Don't Know What To Do

OK so here my story.    I called the credit consulor today for my free consultation.  My husband and I are current on everything but perty much maxed out and credit card debt.  The consulor said we could enroll in a debt management plan but we would have to come up with $1600.00 a month on top of regular living expense.    So I am thinking to myself I can barily make the payments now do you really think I have an extra $1600.00 month. 

So she gave me a couple other suggestion to ask for a hard ship from my creditor the would give me some relief for about 6 month.  She also talked to me about bankruptcy options and suggested I contact an attorney.   So next step to an attorney for a free consultation and see what they say. 

I have two thought here no matter how much I don't want to file bankruptcy its looking like a best option for a fresh start  I don't think I will do it if it a chapter 13 bankruptcy If I going to do that I should just do a debt managment plan.    I feel like I got myself into the mess I should be obligated to pay it back.   I figure I will see what the lawyers advice is a go from there.  

I think the credit consulor knows over the next 6 months things are only going to get worse for us.  Either way I just hoping for a fesh start. 



CJCash23 CJCash23
41-45, F
5 Responses Oct 14, 2011

See a Lawyer Bankruptcy one,<br />
next get out of debt credit counsling dose not work they are paid by the banks!!!!! BAIL OUT the banks did!<br />
You will be great after!<br />
dont stall out debt you have too much ever to get out of in your life time, dont feel bad do it!

The main thing is to fence for youself because the way the money is and who has extra money ,hey bussiness do it all the time,so why not us the poor little guys. Its time for us to get a little releif.

I have been through a chapter 7 and I am currently in the process of filing a chapter 13 and I can tell you that it is not the end of the world.. or of your credit. I will tell you this, there is an advantage to filing bankruptcy instead of going through other methods to have your debt reduced. Unless your debt is reduced through the bankruptcy court..if you receive "debt forgiveness" out side of the court.. the IRS can make you pay tax on the portion of forgiven debt.. they consider it to be income.<br />
I can also tell you that it is worth the extra money to hire a board certified bankruptcy lawyer..going with a cheaper lawyer can cost you more than you save.

I know morally it is hard to imagine filing. I am facing the same thing. I have seen a lawyer and read a good bit online. Sometimes, it is just good business and wisdom to get forgiveness of your debts.

You are on the right track. "Definitely"' talk to your lawyer. He will <br />
give you the best advice. Good Luck.<br />
<br />
PS Bankruptcy isn't the end of the world.