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Date: Wed, 05/05/2010 - 20:13

Submitted by anonymous
on Wed, 05/05/2010 - 20:13

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have $100k cc debt, a car all paid which worth $8k,1st and 2nd mortgages. I lost my job a year ago and I have been using my 401k to survive my home, wife and 2 young kids. I have not miss a single payment and have no late payments, yet my credit score went down from 810 to 600 in few months and all cc companies raised their interests from 4 - 5 % to 19% to 30%. My monthly cc payments reached up to $2500. My wife also lost her job and I have four months of money left to survive. I am 45yrs old and if I file chapter 7 or 13 I am afraid I will never be able to get up on my feet again and probably work till I die as I my retirement is also gone.

Appreciate if you can help!


I'd not suggest bankruptcy yet, rather you may explore the other options like debt settlement or consolidation to get back on track. Search the site for more information on your options.

Have you tried discussing the issue with your creditors? Sometimes it may help telling your lenders about your financial hardships.


lrhall41

Submitted by SC on Wed, 05/05/2010 - 21:37

( Posts: 3937 | Credits: )


Hi,

Why would you like to opt for bankruptcy as the primary option,in spite of knowing its consequences? You must be aware that bankruptcy remains on the credit report for 10 years,and ten years is a longtime.You will not be able to get a loan in the near future,in case you require one!! Think of it,and try other options other than bankruptcy to resolve your problem!


lrhall41

Submitted by Rebecca Miller on Sat, 05/22/2010 - 11:23

( Posts: 131 | Credits: )


In my humble opinion and from my own experience with bankruptcy, it is probably the best option you have right now. Sure bankruptcy remains on your credit report for 10 years...however you can sleep at night not worrying how you going to pay the rent and feed your kids. I am 6 years post bankruptcy, pushing 50 years old. I have never had a problem getting a job and my credit score is back up to 680. I have no sympathy for the credit card companies....they rate jacked you which is putting you into a worse situation. With your wife not working, you probably will not be able to afford to settle and it is likely that during a debt management program you will be sued. Talk to a couple of attorneys....consultations are generally free. Honestly it was the best thing I ever did.


lrhall41

Submitted by SOAPLADY on Sat, 05/22/2010 - 11:41

( Posts: 17315 | Credits: )


I will agree with SoapLady..I too have had that "humbling" experience. Yes I had debt but the CC companies rate jacked me to and would not budge..We really didn't have any other option We filed a chapter 13 last June. Life is So much easier now..You will recover and be stronger than ever! Just remember if God brought you to it..he will see you thru it! good Luck and hope everything works out for you


lrhall41

Submitted by anonymous on Wed, 05/26/2010 - 16:20

( Posts: 202330 | Credits: )