Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi there. I live in Illinois, and have 20,000 in cc debt. I ran the cards up, and when I lost my job and wasn't able to pay them, I stopped. I'd like to pay the money back now so that I can clean up my credit, but I only make 20,000 a year. Should I just file for bankruptcy, or should I try to re-pay the debt?
Since the bankruptcy laws changed, it's harder to get debts discharged altogether. Please research this angle to figure out how this applies to you. You could file bankruptcy and still have to repay the debt.
Also, if you haven't already, talk to your credit card issuer(s). They may be able to work something out with you.
Actually a BK will stay on your credit report for 10 years.
As aaauger said there have been many changes in the BK laws
Everyone that files is required to go through credit counseling. Not to mention if you ran the cards up then made no payments there is a chance the creditors will try to dispute the BK. This will depend on the time frame between usage and no payments.
You don't mention your age or living situation.
Have you looked into getting a part time job at nights and on weekends this money can be used directly toward paying the debt.
And don't fall for "credit repair" companies. The only thing that will repair your credit is good credit management going forward.
You lose all of your credit cards if you file bankruptcy. You need to verify what happens to other loans if you file bankruptcy. You can't prove that you've learned to manage credit if you don't have any.
You need to understand all of the ramifications of filing bankruptcy (not just the black mark on your credit rating) before making a decision.
Should I just file for bankruptcy, or should I try to re-pay the debt?
You should consult a bankruptcy attorney. There's no way anyone here can tell you whether you should file or not because we don't know enough about your particular situation.
Hi there. I live in Illinois, and have 20,000 in cc debt. I ran the cards up, and when I lost my job and wasn't able to pay them, I stopped. I'd like to pay the money back now so that I can clean up my credit, but I only make 20,000 a year. Should I just file for bankruptcy, or should I try to re-pay the debt?
And don't fall for "credit repair" companies. The only thing that will repair your credit is good credit management going forward.
I had to bold this !!!
credit repair companies are a real pet peeve of mine.
Most secured loans that are current can be reaffirmed
Also as 8 SNAKE posted we can only give you basic information
most initial appointments for a BK consultation are free.
But be sure to ask all the questions. not just the "will it make it go away" one.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
