IS DEBT SETTLEMENT A CHOICE FOR US?we have considerable debt

Date: Tue, 06/17/2008 - 11:34

Submitted by anonymous
on Tue, 06/17/2008 - 11:34

Posts: 202330 Credits: [Donate]

Total Replies: 2

WE HAVE CONSIDERABLE DEBT THAT HAS ADDED UP OVER THE LAST FEW YEARS DUE TO BAD LUCK(CAR ACCIDENTS, SURGERIES, FUNERALS, LAYOFFS), AND WE JUST CAN'T SEEM TO GET AHEAD JUST FURTHER BEHIND. I WENT BACK TO WORK AND NOW ALL OF A SUDDEN THEY HAVE NO WORK FOR ME AND WE ARE BACK TO SQUARE ONE. WE ARE TIRED OF FEELING STRAPPED ALL THE TIME AND NOT HAVING MONEY FOR OUR KIDS TO DO ANYTHING. I HOPE THERE IS HELP FOR US. THANKS

Welcome to the forum. Can you please name your creditors , the b

Welcome to the forum. Can you please name your creditors , the balances , and if they are current or past due ? It sounds like you are experiencing a hardship and would likely be a good candidate for debt settlement but just want to get a little more info to better assist you.

lrhall41

Submitted by mobile0311 on Tue, 06/17/2008 - 11:43

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Do the math

Typically, if you can put enough money aside each month to repay between 30% and 60% of your debt over the next two or three years, then debt settlement may be an option. This is not always an easy thing to calculate, but a debt consultant at a debt settlement company can help you figure this out -- just be sure to research the company before calling to make sure the company is legit.

Alternatively, there a some do-it-yourself debt settlement informational products that will show you all the ins and outs of doing debt settlement on your own (there are many issues you must be aware of).

If you are unable to repay even 20% of your debt, then bankruptcy might be your only option. However, you would need to speak with a bankruptcy attorney to really make that determination for sure. Bankruptcy was made a bit more complicated, thanks to the 2005 Congress.

lrhall41

Submitted by jjanney on Tue, 06/17/2008 - 12:47

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