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I am 33, getting divorced. House is in Foreclosure, approx 13k in defaulted credit cards. 4k in credit cards that are active. I want to get the old CC debt resolved, but I am barely getting by as it is right now as a single mom. Where can I get unbiased advice as to whether bankruptcy is my only option? And if it's NOT my only option, what are my other options? I'm barely breaking even at the end of the month, i don't even know how to begin to get out of this mess :(
please help!
Welcome Amy76,
Very sorry to hear about your situation. Just remember that there are many others like you in the same situation wondering the exact same thing.
Filing for bankruptcy isn't the end of the world. It is very hard financially and emotionally though. My wife and I filed for a chapter 7 bankruptcy 5 years ago and are just now finally starting to turn ourselves around.
Sure we had to go back to the basics, we couldn't even afford to have cable for about three years! It was probably for the best because we found ourselves spending a lot more quality time with our children.
You may want to talk to an attorney but make sure to take your time and understand everything that you're about to get yourself into. Don't let the attorney rush you into anything that you don't feel comfortable with.
Good luck.
You can file Chapter 7 bankruptcy only if you do not have sufficient money to repay the debt. Now, if you get qualified for Chapter 13, I think that you should go for debt settlement instead of filing Chapter 13, because you need to pay off the debt in either cases. If you can tell us the details of your income, then I can try to help you out in this forum.
When looking for a good debt settlement company be sure to do ALL your homework. There are alot of reports on the news about these types of companies taking peoples money. It has become a very lucrative business, especially since the downturn of the ecomony and people defaulting on credit card debt.
I would suggest trying to find a non profit organization. These types are said to be the most honest and easier to work with. Also go to the better business bureau site and check out any agency you are considering. This will show you how the company's over all standing is. Just type Better business bureau in your search engine and you should easily find your way there.
One more suggestion...try your states web page..its usually www.state.(your state).us Sometimes they will list some helpful agencies there. Good Luck and keep your head up.