Ready to file bankruptcy

[dimitri]

I have about $30,000 in credit card bills dating back a couple years, with a multiple companies. I own my home, but am getting near the “upside-down” point with my Mortgage. I just can’t seem to make any progress paying anything down. I think it may be time to think about bankruptcy or some type of debt solution because I just cannot do it anymore.

I know there are two types of bankruptcy: one that provides for forgiveness of all debt, including credit cards, and one that sets up payment plans for the credit cards. I don’t have any clue what the benefits/downfalls are to each method. How can I ensure I file the right type of bankruptcy – the one that will allow me to get rid of ALL my credit card debt?

A friend suggested seeing a bankruptcy attorney in San Diego, or maybe reviewing my situation with a local San Diego Debt Solution Company. What are my best options? I don’t know what to do. Please help!

[Trish]

Hi dimitri. Welcome

I am not to familiar with BK but I do know that in some cases it may be necessary.

I have some information that I can guide you too. We also do have several members here that have experience with BK and hopefully will jump in to offer advice/suggestions.

In the meantime, here are some good resources.

Bankruptcy - Resource Center
Periodicals
Bankruptcy Information, FAQs, Chapter 7 &13 Information.

HTH

[jjgross]

Originally Posted by Trish

Hi dimitri. Welcome

I am not to familiar with BK but I do know that in some cases it may be necessary.

I have some information that I can guide you too. We also do have several members here that have experience with BK and hopefully will jump in to offer advice/suggestions.

In the meantime, here are some good resources.

Bankruptcy - Resource Center
Periodicals
Bankruptcy Information, FAQs, Chapter 7 &13 Information.

HTH

Welcome to the forum i used to live in la mesa,There's a Rick miller who did ours his office was in old town Chap. 7 gets rid of all debts.

[improving]

I've been in your shoes. Honestly, if I could do it again, I would not file b/k at all. I did a Chap.7 which does eliminate all your debts. You can establish credit again and I did fairly quickly, but it wasn't easy and the rates were very high in everything to start out with. That b/k continues to lurk over us 6 years later like a big black cloud (maybe grey now, but you get the picture.)

Have you called the credit card companies to see if they will work with you??? Explain your situation (not all of it) but that you have many obligations and that you will pay more when you can, but for now you're wondering if they can either lower the interest and monthly payment amount.

Are you giving up your house as well?

I don't know your full situation of course. Sometimes it just is necessary and there are no other options IF the creditors won't work with you at all. I seriously would try negotiating first though.

And think it through and find out the benefits and negatives. Besides eliminating current debt, the rest is negative if you ask me and you'll end up paying that $30k (maybe a bit extreme, but it is true) or more trying to establish new credit with the rates creditors will charge you. (as an FYI) I wish I would of a bit more at the time. I would avoid a b/k like the plague though.