2007-09-21 08:55:04 · 6 answers · asked by poodlums 1 in Business & Finance ➔ Personal Finance
Go see a bankruptcy attorney. He will be able to determine if you qualify or not. This isn't a do it yourself project.
2007-09-21 09:02:43 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Find you a decent bankruptcy lawyer because you definitely don't want to try to do it on your own. I filed bankruptcy about 4 years ago. You do have to qualify and there are certain things that you can not include in your bankruptcy. But most attorneys will give you a free consultation. Some of the things that you will need for them to determine if you are eligible is all of your bills and a copy of a recent credit report if you have it. If not then they can pull it for you that way you can make sure that you have all of your bills listed. Good luck :)
2007-09-21 09:07:08 · answer #2 · answered by janierenel 3 · 0⤊ 0⤋
Try the link below for general information. The Republican Congress under Bush made it much harder for consumers with credit card debts to get bankruptcy discharges, so there are some hoops you will need to jump through.
Contact the law schools in your area and see if any of them offer free legal services in bankruptcy law clinics.
You will need to pay for a lawyer, $500 to $1000 for a simple case but it will be a worthwhile investment if you have big debts.
2007-09-21 09:43:31 · answer #3 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
It sounds like freezing your interest will not do much for you. You need to look at a consumer proposal or bankruptcy. Proposals have lower monthly payments than bankruptcy but also take longer to finnish. Check out some credit repair companies in your area before seeing a trustee. Trustees also look out for the creditors and by law can not tell you everything you need to know. A credit repair company will tell you everything you need to know.
2007-09-21 09:39:34 · answer #4 · answered by Rick Ven 3 · 0⤊ 0⤋
Call your creditors and explain your circumstances. Ask them to reduce your interest rate down -- many will go as low as 2%. This should also reduce your monthly payments significantly.
At the same time ask your creditors to close your accounts so that you don't charge any more.
Then make up a payment schedule you can adhere to. Pay off your debts and roll payments up to the next creditor.
For example: If you are paying $100 per month to ABC debtor and $125 per month to XYZ debtor, once you've paid off ABC, then start paying XYZ $225 per month.
2007-09-21 09:04:31 · answer #5 · answered by kja63 7 · 0⤊ 0⤋
The first poster hit it right on and I'd advise not to rush into this just because you don't have the money to pay because this will impact your future life in ways you can't even imagine from keeping you from getting certain jobs to not being able to buy a home.
2007-09-21 09:03:46 · answer #6 · answered by Lex 7 · 0⤊ 0⤋