it would appear that i painted myself into a corner with extremely wild spending and not being one to duck a big problem such as paying for goofy spending sprees.i would like advice on what to do to avoid bk because i know ten years is a LONG,LONG,TIME TO PAY FOR MY PREVIOUS MISTAKES or learn a valuable lesson the hard way.so here goes i pay a total of 1813/month in rent and transportation excluding utilities and i owe 25,000.00 in credit card debt and medical bills.i'm trying to pay the creditors thru cccs.but am having difficulty with it because of their inability to drop the interest rate to nothing and finance charges,(can't help but feel like the front doors are going to be kicked in by the creditors demanding their money just like a loan shark would do)ALL CREDIT CARD ACCOUNTS ARE NOW CLOSED.Spoke to a bk lawyer and they said that the only thing that would survive was the vehicle that is leased and after six months i could get a new car and be in a new home in 2 years can anyone tell me should i or shouldn't't i,or if there is anyone that's been thru something similar and had a happy ending.by the way i am a truck-driver w/a bad accident that will fall off record 2004 so better job is on the way but what advice does anyone have would be greatly appreciated!
I say go for it. 25,000 is a huge amount of money that in these times and with the creditors becoming so inflexible it's next to impossible to pay them back. I know 10 years seems like a lifetime but in the long run you sometimes go over 10 years. I know people on the board will disagree, but it is 7 years from the last activity on the account and most creditors will try to continue some form of collection for up to a year or more after a charge off. So that can often make the negative information report over 7yrs. With the Bankruptcy it's a flat 10 years and a fresh start, Hopefully if you decide to file you will make smarter credit choices in the future. I have learned from myself being over 25,000 in cc debt that whatever I cant pay cash for I dont need. I hope this helps. Let us know what you decide to do.
