When the company I worked for closed operations, we used our credit cards (carefully and all out of necessity) to supplement our lost income. Despite help from family, we still incurred over $30,000 in credit card debt. I also have student loans that I have to pay back ($35,000). We have fallen behind on all our credit card payments (some are already in collections) because our combined income is not enough to make ends meet. The very little income that we currently make is barely enough to pay our rent, utilities, and the expenses to care for our three children. We recently consulted with a bankruptcy lawyer and he advised that we file for bankruptcy. In his exact words - Companies don't care. You're just another number. They just want to settle any amount you can afford. Even if your situation gets better and you were able to repay your debts, it would take years and the bad credit score would still be on our record for the next 7 years.
We really don't want to file! Need advice.
2006-09-19
20:55:33
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8 answers
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asked by
2ndChance
1
in
Personal Finance