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.
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.
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.
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.
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.