Credit card debt...

I'm no expert but our experience has been that it's long and painful once you're in default with credit card companies. They will dog you mercilessly but you can write to them that the only way you'll communicate is in writing -- that will reduce the calls. It will wear on your family badly.

We decided to live on a cash basis in Sept07 (already being in default on approx 6 cards at which time we let the other 2 go into default as well). We've settled about $16K for 15c and 20c on the dollar in summer08 but have been unable to scrounge together any other funds to attack the larger balances, which have accumulated since starting our film production company in 2005. The calls and letters continue coming, though less now because the credit reports show the debts charged off and now it's junk debt buyers who are calling, I think.

I can recommend a great debt settlement advisor, Tom Bates with Absolute Debt Solutions (look up his website by the same name). He is happy to talk with you about your particular situation, the state laws, etc. From everything we've read Bankruptcy could cost you more long-term than you can anticipate now. You might speak to a debt settlement or debt consolidation advisor before taking a bankruptcy attorney's advice (just like most surgeons, they're most likely to recommend what they know best). We talked to one of those ourselves but it didn't make sense for our company, plus morally we would like to pay every creditor some portion towards the debt (which is currently $225K). Hope this helps.

if you have any questions, please let us know on this board. there is also free counseling on this site. debt settlement might not be the best option for you, but whatever path you choose i wish you the best of luck :)