Bankruptcy or Debt Consolidation which is better alternative

Joined: 23 Apr 2008 Posts: 1 18 Debtcc Points

I have about $15K in credit card debt that I'm unable to pay on a monthly basis. I own a home and have car loans. Can they come after my assets? I fear i'm in too deep and too old, should I consider bankruptcy? Please help!

Guest · 100 Debtcc Points

Bankruptcy shouldn't be looked upon as an easy option to get rid of your debts. It may stop the chances of your getting sued by the lenders but its actually not freeing you form repaying your debts. Though I'm not fully aware of your financial situation but will suggest that you weigh the other options of lowering the debt burden like- direct negotiating with the lenders, debt settlement and credit counseling before deciding on bankruptcy.

AliceO'riely · Guest 100 Debtcc Points

Here are some tips to know whether you're the right candidate for bankruptcy or not. you may consider bankruptcy if,

You haven't paid a significant portion of your debt and have the required means to pay those off.
If you don't have asset to protect, such as house or car
if your chances of increasing future income is slim.

Filling bankruptcy may allow you some immediate relief, but will attract stricter consequences in the future. Why don't you take the advantage of the free financial consultation offered by this site.

GotDebt · Guest 100 Debtcc Points

Removed, by Shazzers

Simply put CHap 7 let's you walk away from debt
Chap 13 is a repayment plan
Chap 7 harder to come by you must meet a means test.
The web site is not allowing me to post it all. Email me and I will email you back a word doc on bankruptcy.
Email addressed removed

Joined: 14 Nov 2007 Posts: 26 487 Debtcc Points

Bankruptcy does not eliminate secured debt, so you could still lose your home if you fall behind in your mortgage payments. You also will be required to pay other debts (such as student loans, alimony, child support, income taxes, and legal fines)

Also, it stays on your credit report for up to ten years. Best of luck to you.