I need serious help with my financial problems.?

Question

Two years ago, my husband and I had separated due to him going thru a mid life crisis ( kinda like women go thru menopause).. Anyway, we worked things out and got straight again FINALLY. He had lost his job at the time and all of the credit cards, vehicle payments, house, everything fell way behind. I came came back, saved the house, got most of everything except the credit cards caught up. He has now had a job and been there for about a year now.
One of the creditors has now sued both of us for a loan that hasn't been paid back and is in the courts hand with a judgement pending.
I want to clear all of the debts somehow and don't know what to do.
I do not have any of the statments anymore only a credit report.
Is it better for me to file a chapter 13 ( been told that I can not file Chapter 7 because we now make to much money) or can I go thru a credit counseling company to clear these up? which would be better?
I am so confused and scared. I do not know what to do. PLEASE HELP..

Answer 1

You might check nfcc.org. They offer legitimate credit counseling and have debt management programs with no fees.

Without detailed info on how much debt, it's difficult to give specific advice. Bankrutpcy will stay on your credit for 10 years but you can recover within 2 years after discharge.

Credit counseling debt management programs will hit your credit the same as bankruptcy but only while your going thru the program.

You may also be able to work out payment arrangements yourself. Be sure to show up in court. The creditor can only take a max of 25% of the "breadwinner's" check.

Answer 2

From the standpoint of a lender, credit counseling is just as bad,. if not worse, than bankruptcy. The reason for this is that a very high percentage of those in credit counseling (I have heard that the numbers are sometimes as high as 90%) still end up in bankruptcy.

I have been selling cars for over 7 years. From the standpoint of financing, you will have a better shot of rebuilding credit after a discharged bankruptcy than you will after credit counseling.

I would recommend three things:
First, contact the lenders and try to work out a payment plan on your own. Many lenders will work with you. If you file bankruptcy, it puts them at risk as well as you, so they don't want you to file bankruptcy.

Next, if you have a good relationship with your local bank, I would recommend that you talk to your local banker first, rather tahn you attorney. Explain the situation and discuss your options. You may be able to consolidate your bills and avoid the bankruptcy. Many people have used this method to avoid bankruptcy and get back on their feet.

Third, if you are not able to get the help you need by contact the lkenders directly or by consolidating loans with you banker, then (and only then) would I recommend going to see your lawyer and filing bankruptcy.

Answer 3

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Answer 4

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Answer 5

Hi,

You can visit http://bankruptcy.grantsaccess.info to get your query on bankruptcy well clarified. Good luck!

Answer 6

try the credit counseling first. that wont destroy your credit history like bankruptcy will.