Hi. im 34 years old and in 180.000 dollares debt.my monthly payment is 3G p/m.is bankrupcy a good idea?

Question

do i keep paying the monthly payment until i pay it off in about 16 years (3000 per month),or do i declair bankrupcy and get it over with?

Answer 1

Contact a bankruptcy attorney for free consultation. Do not even attempt it on your own. The laws have changed and there's so much paperwork involved. You will probably lose your home if you have one, car if valued over a certain dollar amount, and your credit will be gone for 10 years. You decide. If most of your debt is with credit cards and loans then you may be better off with bankruptcy; however try a consumer credit counseling service first. They can reduce your interest rates and help you move forward instead of backwards. Bankruptcy needs to be your LAST choice... not first choice... unless you enjoy riding busses.

Answer 2

a few things you can try....you can try Bankruptcy, but like others have already told you it will depend on what you own and how much money you earn.......another way is to "ride it out" and wait the 7 years of limitation before it's erased off your report.....7 years begins from the date of last payment made.....another way you can try to get it down is borrow 50 g from your aunt Rose and call each and every creditor and ask to settle for 10 cents on the dollar but not more then 33 cents on the dollars...this way will work but make sure you have the money to pay them after you agree to a settlement amount. The smaller the amount owed the higher % a creditor will want from you and the longer it has not been paid will effect how much they will settle for. Make sure you get a letter of settlement agreement with company letterhead and authorized signature.......oh one more thing......wait 4 years after all is settled before being given credit!

Answer 3

You must have enough income or the bank would not have given you the loan.Perhaps you are living above your means,just remember it costs money too be a showoff.Sam walton drove a pickup truck and lived in a small three bedroom house and he was the richest at that time.So cut up your credit cards and keep paying mortgage and cancel those vacations for a few years.

Answer 4

its not as easy to file for bankruptcy as it use to be. You have to have a reason like a death in your imediate family, loss of job, divorce or a medical reason, to be able to file. Your better off paying off your debts you made them. Try selling off some of the things you bought. If you do file it will be on your record for at least 7 yrs. If you are making a $3000 payment I cant see them granting you a bankruptcy

Answer 5

3000 per month. That is insane. Contact your local debt consolidation company and work through them. If you declare a bankruptcy, folks think it is gone after 7 years, pending on what you declare, but it will tail you for the as long as you have credit.

Answer 6

How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html

Answer 7

If you have sufficient income to pay it off, a bankruptcy case would be tossed out of court.

Answer 8

If you can afford it, keep paying it off. Do you have something to sell to start paying more off? What did you spend that much money on?

Answer 9

I think you should check out Oprah's Debt Diet.

Answer 10

if you have nothing in your name...like a house or a car or anything in your name yeah go for it