i think i need to file bankruptys but im not sure i owe a lot more than i can pay and at the time i cant pay my bills on time so ive messed up my credit so im thinking bankrupty but not sure ? the way it is i cant get any thing not even 500.00? so should i start over or what ? if i have to go 7 years or so im ok (or) mite as well be i cant get what i need /want what would you say ????????????????
2006-11-12 09:50:53 · 5 answers · asked by runninglate 2 in Business & Finance ➔ Credit
ive messed up my credit ? so should i file bank rupty or would it be worth my wild to do it /go some outher way im just in a spot and cant back out /cant buy any thing any way with out it costing a arm and a leg i just fed up ? i put me in this what would be the best way to fix it and we all know pay your bills on time and so and so be real ok thks
2006-11-12 09:59:07 · update #1
With the new BK laws, you can't even file until you've completed a financial education class......call your local trustee (Chap 7 or 13) and ask for an approved list of classes......you complete the course and you will be a) better educated financially speaking and b) be able to determine what course of action is best.
Also, you should ask the Trustee what the median income in your state is for fiing a Chap 7 - you may find (very likely) that you DON'T qualify and could be forced into a 5 year Chap13 plan.
At the same time, grab your bills, pen and paper, and a strong cup of coffee.....sit down and start calling your creditors, ask for reductions in interest, zero interest for a couple of months, reduced minimum payments, .....just be polite....stay away from debt consolidation!!!!
2006-11-12 10:19:51 · answer #1 · answered by Paula M 5 · 0⤊ 0⤋
Don't do it. Get help with your creditors. If you call them directly, you might be surprised at how willing they are to help you out of your predicament once you make it clear that you plan to honor your commitments. Bankruptcy will hang like a weight around your neck for years. Above all, don't charge another thing. Switch to a cash only plan. Just become a cheapskate until you're out of debt. When friends tempt you to spend money you don't have, just say, "Sorry, I can't afford that right now." Personal discipline will pay off in the long run. You'll feel proud of yourself when you find you've handled a tough problem.
2006-11-12 18:01:19 · answer #2 · answered by Whimsy 3 · 0⤊ 0⤋
Bankruptcy should be the last resort.
Call you creditors, try to work out a lower payment and interest rate.
They want their money, so most creditors will work with you.
If you feel overwhelmed, maybe you should get some credit counseling or e-mail me and we can put together a strategy that could relive your credit pressures.
excellentcreditservice@yahoo.com
Good Luck
2006-11-12 21:31:59 · answer #3 · answered by Excellent Credit Service 2 · 0⤊ 0⤋
Another option could be to contact your creditors directly and explain your situation. Maybe you could set up alternative payback options and avoid them from hiring collection agencies to come after you. While filing bankrupcy can help in certain situations, be aware that not all types of debt are 100% forgiven. This option hurts the most for younger adults who haven't established much of a credit history.
2006-11-12 18:04:02 · answer #4 · answered by personalfinancedaily 3 · 0⤊ 0⤋
Maybe you could try the debt consolidating thing for a while. If that doesn't work then I guess bankruptcy is your last resort.
2006-11-12 17:53:01 · answer #5 · answered by xstraight_edge_emo_kidx 3 · 0⤊ 0⤋