How can i find out if bankruptcy is for me, I am $25,000 in debt or should i trust a credit repair agency ?

Answer 1

Good question!! Think about it more seriously whilst making pancakes...

Recipe

Serve these pancakes with butter and syrup.
INGREDIENTS:
2 cups all-purpose flour, stirred or sifted before measuring
2 1/2 teaspoons baking powder
1/2 teaspoon salt
1 egg, slightly beaten
1 1/2 cups milk
2 tablespoons melted butter
PREPARATION:
Sift together flour, baking powder, and salt. In a separate bowl, combine egg and milk; add to flour mixture, stirring only until smooth. Blend in melted butter. Cook on a hot, greased griddle, using about 1/4 cup of batter for each pancake. Cook until brown on one side and around edge; turn and brown the other side. Recipe for pancakes serves 4.

Answer 2

Bankruptcy and/or "credit repair" are almost always a really dumb way to go....unless you are a bankruptcy lawyer, or a credit reapair agency!

Rank your debts, smallest to largest, and pay minimums on all but the smallest until it is gone (then you move on to the next). Write letters to your creditors telling you are doing this because you are in deep doo-doo, they may lower your APR rather than risk you filing bankruptcy.

Sell stuff & get extra jobs to raise cash. Cut up your credit cards. Quit spending money you haven't even earned yet!

It'll take a while to dig out, but by the time you do, spending less than you earn will have become a habit, and you will suddenly find yourself astonishingly wealthy!

Best wishes!

Answer 3

With ZERO information on assets and income, NO ONE can tell you if you are even close to bankrupt. That said, I doubt you are. Even if you discharged ALL you debt, that is a symptom. Your problem is spending more than you make. Until your spending is less than your income, bankruptcy just delays the inevitable.

As for credit repair, they can't legally do anything you can't do yourself for free in about 8 hours. They also do NOTHING about the debts. If you learn to live on less than you make, your FICO score will no longer matter.

Answer 4

25,000 is not a huge amount of money.Make arragements with your creditors on a payment plan,get a second or third job even and pay YOUR debts off.That is the honorable thing to do and will help your credit score.