When your debt far exceeds whatever income you might bring in, you are in bankruptsy. Bankruptsy isn't what it used to be either. Chances are that even with bankruptsy you will still have to pay back what you owe. There are no miracles.The best advice I can offer is if you don't really need a loan any time soon and you are about to have your lights turned out because you are either paying your credit card bills or paying your basic living expenses, you should just stop paying on all of it. Change your phone number and get it unlisted and private. Because your creditors will hound you from 8 a.m. to 9 p.m. Make yourself familiar with this too: Fair Debt Collection Practices Act 15 U.S.C. section 1692c(c). You need to start living on your income and your income alone. Start saving....but don't put it in the bank because it can be traced. Buy yourself a fireproof small safe and put your savings in it.Credit card companies like it when you are in so far over your head that you are going to have to work for them for the rest of your life.
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