bankruptcy- good or bad??
By angelface23
@angelface23 (2494)
United States
December 15, 2007 5:41pm CST
I have about $7000 in credit card debt which I am really far behind on paying. I really want to pay it off because I feel like I am responsibile to do so. But with my husband not working and us having to move in with my grandma cause we are that broke would it be better to just file for bankruptcy and start over clean? I know that a bankruptcy looks bad on you r credit report for up to 7 years but I am not planning on getting any credit cards ever again or trying to make a big purchase anytime soom. What would you do in my situation?
4 responses
@Drumman (305)
• United States
16 Dec 07
Call the credit card company and tell them look, I can't pay what you want, I just can't. I can pay you THIS however. Deal with them. They want their money, they'll work with you. Negotiate for a lower interest rate and lower monthly payments. You'd be surprised what they'll do for you. Like I said, they want their money.
This way instead of screwing up your credit for the next 7 years you'll improve it.
1 person likes this
@angelface23 (2494)
• United States
16 Dec 07
I did call all my creditors last week to try to work out a payment plan. I did get somewhere but like I said Capital One won't budge on their minimum payment.
@raychill (6525)
• United States
16 Dec 07
It really is different for everyone.
My parents did it and it took them over 7 years to get out of the hole because of it. But I had a friend whose parents did it and they were fine right after.
$7000 really isn't that much and I don't think it would be worth it at all or in your best interest at all to do it for just $7000. What you need to do is call a credit counselor and see if you can work something out with them.
1 person likes this
@ozzie13 (177)
• Australia
16 Dec 07
It isn't the best option obviously, but sometimes it is the easy bad answer. It will wipe your bills and then you have so much less worry you can start to save some of the money you were paying onto your credit card and eventually you can afford the things you want. You respect your things more if you earn them rather than obtain them through credit cards. or on a crazy shopping spree.
@lyn2008 (442)
• China
16 Dec 07
well,it is very hard to deside to do this for me.
but I will never drops down,there is a word in china says"thins will eventually sort themselves out".so I will truth myself,I will work hard for money and happiness.
My dear friend,you do have to be too worry about it,belive me you can do everything.
