need advice

[lookn4deals]

I have a pretty nice chunck of change in credit card debt and I am thinking of claiming Bankruptcy. Has anyone done this that could offer advice. I am only 26 so I am thinking that it will tak eme longer to pay off my cards then it would for the bankruptcy to get off my credit report. Also that is if for the next 7 years that I could keep up with all my credit card payments.
I spoke with a lawyer today and he thinks that it is a great option for me. Geez my Dad would KILL ME if he ever knew.
Please help any advice would be greatly appreciated!


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[jsalba]

Just hung up my cell from speaking to a girlfriend of mine who works for an attorney. She said this is a very good site to get answers to many of your questions and to post questions of your own:

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I've never filed bankruptcy.. but hope this site will help you out a bit.


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[jsalba]

Sorry.. she just IM'd me... that was to their old site... the new site is..

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[JVIGH]

thanks for posting that site jsalba,

[ILoveElf]

Please talk with a credit counselor first.Most are not for profit.They can work with you to reduce the amount you pay and the amount of interest charged.Find out if this would work for you before you decide if bankruptcy would work.

[pandybat]

Cool sites, Jeff! Tell your friend, THANKS from me!

[AtlantaGAL]

The sad part about credit counseling agencies is this... eventhough one pays their debt off, it's still treated exactly like a bankruptcy by creditors. So with that said if you need to consolidate your debt, you might as well file bankruptcy if you can. It looks the same in the lenders eyes regardless.

I have no experience, but I know someone who is also considering this option since they're debt is going nowhere. Thanks for the link Jeff. I'm going to be passing it a long


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[lookn4deals]

Thank u for the sites. I will do lots of research before deciding. I was on the phone with a debt company today and they could only reduce my payment by about $25.00 a month. I am just figuring that it will take me the next 7 years to pay off my debt wth struggling to get by. Or wipe my debt clean and rebuild my credit in 7 years. I am leaning towards the big "B" I am stressing over bills now and I cant imagine stressing for the next seven years.

[LocaChica]

good luck with whatever you decide, that's going to be a tough decision.

[aprilgail]

I used Debt Free America Credit counceling and within a year of starting it I was still able to get an auto loan and a credit card! I have until next May and every debt I owe will be paid off, credit cards, car loans and preschool payments!!


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[freesurfer]

[quote]Originally posted by aprilgail
[b]I used Debt Free America Credit counceling and within a year of starting it I was still able to get an auto loan and a credit card! I have until next May and every debt I owe will be paid off, credit cards, car loans and preschool payments!!
[size=1]


Is there a site for this?


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[AtlantaGAL]

Originally posted by aprilgail
I used Debt Free America Credit counceling and within a year of starting it I was still able to get an auto loan and a credit card! I have until next May and every debt I owe will be paid off, credit cards, car loans and preschool payments!!

I would be interested in what you could provide on this group. I have never heard of them.

I know 2 people who went through CCS many years ago. They paid their debt and were still treated poorly with regards to any credit. One needed a cosigner for an apartment lease even!

If it takes years to rebuild your credit after a bankruptcy, then, it seems like the avenue of choice if it's an option. I know it was 3-4 years after paying off all her debt before my other friend actually was approved for anything on her own again.


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[blueaguave]

Congress passed something last year to make it harder to file bankruptcy, hope it didn't take effect yet!

[aprilgail]

Is there a site for this?



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[AtlantaGAL]

Originally posted by blueaguave
Congress passed something last year to make it harder to file bankruptcy, hope it didn't take effect yet!

True. You basically have 6 more months until that ruling goes into effect. It essentially makes the criteria for filing a BK much stricter than it is at the moment.