|
|
|
|
|
Forum
-> Household Management
-> Finances
amother
OP
|
Sun, Mar 24 2024, 11:39 am
I am in very high CC debt and cannot pay, my credit score tanked to the 500s and I’m almost 100K in debt. My husband and I both have financial struggles and I left my job bc of mental health and to help my husband more at home and I’m doing what I can, don’t have much savings and considering if it’s better to just file bankruptcy at this point. Has anyone been in a similar situation? I’m in the process of trying to work again but I couldn’t handle the pressure so I’m looking for at home jobs, or remote or flexible.
| |
|
Back to top |
5
1
|
ellacoe
|
Sun, Mar 24 2024, 1:26 pm
I am sorry that you are going through this. Is that the only substantial debt that you have? Do you own your home?
- Speak to a credit consolidator and see what kind of deal he can get you on the cc debt.
- Have a free consult with a bankruptcy attorney.
If you need referrals you can PM.
| |
|
Back to top |
0
0
|
amother
Floralwhite
|
Sun, Mar 24 2024, 1:31 pm
I would first reach out to the CC companies, to see if you can afford their financial relief plans or if you can agree to a substantial settlement
Filing for bankruptcy will kill your credit for a long time
| |
|
Back to top |
0
0
|
saralem
|
Sun, Mar 24 2024, 2:13 pm
I think it stays on your credit score for 7 years.
| |
|
Back to top |
0
0
|
amother
OP
|
Sun, Mar 24 2024, 3:03 pm
amother Floralwhite wrote: | I would first reach out to the CC companies, to see if you can afford their financial relief plans or if you can agree to a substantial settlement
Filing for bankruptcy will kill your credit for a long time |
We rent. I know if you go to court usually they settle for less than on the phone and still don’t get a judgment against you
| |
|
Back to top |
0
0
|
amother
Floralwhite
|
Sun, Mar 24 2024, 3:24 pm
amother OP wrote: | We rent. I know if you go to court usually they settle for less than on the phone and still don’t get a judgment against you |
If you want to buy at any point, I’d keep in mind it will not be good for you
Try on the phone first, they usually are able to work with you. Past that you can go to a debt relief company to help settle. The settlement amount you get on your own might be good enough that’s it worth it to not have to file
| |
|
Back to top |
0
0
|
amother
Bottlebrush
|
Sun, Mar 24 2024, 4:41 pm
Definitely talk to an attorney who does bankruptcy law. A friend of mine just went through this process. She doesn't own but had crushing debts, including massive student loans. Her debts, with the exception of her student loans, was discharged. Before bankruptcy her credit was in the 400s. Now, almost 2 years later, it's risen to the 700s and she just qualified for a small mortgage to buy a coop. I think everyone is an individual case and you need qualified legal advice, IMO.
| |
|
Back to top |
0
1
|
notshanarishona
|
Sun, Mar 24 2024, 8:53 pm
Keep in mind that halachically it’s not so simple that declaring bankruptcy exempts you from your debt. It will effect your credit score, getting a mortgage, getting a job but sometimes there is no choice.
If you have an option to consolidate debt and settle that’s preferable
| |
|
Back to top |
0
0
|
ellacoe
|
Sun, Mar 24 2024, 10:06 pm
Declaring bankruptcy does not always kill your credit score, it often improves it. Depends on the situation. If your debt is just cc, then perhaps try the consolidation route first, but before making any agreement, make sure to check with a tax preparer, because there could be tax ramifications.
If that doesn't work, or you have other kinds of debts then maybe speak to a bankruptcy attorney. Many do free consults and will tell you if it is worthwhile or not.
FYI Student Debt, owed taxes, Alimony & Child Support, can not be discharged by bankruptcy.
| |
|
Back to top |
0
0
|
Related Topics |
Replies |
Last Post |
|
|
Why do some people not share workers?
|
62 |
Thu, May 16 2024, 9:06 pm |
|
|
Find your cousin! Do we share an ancestor?
|
703 |
Fri, May 10 2024, 2:08 am |
|
|
Bedtime for 5 and 9 year old who share a room
|
7 |
Mon, May 06 2024, 11:09 pm |
|
|
Please share your most well read baby/ toddlers books
|
27 |
Mon, May 06 2024, 9:13 am |
|
|
That awkward moment when...share yours
|
2 |
Fri, May 03 2024, 12:35 am |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
| |
|
|
|
|
|