At what point do you file bankruptcy?
I have a credit card that I am behind on and owed ,000 and it just went into Collections a few months ago. I’ve been making the minimum payment ever since it went to Collections, but I can’t afford to make the minimum payment when it is not in Collections. Right now the minimum (with Collections) is -100 a month whereas before my minimum payment due was competing with RENT! Like, seriously, 0 or so. 
I also have 2 recent E.R. bills that I am trying to slowly pay off… they are a combined total of ,000.
I am doing what I can to get all of my debt squared away. But, I just wanted to know at what point does one file bankruptcy??? Thanks.
Posted September 2nd, 2010 in Bankruptcy Q and A. Tagged: bankruptcy, collections, credit card, minimum payment.
Never file bankruptcy over $3,000 in debts.
Maybe for $100,000 would bankruptcy become an option.
Do you have a WRITTEN agreement with the collections agent, where it says $100/mo for 12 months pays off the entire debt?
Do you have a written budget, where every dollar you’ll make next month is allocated on paper this month? If not, then read the link:
September 2nd, 2010 at 1:03 pmSo if I’m reading this right, you owe a total of $3000? That is not as serious as others. I would get a second job if I were you and pay it off. Filing bk will hurt you way longer
September 2nd, 2010 at 1:03 pmcut expenses, get an extra job, sell expensive things you own that you can part with and still live under a roof. (art, rug) There’s always ways to work up extra money.
If you have an ac unit, turn it off for a long time to lower the electric bill. Living frugal is not embarrassing, it’s smart.
September 2nd, 2010 at 1:03 pmTry getting a second job, secured loan for twice the amount of your debit, or ask your family for help if you can. Contact the hospital and tell them you either dont have a source of income or the truth, that you are unable to make the minimum payments. The amount of debit that you are in isnt worth completely ruining your credit for the next 7-10 years with bankruptcy.
September 2nd, 2010 at 1:03 pmOk this is how you do it. first you need to buy a car and alot of clothes. And maybe do some home improvements. After you are living comfortably then go file bankruptcy because after you file you won’t have credit for a very very long time.
September 2nd, 2010 at 1:03 pm