I've stopped paying my CC, what can I expect, and should I just file Bankruptcy?

Answers:3   |   LastUpdateAt:2012-09-11 21:43:04  

Asked at 2012-08-31 04:59:03
Someone please help me solve this. I've been out of work for over the last two years. I recently started a job and I'm doing just enough to live on and has gone with a friend to save costs. I had perfect credit until now ... only 2 months I lost my first two payments on my credit cards and have not made a payment since. At first I told the CC company that I was not able to make a payment for a few months, but now I see that I have enough money to make a payment at all and I do not see that kind of money again in my current job . I see no possibility that higher pay, and believe me I've been applying for the past two years. My debt with the two cards is 20 k each, with a total of 40K in debt cc. Also I have 14K in student loans on top of that, what I just caught up payment. These debts are all school expenses, I thought I would be able to pay them off soon after school, but, but was not able to complete the program. My question is this ... if I do not pay my cc debt, no home or property, and my car is a pileup, have no dependents, eventually going to happen? I am already being called 13 hours a day by collectors and it's only been two months. Would it be better to simply filing for bankruptcy? My income was 43K 3 years ago, and now in the last two years have been a total of 15 K (mainly won the second half of 2008). If my credit is going to ruin anyway, why not just file chapter 7 bankruptcy if I have no way to pay in the next decade? Bankruptcy seems my only option, but I know I'm desperate and I hate to do something as drastic if there is a better way ... I just need to know what the best way is and what to expect. Please someone enlighten me. Thank you!
Answer1dgibsonAnswered at 2012-09-02 11:30:02
You're going to have to pay 14k in student loans anyway, but you might want to talk to a bankruptcy attorney .
Answer2snehavalliAnswered at 2012-09-08 15:34:03
Before the presentation , try to get as much delay as possible from CC companies . You should mention that your option is to negotiate a deferment or file bankruptcy - often prefer to receive cents more than anything. Unfortunately , you are not alone and there's nobody here can properly advise on the right course . Bankruptcy is a big step. MedlinePlus MedlinePlus Check your local attorneys to find one that will give you a free referral and can help arrange everything for you . Also - I do not think that student loans can be discharged in bankruptcy .
Answer3CatinaAnswered at 2012-09-11 21:43:04
If this is student debt , who attended the school . There are limitations on the time you have to wait to file bankruptcy after leaving school ( if you graduated or not ) . In many places you can not declare bankruptcy expenses of students up to 10 years after the last time you went to school . Must contain social aid and see what they say , but also can recommend a free lawyer specializing in such cases .
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