My husband and I are in serious debt- although most of it is medical- his wages just got attached- and we can go without that money. I am on disability we are trying to sell our house and move to a more affordable one, but no offers. should we file for bankruptcy or wait? help please!
2007-10-16 05:10:50 · 3 answers · asked by global gal 3 in Business & Finance ➔ Credit
Check this site: http://www.nfcc.org/ . Consumer Credit Counseling Services (CCCS) is a non-profit company offering free counseling. They also have a debt management program available, if you qualify, for no fee. They can look at your specific finances and advise you how to proceed, including if you should file bankruptcy.
2007-10-16 06:08:59 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
The answer is "Maybe." Take a shot at credit counseling and see if it has the potential for working for you. If it doesn't bankruptcy, or a Chapter 13 plan paying part of your debts is always an option.
2007-10-16 12:17:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I was in the same situation before, but no house in the picture, when one creditor already filed to garnish my wages. My wife was 8-month pregnant at the time and a garnished wages wouldn't be enough to support us. We applied for credit counseling, but that's all they did, counsel us. We ended us filing for BK and just simply start over since after laying out everything on the table and considering all the options, we'll never gonna keep up.
But that's my situation.
After the BK, we found out that creditors will still want money regardless of the amount rather than getting nothing when you file BK. So we discovered that talking to them usually can save your credit and stop the harrassment. But you have to talk to their superior about it since a representative usually don't have authority to give you some slack. Explain them your situation that you're already considering filing BK but you want to save your credit and ask them what they can do for you. If you don't agree, simply say that you're trying to get them some money rather than nothing when you file. They know it's not a bluff and will get you a deal. Just make sure that you fulfill whatever arrangement you made with them and if you cannot fulfill it, don't agree to it.
Right now were facing the same situation as we have before, but BK is not one of our options since we learn how to talk to creditors. Some credit card provider is even willing to stop billing you for upto 6 months if you tell them that you're facing financial hardship.
Hope it work out well for you.
2007-10-16 12:31:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋