I recently had to quit my job due to medical issues and have many payday loans and signature loans. My husband is the only one working at this time. I am very curious if I should just file bankrupt or go to consumer credit counseling. My debt is close to ten thousand dollars. Any advise which way I should go?
I don't think the two are mutually exclusive. I don't have any experience with CCS (I assume you mean Consumer Credit Counseling Services), but if they're who I think they are, they advocate developing financial responsibility and paying down your debts in a reasonable manner. And if bankruptcy is your only option, they'll tell you. But if your debt load is under $10k, I'd say bankruptcy should be your last option -- for now.
Well 1st you have to look at your debt to income ratio. I am not a big fan of advocating bankruptcy, but if your debt is under 10k I would suggest getting together all your information. Sending letters to your creditors and advising them of your situation and your inability to make any large payments. Seek settlements (I have seen some companies taking 20% of the debt) and seeing if you can pay it off in terms. If that doesn't work, and you believe your situation will not change in the future you may only be left with bankruptcy. I would talk to the non profit CCCS and let them tell you. Do not ask a bankruptcy attorney, they only care about your money. They have a well oiled machine in and out, take your money.
