: HELP!!!!!

I am a 24 year old that has about 37K in debt. I want to know what is my best option at this point. I have only a part time job, fell behind in payments when I was laid off. I have already been sued, and I have another case pending....Some has recommend Chapter 7, others suggest debt settlement. What should I do?

Posted: Fri Jul 18, 2008 4:45 pm Subject:

debt settlement will probably only work if you have a lump sum amount that you can offer. You say that you have already been sued. Did you lose the lawsuit or have you not appeared in court yet?

Unless you have something with which you can negotiate, Chapter 7 may be your best option. It will stop the lawsuits. However, it will remain on your credit report for ten years.

Posted: Fri Jul 18, 2008 4:49 pm Subject:

Thanks, I settled out of court for the last one. I now have another on pending....

Posted: Fri Jul 18, 2008 5:08 pm Subject:

What state do you live in ?

Posted: Sat Jul 19, 2008 5:15 am Subject:

Before you decide, you need to research. Make a list of the pros and cons of both Chapter 7 and debt settlement. Ask yourself which one would be the best for you. Chapter 7 stays on your credit report for a long time. Debt settlement may affect your credit for awhile also - it depends on if you can work with the banks to report it as paid in full.

Either way you decide to go, it will get better. I was there just last year and thought I would never see the end but now I know it will end soon. You are not the only one in this position and sadly you will not be the last. Keep your spirits up. You can only do what you can do.

Keep us posted.

Guest · Posted: Sun Jul 20, 2008 5:24 pm Subject:

Thank you for the advice, it's just SOOOOOO stressful....I live in california by the way.........So far I've been told that my best option at this point is to file for Chapter 7. I only work part time and can't really afford the monthly payments the debt settlement programs are offering. I'm just so frustrated because I'm still young and I don't really want to file, but I have to do what I have to do......It's so crazy how our society works. I am a college graduate who had to pay my way through school, provide for myself and still in debt. It's crazy.........

Posted: Sun Jul 20, 2008 5:40 pm Subject:

Is any of your debt student loans? I think I've read that they can't be discharged in a Chapter 7?

Posted: Sun Jul 20, 2008 6:17 pm Subject:

What is most of your debt? It may take you some time, but you can bring it down, and here we can show you how. Sometimes bankrupcie is not the answer.

Guest · Posted: Tue Jul 22, 2008 12:01 am Subject:

There is a student loan included in the debt, but it's not a large amount, I'm not having a problem making payments on my student loan because my payment plan is very low. The bulk of my debt is CREDIT CARDS, last used in 2005. The debt settlement programs are offering $400-500 monthly payments that I just can't afford on my part time salary.......That's why bankruptcy is an option at this point...I have had a judgement against me which I settled out of court. In addition I am currently being sued by a credit card company. The only property I have is my car, which I am current with payments, I assume that's why the current law firm is coming after me?!?

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