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i think i need to apply but not sure if i want to do it.... I am a single mom who just got into dept a little to deep. how do i do it? and is it right foir me.. my dept is just over 40000... any ideas???

2006-12-12 06:30:42 · 5 answers · asked by ceemagiclydia 2 in Business & Finance Personal Finance

5 answers

Bankruptcy differs from place to place. See if your area has a free legal aid you can seek advice from first to find out if you qualify. Then, if you do, have a copy of all your bills handy including, if possible, your current credit agency reports to find out if there are other outstanding things on your history that you need to get info about.
You CAN file on your own by getting the needed documents from your courthouse...it's often cheaper that way. Paralegals can help with that, as well.
First and foremost, you should try one of the credit counselling places to see if they can get your debt reduced to avoid bankruptcy. This will help your credit rating as a bankruptcy will affect it unfavorably for a VERY long time.
Hope this helps you.

2006-12-12 06:43:37 · answer #1 · answered by ladyemberrose 2 · 0 0

You may wish to meet with a credit counselor. They can frequently help you set up a plan to reduce your payments and interest rates. Most DMP graduates eliminate their debt in 3 to 5 years.

Make sure you find an agency with a satisfactory rating with the Better Business Bureau.

2006-12-12 14:37:48 · answer #2 · answered by Anonymous · 0 0

Well here are a few articles that can help you make a decision:

http://financialbasics.blogspot.com/2006/12/bankruptcy-tips-and-helpful.html

http://financialbasics.blogspot.com/2006/12/understanding-types-of-bankruptcy.html

And if you want to consolidate your debt without filing for bankruptcy:
http://financialbasics.blogspot.com/2006/12/selecting-good-credit-counseling-agency.html

Hope that helps

2006-12-13 11:16:48 · answer #3 · answered by Anonymous · 0 0

Just look in your local phone book and set one or two appointments with attorneys. They will almost always offer a free consultation on your first visit. No risk, no obligation, just real legal advice.

2006-12-12 14:34:15 · answer #4 · answered by Anonymous · 0 0

dont do it for this amount of money....its really not worth it....try a credit counselor instead...you will have better results in the long run

2006-12-12 14:38:21 · answer #5 · answered by cookiesmom 7 · 0 0

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