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seonyard

Joined: 12 Jan 2010
seonyard's page
Posts: 1

20 Magic Points

Subject: bill

Tue Jan 12, 2010 2:49 am

i have about 20,000.00 in credit b'll,i was thinking to do the bankerup , is that a good thing to do ?

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Jan 12, 2010 9:16 am

Hi seonyard

Bankruptcy is never a good idea unless you have lost all other options. What is your earning status? Is there no way you can pay off the debt? I would suggest ask your creditor for help and explain your financial situation to him (I am only assuming it is not so good). Some creditors are helpful in this matter. You might be lucky. Let us know what happens.
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cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

Wed Jan 13, 2010 11:33 am

the point of BK is to protect certain assets. It stays on your report for 10 years. Start with debt counseling as the court will order it.
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fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Wed Jan 13, 2010 4:02 pm

This is correct, My mother in law tried to go this route a couple years ago. They will have you go through credit counseling. They also will want to set you up on a repayment plan. Her atty was going to leave her with just enough to live on. I would try to find your own credit counselor yourself. There are some reputable ones out there. Be sure to do your research first though. Do an internet check.

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* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.