Here's the deal.Ihave roughly 60K in debt spread between 2 charged off CC's(35K), a CC with a $2500 balance and a personal loan (25K).I am making ontime payments for the loan and the one active CC.I earn 60k a year.My credit is screwed because of the charge-offs(1 year old).I can afford the loan and CC payment that are still active but I'm worried about getting sued over the charge-offs.The balances are significant for those and the CA's are starting to contact me.Suze Orman just had a guy on her show in a similar position and she suggested strongly that he declare BK.What say you? If yes,should I try to discharge all of my debt,or can I keep the active CC that I'm current on?Thanx for any suggestions!
You might want to check out www.chat-cards.com and search for the BK worksheet. This is a spreadsheet that lists all possible expenses - fill it out and see what disposable income you have monthly. It's impossible to determine whether BK makes sense without knowing more about your expenses. You should be worried about being sued - unless you have a valid defense or declare BK, the creditor can obtain a judgement against you which in some states is renewable indefinitely, so it could stick to you for the rest of time. The site I gave you offeres a lot of BK specific info, and is a great source of advice. Good luck to you Poochie
