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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

Do I have to file bankruptcy to pay off $60000?

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I have $60000 worth of credit card debt, have a mortgage on my house/ I can afford to pay aprox $600 month (reviewing my current income debt ratio) to credit cards..do I have to claim bankruptcy?




Bankruptcy can be the last option to solve your financial distress. But before that, you may consult a professional debt consolidation company and consolidate your credit card debts into one single monthly payment.

Sub: #1 posted on Thu, 05/11/2017 - 03:29

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.57)

Apart from the above options you can also settlement your credit card debts. But, I would also suggest you to take a professional (especially, from a certified professional) help.

Sub: #2 posted on Thu, 05/11/2017 - 04:06

Phil Bradford Phil Bradford

(Posts: 166 | Credits: 16.94)

Settlement can be a good option when you're unable to repay your existing debts in full. As you've told, you can afford only about $600 per month, it'll be easier for you to get rid of your debt much faster if you opt for settlement.

Sub: #3 posted on Thu, 05/11/2017 - 04:08

Good Nelly Good Nelly
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No need to file bankruptcy. Try to pay off the highest interest rate credit card debt first. Make payment to it as much as possible while paying the minimum to the rest of the debt.

This method is called debt avalanche. Try to consider a side hustle or sell off some unused assets to fasten the entire process.

Sub: #4 posted on Thu, 05/11/2017 - 04:14

sanderspatricia29 sanderspatricia29

(Posts: 728 | Credits: 75.94)

Do you have assets that can be liquidated?

There are 3 options - (i) refinance your mortgage (ii) approach a debt settlement company (ii) file bankruptcy.

Even if you file bankruptcy, you'll have to pay bankruptcy attorney fees. An attorney may charge $335 for chapter 7 and $310 for chapter 13. How will you manage with just $600?

Sub: #5 posted on Thu, 05/11/2017 - 22:12

SC SC
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