Is Debt Settlement or Bankruptcy better my current situation
Date: Sat, 06/02/2007 - 22:13
I have a serious situation here. I own two rental homes (I am upside down on both of them due to the market slowdown), and I have nearly $100,000 in unsecured credit card debt. I make about $10,000/month, and I am currently on a debt consolidation program, with my payment being $2,500/month!! I need help. Am I throwing my money away on this program? Can I really be expected to pay $2,500/month for 4 or 5 years? I guess my question is this... would I be better off trying to go through a debt settlement company, or even declaring bankruptcy?
loan
Dan, I would weigh the options. debt settlement does look more favorable than bankruptcy. However I have found that when something stresses you out this bad sometimes it is good to have a clean slate. Bankruptcy laws changed October 2006 and with your income you would probably only qualify for ch 13. I would also consult a bankruptcy attorney than can help and usually the consultation is free. Best Wishes KYSIDE38
