I am really considering bankruptcy but since it is a major decision, I would really appreciate some feedback from people. Heres my situation:

1. I am 22 years old (23 in 10 days, 33 years old when this is all over)

2. I make ,000 annually at the most

3. I owe ,000 in credit cards from cash advances which I used to pay my mortgage

4. I owe 0,000 for owning my home and pay 00 a month for mortgage (I’m paying interest only, nothing on the principal; 2 loans by the way) not including utility bills

5. I receive 00 from my room mate to pay my mortgage

Now with all these facts given, is it worth filing bankruptcy and having it last 10 years on my credit and finally having some peace of mind? Or, or, should I just get a second job, stress out, struggle my butt off to pay the mortgage and credit cards on top of that, and hope that the real estate market changes in a few years in order to get a refinance to lower my payment?

What do you guys think? Thanks!
Please note:

If you must know, I went into this predicament thinking that 2 other room mates were going to help me pay for the house, but they took off and left me by my lonesome self.

The house is entirely under my name.

Also be aware that bankruptcy lasts for 10 years before it completely clears up on my credit (or so I’ve heard).

Utility bills range from anywhere from 0 to 0 for me, depending on the season.

It just seems more reasonable to give it up now because if the real estate market doesnt pick up in a few years, all that money, effort, and most importantly time will be lost to something that never really was going to pay off in the long run.

Yes, I have been paying the house on time but keep in mind that I’ve been only paying interest and I still owe and will continue to owe the same 0,000 unless I start making payments that are close to 00 a month, which is just, simply impossible for me.

The principal has not gone down at all!
*****On the second detail of paragraph i said 0,000. Sorry, I meant to say 0,000. Sorry for the confusion.*******
****ONE LAST THING***
Having to pay that much money a month is very stressful, especially trying to come up with the money. I really cant take it anymore. I just want to go to college and study and get an apartment and just get away from all this debt that unfortunately I have got myself into. Trying to come up with 00 a month is not easy and it takes a toll after a while, especially when you cant afford it. THAT IS THE MOST IMPORTANT REASON FOR ME FILING BANKRUPTCY, getting my life back.

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We have been married 30 years. 10 years ago he had a brain aneurysm at the age of 47. Docs say he should have died as they had never seen anyone live with this type of aneurysm. They had to inquire around the world to figure out how to operate so he didn’t just lay there and bleed out in his head. They received some ideas and they operated and he recovered quite well to everyone’s surprise. No short term memory though. 5 years ago he had meningitis & a staph infection in his brain. This set him back quite a bit. Over the last 5 years he has deteriorated in that I am back to helping him with personal care and everything else in his life. I am completely responsible for everything in our lives. We had to file bankruptcy after the aneurysm and we lost our home and everything else. I have worked hard these 10 years to get our credit back and to buy another home for us. My mortgage is cheaper than our rent was. He walks unsteadily with a hemi walker but often has to use his wheelchair. He was diagnosed a year ago with a melanoma in his eye and the optic nerves in his other eye are deteriorating so he does not see detail anymore. In the last 5 years my health has suffered greatly. I believe it is the stress of taking care of him. He has short term memory loss but he is still "with it". There is little decrease in brain function so its not like he is out of it and wouldn’t know. I have talked to him about it many times but he gets all teary so I stop. 5 minutes later he doesn’t remember talking about it. I get no help from our children or his family or mine. They all say just ask but when I do there is always a reason why they cannot help. I am not interested in finding a new man or anything like that. I just want to get healthy again and not have my life totally consumed with his care. I have looked into help at home but it would cost me 0.00 a month and we cannot afford it. he receives social security disability as do I. I also receive a pension from my past employment but he was self employed all his working career so he has no pension. Anyone have any ideas that can help me? I pray on this all the time but I never seem to come up with an answer that I am positive about. HELP!

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After going to debt counseling,I had no option left except to file a chapter 7. Listed with my debtors are 2 payday loans,2 weeks prior to filing,I took out a payday loan for 5,yes it was stupid,but food on the table seem more important at the time.I called and informed them,that I had to retain a lawyer,and was informed that when I signed the contract I would not be filing bankruptcy within 30 days,and my attorney was a personel friend.I did not plan on filing,all other options were used up.Can and will this effect my bankruptcy? Also,the 2nd payday loan I borrowed from is a prominent member of the community,and told me he would get his $ one way or the other,even if it ment following my butt all the way up the court house steps.I am a emotional wreck! The stress of the bankruptcy has taken it’s toll,and now this.I will call my attorney on Mon.,but if anyone could help relieve some of this emotional roller coaster,I would deeply appreciate it!

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I’m only 12 and I have a great life and friends ; how come my sister gets to live her life until 18 in new jersey when she has her license and everything and my parents are wanting to move to VIRGINIA. I just wanna cry…i have a life here and i don’t wanna move!!!!!!!! At the time, my dad is in terrible physical condition and his business is in dept. I was where they were talking a few minutes ago and he was saying "We should just file bankruptcy and just sell this house. I’m under so much stress with this business. I have to get up every day at 5:30 am when I want to sleep. I just can’t handle this anymore I’m getting old and I wish I could just retire but we need money. We should just sell this house and move. Eventually we are doing that." I had to leave the room before i started crying. I can’t stand Virginia!!! No effence but I HATE their accent and everything about that place- the country and no stores…whats up with that? I’m a city girl and I want to stay that way. My dad
offered for me to go to the Virginia school and my New Jersey school, and I would do that but now it doesn’t seem like i can. Oh by the way I dont want to have the accent too. It’s makes me seem stupider. =[[[ help?

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I would like to hear from people who have actually filed. What happened? What is the process? Are you happy with your decision? Stress relieved?
I am so in debt and credit card companies keep raising the interest rate. I cannot get ahead. I don’t see another alternative.
Please – only people who’ve actually filed. Thank you!
Any information is appreciated.

Technorati Tags: credit card companies, interest rate, stress

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

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