I have been trying to eliminate my credit card debt. I have managed to pay off 2 cards, I am currently working on a thrid, but I have 3 more with high balances, about 20,000.
My husband wants me to file bankruptcy.
Should I continue with the settlement or look into filing bankruptcy?
Thanks
2006-08-02 09:15:50 · 9 answers · asked by belladea 1 in Business & Finance ➔ Personal Finance
i am already in a debt settlement, but it is taking longer than expected. my credit is already unhealthy. i wanted to know if i should continue with the settlement or look into bankruptcy.
2006-08-03 09:55:46 · update #1
File bankruptcy. No way. If you can afford to make the payments on the debt you made, you should. (I have $30K we are paying slowly right now)
Bankruptcy should only be an option if creditors force you into it. Tell your husband, you made these debts and you would like to pay them off, even if it is for the satisfication of self respect or doing the right thing.
Bankruptcy is no longer a free way out. They have made it much harder and oft times you still pay the debt over time.
Keep up the good work, integrity is key here.
2006-08-03 02:00:56 · answer #1 · answered by Jonathan S 1 · 1⤊ 0⤋
At this site you can find solutions from different companies: MYLOANSRATES.NET-
RE Bankruptcy vs debt settlement?
I have been trying to eliminate my credit card debt. I have managed to pay off 2 cards, I am currently working on a thrid, but I have 3 more with high balances, about 20,000.
My husband wants me to file bankruptcy.
Should I continue with the settlement or look into filing bankruptcy?
Thanks
2014-10-01 06:16:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The CORRECT answer is, try to continue paying off the balances as best you can. Call up the creditors and ask about making payment arrangements.The companies involved would rather work out a payment plan with you than eat the debt. If they see you making the effort, they may even reduce or forgive part of the interest. Plus it will save your credit rating....bankruptcy can stay on the books for up to 10 years.
Hope this helped. Good Luck
2006-08-02 11:00:11 · answer #3 · answered by answerman63 5 · 0⤊ 0⤋
I used a debt settlement company for 4 months. They took my money, didn't do anything they said they would, and refuse to refund my money. They never answered any of my questions. Just referred me to my contract. I am sure there are some legitimate companies out there but I am very leery of them now. My credit is now ruined and they have the money I would have used to pay my bills. If you do use a debt settlement company please be VERY careful in choosing who you go with. It sounds great when they first talk to you. But make sure they are willing to talk to you and keep you updated often. My husband is also telling me to file bankruptcy. They will probably delete this but the company was christian crossroads from Florida.
2006-08-03 05:09:05 · answer #4 · answered by fuzzy41555 1 · 0⤊ 0⤋
Bankruptcy is an absolute last resort and you should avoid it if you possibly can. It sounds like you have some means to settle your debt and you should explore all the alternatives open to you.
Do your research and make your own enquiries so that you make an informed decision based on your actual circumstances. There are ways around this problem.
Have a look at this website, which has a lot of useful information.
Good luck!
2006-08-02 11:23:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You may wind up having to pay taxes on any indebtedness forgiven by your creditors (they will sometimes, but not always, send you a 1099 for the amounts forgiven, including principal, interest and various charges combined). Filing Chapter 7 or Chapter 13 (the so-called "wage-earner plan") bankruptcy will not generate such tax indebtedness, but it will limit your credit worthiness for a time.
2006-08-02 12:15:58 · answer #6 · answered by tom_the_taxman_blair 1 · 0⤊ 0⤋
For Credit and finance solutions I always recommend this website where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src=5YAhih52VaKMtd1
RE :Bankruptcy vs debt settlement?
I have been trying to eliminate my credit card debt. I have managed to pay off 2 cards, I am currently working on a thrid, but I have 3 more with high balances, about 20,000.
My husband wants me to file bankruptcy.
Should I continue with the settlement or look into filing bankruptcy?
Thanks
Update: i am already in a debt settlement, but it is taking longer than expected. my credit is already unhealthy. i wanted to know if i should continue with the settlement or look into bankruptcy.
Follow 8 answers
2017-04-05 23:17:08 · answer #7 · answered by ? 6 · 0⤊ 0⤋
Getting helpful advice is easy, getting the most appropriate advice is one of the challenges with any kind of financial problem, and finding the best professional is even tougher.
2015-01-13 22:37:04 · answer #8 · answered by ? 1 · 0⤊ 0⤋
do what your husband tells you to. besides, he is your husband and you two are ONE - so he i don't think he would advise you to do anything that would screw him.
2006-08-02 09:19:17 · answer #9 · answered by Anonymous · 0⤊ 0⤋