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All of my accounts have gone into charge off or written off status My income is so low now i cannot see me ever being able to pay them off. Should I file for bankruptcy before its too, late when is too late
I am in debt over my head
try settling the accounts
Hi Ruthie,
Can you tell your outstanding debt amount? You can try to negotiate debt settlements with the collection agencies. Settlement lowers your outstanding debt amount by 40-60%. Thus, with debt settlement it becomes much easier to pay.
However, if you have too many accounts on which you have been delinquent upon, and can't seem to make the payments on these, you can go for debt consolidation program. Debt consolidation lowers the interest rate.
Still if you face problem in making your payments, then you may have no other option but filing bankruptcy. However, before you can file bankruptcy, you need to know which under which chapter you can file the bankruptcy.
Thanks,
Aaron
You should get credit counseling from a licensed non profit CCA. This is required before any bankruptcy filing and it will help you decide.