I don't know where to start and need advice...

I would file bankruptcy. You can have a bankruptcy on your credit bureau for 10 years, but honestly - you can rebuild pretty quick after filing, especially if you didn't tank your credit score before you filed.... or you can spend 20 years paying these debts off.... I bet you'd have rebuilt your credit before then.

Actually in your case, I agree. BK maybe your best option.

Thanks for your reply. Can you please tell me why you would suggest Bankruptcy?

Would this be the only viable option for me? What about a debt management Plan or a debt settlement Plan?

Thanks.

I'll always prefer debt settlement to Bankruptcy. Bankruptcy will ruin your credit report and you credit access for many years. Debt settlement can lower your debt by 75%.

FYI to everyone that has posted here. I am going to research Financial Hardship programs for my three creditors.

Hopefully, that will help too.

Thanks!

Usually onthe hardship programs they want you to be in default for a few months, all though, one of my sons didn't.

On the ones I did, and the ones I did for my son, they lasted a year, but we didn't have really big balances and were able to pay them off within that time.

You can do some research and check out all your options concerning your debt before you decide.

Feel free to ask questions..karen

In most cases, if you only qualify for Chapter 13, then you can afford a settlement program as well and avoid the stigma of BK. If you actually qualify for Chapter 7, then I agree with everything that has been said so far.

You said you are going to research financial hardship programs; I just wanted to point out that settlement is a hardship program, or at least should be. Any reputable company should require that you have a genuine hardship (which you do, from what you have posted).

Hope this helps, and best of luck to you.

Hey I have great solution to this. As you seem to have a decent credit you have to go for a program that does not affect it. I am from a debt management agency. I believe we can help you out if I can contact you. I need your contact information.

here's a plan. You have 6-9 months to avoid bankruptcy.
1. read Dave Ramsey total money makeover.
2. settle with creditors...lowest balance first

**if you don't get a job...than bankruptcy is your only option
**if you are 100% insolvent with no assests etcc.. ch 7 is last resort

I have had success using software from the internet. ttp://ww.reviews1.net/andym-reviews/ has some good reviews of some debt consolidation products.

Stop paying and look for every cent you can find to settle. 403B 501k stocks, family friends etc and settle after 151 days.I was in the same boat. Failed company, I was insolvent and only qualified for ch 13. Good luck!

BLL,sorry but you are wrong sir.if the OP had all of that BK wouldn't be an option.

I do not understand what you are saying. The Ch. 13 was there to protect my 403b, stocks and PERS. The insolvent part comes from the IRS 1099c that they gave me ( 5 of them). Assetts were far less than my Debt. I have no equity and PERS retirement can't be counted. Ch 7 would have seized my stocks and other assets (small). Ch 13 protects them as well as cosigners.

Believe me I was not sitting on a big chunk of change. I guess my point was if you need 3,000 to settle then cash something out. If you have big chunks of change then cash them out and pay in full.