My credit has gone down the drain. I wish I could pay off my debt but it's just to hard to do. Every penny is count for. Rent food child care daily living expenses. How true are those fix you credit people. I'm thinking about calling them or maybe filing for bankruptcy which I know isn't very good that will be on credit for life. Repairing my credit will show that I paid off my debt I just feel very stressed out and overwhelmed.
2007-02-21 02:31:17 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
If you can avoid filing bankruptcy, I would advise you to do so.
I know how you feel, finances are stressful enough without creditors bothering you and sometimes bankruptcy can feel like the only way out. I would suggest getting in contact with a budget counselor and seeing if they can't help you first.
2007-02-21 02:38:55 · answer #1 · answered by reandsmom77 6 · 0⤊ 0⤋
Alot of people make the mistake of filing for bankruptcy just because they have alot of debt. Having debt in itself does not hurt your credit score. Allowing your debt to go into collections is what hurts it. As long as you can make your minimum payments, just keep on doing what you are doing. If you file for bankruptcy you may have extra money on the side for while. But your credit is ruined for up to 7 years. So dont do it unless you are letting alot of your bills go into collection. Consolidate if you have to, get a loan from a friend or family member if you have to, but dont file bankruptcy unless you are out of other options.
2007-02-21 02:35:53 · answer #2 · answered by Anonymous · 1⤊ 0⤋
As the others have said, bankruptcy is an absolute last resort. There are alternatives and you should explore these if you possibly can. Your creditors don't want you to go bankrupt because they will get nothing - so it's worth your while and theirs for you to find a solution.
Here's a website with some useful information and places where you can get help.
Good luck!
2007-02-21 10:12:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Nope.....
How to Avoid Bankruptcy Explained: With the rising consumerism, aggressive advertising campaigns and increasing incomes, people are living well beyond their means. As a result, they are burdened with heavy debts. If they are unable to repay the dues, they have to file bankruptcy. Bankruptcy is the last resort when you are reeling under financial problems
2007-02-22 00:14:30 · answer #4 · answered by juli o 3 · 0⤊ 0⤋
Try to repair your credit before filing for bankruptcy. You could try a credit repair company to help with this. This site has some helfpul information on how to go about doing this. Good luck to you! http://creditrepair.divinfo.com/
2007-02-21 05:55:58 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋
I think you have to rearrange your whole living strategy. (monetary wise) You got yourself into this mess, now you have to take responsibility for your actions and get yourself out. As I have said before bankruptcy is not even an option. (don't go there)
Leave the credit fixers as your last resort if possible although there are good ones out there that don't charge at all or do so for minimal cost.
I said rethink your monetary way of living because you have to begin cutting down on those things you thought would be a luxury to have, such as cable, dininig out and buying clothes and other goodies. Shop non name brands of cleaning items, such as shampoos, soaps, toilet paper, buy food from aldi or other groceries outlet.
No dining out, bring lunch and breakfast. Do not buy anymore stuff... I mean it. If you have to indulge your kids, go to the library, rent videos they have them for cheap as well as new releases also. You have to live very poorly, but don't skimp on eating because of it.
Also, beging by paying your least debt first, then work your way up. for example a credit card that is say $600 vs. the one that is at $4,000 and so forth. (pay the 600 in full) But don't forget to pay the minimum on the other ones.
Check out yahoo finance and msn money for great articles on eliminating debt. You will feel good that you are working your way off to paying the debt you are living in. Start of slow, you will see, things will get better. Lots of luck!!
2007-02-21 04:25:12 · answer #6 · answered by Charisma 2 · 0⤊ 0⤋
bankruptcy should be last resort... i would suggest to you that you talk to a financial advisor because they can help clear the situation... especially if you are stressed and overwhelmed... someone else to sit down with you and look at everything together might help you take control of things once again... also, consultations are usually free so you you can hear them out and decide whether to use their services or not... do your research and find an advisor you feel comfortable with... i've known people in your same situation and another point of view is always helpful... good luck!
2007-02-21 02:51:19 · answer #7 · answered by T L 1 · 0⤊ 0⤋
If you already have one bankruptcy on record and are 50k in debt I would guess that your credit score is already pretty bad. It sound like you need to get some financial training and stop getting in debt.
2016-05-24 02:20:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Well my suggestion would be to first find an alternative to bankruptcy, for example Consolidating your Debt. Also, STOP charging. The worst thing you can do now, is to add on your debt. The only thing you can be charging is your daily living expenses (IF NEEDED). No other misc. things can be charged. Let me know if you need another other help.
2007-02-21 02:39:48 · answer #9 · answered by Miami_Babe 2 · 0⤊ 0⤋
Get a debt consolidation loan. The rates are usually lower than consumer debt, so your payment should be lower. Try the below company for rates and payments comparisons
2007-02-21 20:10:33 · answer #10 · answered by Anonymous · 0⤊ 0⤋