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I have 13000 in credit card debt 5000 remaining on a car loan and no other bills. I am recently divorced and I got all the credit cards. I have no assets (rent my house) so I'm not sure I could have anything taken away besides my car. I have tried getting a consolidation loan but that is out of the question and I am currently enrolled in debt management, but I am still sinking. Is bankruptcy my answer??

2007-11-12 07:11:12 · 6 answers · asked by B 1 in Business & Finance Personal Finance

6 answers

Depends on your income. If you have too high of an income, you might not get a discharge. You usually can get a free consult with a bankruptcy attorney.

2007-11-12 07:19:03 · answer #1 · answered by mattapan26 7 · 0 0

To mess up your credit for 10 years for only 13,000 is a waste.

What about a part time job?

You will lose the car, so how will you get to work?

Call the credit card companies and see if you can work out a better rate. What does debt management say? Aren't they helping?

Based on what you have said, no bankruptcy isn't the answer.

STOP USING THE CREDIT CARDS. PERIOD. Pay cash for what you need. DO NO USE THE CARDS ANYMORE

2007-11-12 15:20:06 · answer #2 · answered by Anonymous · 0 0

How much money do you make? Unless you make less than $15K per year you are not bankrupt, just in debt like 70% of Americans.

Get yourself on a written spending plan (aka a budget) - list your paycheck at the top and decide how much you are spending on each necessity - first is food, then utilities, then rent, then car, then clothing, then prioritize your other bills. MasterCard/VISA get paid last. Get current on all obligations and then get $1000 in a savings account.

List your debts from smallest balance to largest - pay the minimum payment on all but the smallest until you knock that one out. Then take what you were paying on that smallest debt and add it to the minimum payment on the second smallest debt until that is gone.

While you are going through this process - no retirement contributions at all - you need to get this debt paid iff!

DONT do a debt consolidation or a debt couseling center - you need to take responsibility for this problem, face it, and get rid of it. You should be able to kill this in 18-24 months; but until you are done - no eating out, no vacations. Maybe you take a second job for a year so you can take care of this mess.

This site will give you free forms and some additional tips on how to avoid bankruptcy http:www.daveramsey.com so you too can live like no one else.

My husband and I have been doing this and we have paid off $32K in 7 months - we are currently living off of 40% of our income - with the rest going to debt.

2007-11-12 15:29:21 · answer #3 · answered by Professional in FL 4 · 1 0

Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.

The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html

2007-11-12 23:30:50 · answer #4 · answered by Anonymous · 0 0

Yeah you might be a candidate for bankkruptcy....a lot will depend on your income. Also, if any of the credit cards were joint debts, they will go after her if you file bankruptcy, regardless of what the divorce says. This might get you in trouble in divorce court.

2007-11-12 15:23:17 · answer #5 · answered by john r 6 · 0 0

well i think that is a little to much info!!!!!!!!!1

2007-11-12 15:19:58 · answer #6 · answered by Bree 2 · 0 0

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