I аm severely underemployed, mаkіng minimum wage, 20 hours per week. I used tο mаkе more money аnd wаѕ given credit whісh I used, tο thе tune οf $30,000 іn unsecured debt. Between mу rent аnd utilities expenses, I саn’t mаkе mу minimum payments tο mу creditors. I аm striving tο improve mу employment status, bυt until I succeed wіth thаt, whаt саn I dο? I hаνе nο assets tο sell аnd $0 tο pay tο debt consolidators аnd іn payment plans. Iѕ thеrе аnу way tο рυt mу debt οff fοr a few more months, οr ѕhουld I ѕtаrt thinking seriously аbουt personal bankruptcy?
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Tags: Alternatives, Bankruptcy, Personal
Bankruptcy should be only a last resort; Lawyers charge $400-600 for a simple bankruptcy. And it’s on your credit record for 10 years. You’ll have to appear in federal court (but once you’re called to appear before the judge, after a few questions and a few minutes it will be all done. )
Instead. . .
You can talk to your creditors to get the minimum lowered to an amount that you can possibly pay each month. If you’re not getting anywhere then ask for the collections department or risk management dept to talk about payment arrangements.
What can it hurt to try because they are not going to get anything more from you if you just plain and simple don’t have it. They may try to play hard ball or they may try to work with you. They may send you a form for a hardship consideration or just ask you what your expenses are over the phone to start.
So be sure to list not just rent & utilities, but food, insurance, medical, and anything else that you pay on or other debts you owe.
Perhaps at least this will buy you some time until you can get back on your feet.
Hope this at least gives you some ideas, good luck.
I have also done bankruptcy, and you do NOT have to appear in federal court or any other court for that matter. Your attorney does all that for you. It is expensive however, and mine cost me about $3,500.
The first visit to a bankruptcy attorney is free. They will look at your situation and tell you what your best option is. You are under no obligation or pressure to follow their advice. The one I used was very friendly and gave me a fair estimate of my situation and told me what it would cost to file. He shook my hand and said “get back with me if you decide to file. ” No pressure at all.
Sometimes you get to a place where you’ve done all you can by yourself and you need more help. I know what it is like to be at that place, but I don’t regret filing because it was the only alternative for me in my situation. Sounds like it may be for you too, but the attorney will advise you.
Good day,
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If you are considering filing bankruptcy, or are in the process of filing bankruptcy, we suggest you read about your options first and make a more educated decision. You will hear a lot of different things from a lot of different people (depending upon what they’re selling you). Rest assured, you do have multiple options to choose from when you bills become too much.
http://loan–house. blogspot. com/2008/03/debt-management. html
This website is designed to give advice for Unsecured Debts only because usually banktupcies never allow secured debts to be discharged. If you are having a problem with Secured Debt, for example a forclosure or repossession of a vehicle, you may want to discuss options with a specialist in that area. The rights of the creditors are much different in the case of secured debt.
There are two main options that we would suggest before choosing a bankruptcy:
Debt Consolidation
http://loan–house. blogspot. com/2008/03/loan-consolidation. html
Debt Management
There are essitially 3 types of bankruptcies you can file: Chapter 7, Chapter 11, and Chapter 13. The differences between these bankruptcies differs greatly and sometimes you aren’t give a choice as to which bankruptcy you are allowed, http://bankruptcy-info. we. bs/
Best of Luck! Take Care. . .