What is my best option?

Date: Fri, 04/16/2010 - 04:17

Submitted by anonymous
on Fri, 04/16/2010 - 04:17

Posts: 202330 Credits: [Donate]

Total Replies: 3

Here is my situation... I owe around $36k on six credit cards and $1000 on 3 pdls. I am behind on four of my cards. My entire paycheck goes into paying the fees to the pdls which take the money out on every two weeks. I take home around $2200 per month and have a family of four to feed. I am the head of the household. I want you guys to tell me whether I should look into settling with my creditors or file BK. I'm really stressed out and don't know what to do.
- Cherry

I'm going to give this a little bump, keep checking back for mor

I'm going to give this a little bump, keep checking back for more replies.

lrhall41

Submitted by Shazzers on Fri, 04/16/2010 - 11:41

( Posts: 17344 | Credits: )

Both settling with your creditors or filing Bankruptcy have thei

Both settling with your creditors or filing Bankruptcy have their ups and downs. If you start with trying to settle your debts first, then you can file for bankruptcy if that doesn't work. Debt consolidation is also an option you can explore. Bankruptcy (at least in my opinion), whether chapter 13 or chapter 7, should be an option of last resort. Either form of bankruptcy stays on your credit report for 10 years and if you go through a chapter 7 bankruptcy, you can not file again for several years. The important thing is to research all your options before you make a decision.

lrhall41

Submitted by OVLG Attorney on Fri, 04/16/2010 - 14:43

( Posts: 511 | Credits: )

In my opinion, you need to close your bank account and visit a b

In my opinion, you need to close your bank account and visit a bankruptcy attorney. Bankruptcy is not all that bad...and will give you room to breathe again.

lrhall41

Submitted by SOAPLADY on Fri, 04/16/2010 - 20:37

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