when, or should, i file for bankruptcy?
i owe about k dollars in medical bills, owe 0 a month for a car i am upside k on (needed the car for the last job i had), and about 2500 in credit card debt, also i have a k private loan and i am living off of a school loan.
i got in trouble finacially because i got cancer and had no medical insurance, now medical insurance for me is about 0 a month, and it won’t even cover the previous condition anyways.
should i file for bankruptcy?
will bankruptcy even solve any of my financial problems? i am struggling to survive day to day and i am tired of it, i have a credit score around 700 but the first goal was trying to keep my credit good, now my goal is just to survive.
there is no work here, the area i live and go to college has been hit hard economically, even mcdonalds jobs have about 20-30 people a day applying for it.
I would go and talk to an attorney first.I was almost in the same situation,I got divorced ,got stuck with 2 loan payment all of the hospital bills from me and my two daughters,had cancer ,surgery ,radiation therapy so I was without work until I got better, by then I was so far behind I had no choice.I had to end up paying 4,000.00 back to bankruptcy court,what they didn’t use to pay off the remaining bills they kept for service fees.
August 28th, 2009 at 8:48 pmcall me up ive got 5 million free cash
August 28th, 2009 at 8:48 pmLook into credit counseling first… There are many non profit companies out there that can help… Just stay away from the for profit companies… A good one to look into is Consumer Credit Counseling… There are many different ones out there… They may have even previously been non profit… just be careful if they charge of counseling or advice…
August 28th, 2009 at 8:48 pmTrust me, the stress you have over your financial situation is sooo not worth it! especially with your health situation. I suggest you find yourself a BK lawyer and file soon, are you still making payments on your debt? The lawyer will probably ask you for about $ 2000 before they can start your case, they can take payment but will not begin the process until paid in full.
You will be able to put your medical as well as your credits cards in teh filing, I am not sure if you must mak the car payments. I know for a FACT that student loans cannot be put into a bankruptcy filing, and they will tell you, you will have to pay for that!
With that in mind, if the job situation is bad as it is, I wish you lots of luck with this. Try to find a reputable lawyer who specializes in bankruptcy. Thsi will be dificult at first, but I hear you can always rebuld your credit over time, start slowly with little credit amount, and after a few years, you’ll be able to apply for credit cards, car loans, at a higher rate of course, but still a posibility.
Best of luck.
August 28th, 2009 at 8:48 pmThe most popular solutions to the problem of heavy debt burden is to get a debt settlement or file for bankruptcy. Among these two debt settlement is preferred as it has a relatively less impact on credit report. In this article we assess the benefits and drawbacks of debt settlement.
Debt settlement is a process in which an organization will go to your lenders and negotiate with them regarding your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good it can get your debt reduced by as much as 50%. This is what a creditor needs and this is the most visible benefit of debt settlement. The amount of the debt is reduced, the repayment plan is made easy and often the monthly installments are spread over a long period. This makes life a lot more easier for the borrower.
However, debt settlement is not without its drawbacks. There are two things to worry about. First, is the cost of debt settlement. Debt settlement companies will charge huge amounts for their services. The usual range is between 10-15% of the debt amount. Paying this much amount upfront can turn your financial situation from bad to worse. Read more from: http://www.credit-card-gallery.com/bankruptcy_credit_card.html
August 28th, 2009 at 8:48 pmStart by looking around a good credit counseling company, and not become a victim of one of the various credit counseling scams that are prevalent today. Do not be misled by any ad that assures you quick fixes for your credit report. This is an impossible promise. Instead search for a honest company accredited to Consumer Credit Counseling Services. Then fix a meeting with a professional credit counselor, and apprise them about your debt situation. Do not omit anything as they will require the entire information to draw up re-payment plan according to your situation.
August 28th, 2009 at 8:48 pm