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Thinking of filing bankruptcy

Date: Fri, 04/14/2006 - 17:08

Submitted by ttnguyen19846
on Fri, 04/14/2006 - 17:08

Posts: 8 Credits: [Donate]

Total Replies: 6


Hi Everyone,

I have about $12000 worth of debt. I have a couple of cards with a balance, personal loans, car payments ,and a couple of medical bills. I just had a baby seven months ago and am not able to work. My husband takes care of the house payment, utilites, food, and etc...With his income we can't afford to pay on my debt. Collectors are calling continuously demanding their money and I keep having to tell them I don't have it. Fortunately my mother decided to buy a new car this weekend and gave me her old one. It is in good shape and runs perfectly. I'm thinking of getting rid of my old car and using the one I got from my mom instead. I would use that money to pay off the remaining balance of the car and personal loan. Then I would just file bankruptcy on the rest. Do you think this is a good idea or should I just hang on until my son is older then try to pay it off when I get a job? I already tried the debt consolidation and it didn't work. I figured by the time my son is older I will be able to rebuild my credit if I do it this way. Thank you and any advice given will be appreciated.


TTN-Why didn't debt consolidation work before? Bankreptcy is a major step you should consider carefully,and not as easy to do as before.Are you signed up here on the forums? If not, you might consider joining and you can receive free counselin to maybe help you make an informed decision. There are also other debt consolidation programs for you to consider. I don't think your creditors will wait until your son gets older to settle your bills.Please join the forum and at least get some free counsing(credit) to see what your options are. There are also sharings of others who have been in your position that can tell you what they did and offer help. Good Luck and let us know what happens :)


lrhall41

Submitted by Bossy4455 on Fri, 04/14/2006 - 17:17

( Posts: 5854 | Credits: )


its not that easy. First, you will be reguired to go through(at your expense) counseling again. Also , any debts which were paid, or paid off within (i think) 120 days prior to filing will have to be disclosed. So if you sold the car and paid off the car note and another bill those would have to be disclosed, and you colud have to explain why those were given preference and not anything else. Think about it very carefully. Bankruptcy is not the magic cure it once was, and often the damage it does has a negative effect longer than you would imagine.


lrhall41

Submitted by LCW on Fri, 04/14/2006 - 17:28

( Posts: 1151 | Credits: )


While consolidating your debts you should go for a reputed company ttn. Otherwise you might land nowhere. I don't know why consolidation didn't work earlier. You know ttn, a good debt consolidation company can make you debt free indeed. Debt consolidation has a good effect on your credit in the long run.

Bossy is right, your creditors and collectors won't wait so long. I understand how frustrating it is to decide filing bankruptcy. But bankruptcy should be your last choice. If no other solution work out, then only you can think of it.

Since you have registered with this site, you will be receiving free counseling and the consultant will help you come to a decision. Keep watching forum and share your thoughts. Also visit the Pub section. It is very very interesting :D


lrhall41

Submitted by stella on Fri, 04/14/2006 - 17:35

( Posts: 488 | Credits: )