i have incurred too much cc debt. i owe the the debt. i made bad decisions and handled credit lines too unresponsibly. i called each cc and ask then to close my accounts.before they were 30 days past due. i said i could pay them if they could give me a 60 month payout with a resonable interst rate. not one would even listen they all offered a 2 month extenson. but that would not matter,i have been borrowing to service the debt for months. i could get by with the minimums,but i could never paythem off; well in about 18 years. so i get counsil for chapter 11. no problem the attorney says you can do a "fast track" and be clean in 3 yrs. why won,t the ccc reason with people. should i do battle with them by not filing bk. the easy way seems to go the bk. well fargo 70k; citibank 35k; mbna 38k; discover 10k amex 55k;abvanta 30k; first union 10k usbank 25k as you can see i am in deep.
Whoa!! Those are some great banks w/ high limits. You must have had some great credit at one point. The sad thing is those banks will not deal with you for a VERY LONG TIME after you bk. (longer than the 3 years) It would be good if you could sneak a few cards in before the bk to start reestablishing immediately. I think JIM is an expert on that.... Good Luck!
Right, bk is the easy way. You obviously had really really good credit. Did something happen? or were you just living it up with no regard for the future? Kind of hard to believe, or you wouldn't have had such good credit. If nothing devastating has happened to you, I would really tighten my belt, cut back change lifestyles and try to salvage the situation. Have they jacked your rates up? How hard have you tried to negotiate with them? If your just dealing with lower level employess, they probably don't have any authority to make that kind of decision. Have you asked if they have any hardship program? Just thinking out loud. Others will have more to offer once they get over the shock of reading your credit limits. LOL. If you do decide to bk do it before the debts go behind, that way you won't have such a mess to clean up. breeze
I'm no expert by any means, but I do know this: avoid bankruptcy at any cost. It just isn't worth it. Remember that the ten-year clock doesn't start ticking until AFTER your BK is discharged. Here's one thing you'll notice pretty soon: all of the CC companies, at this point, will sing the "can't, can't, can't" song and tell you they won't negotiate, etc.... Just wait until you're about three months behind on the payments, then they will, amazingly, be more than happy to negotiate with you. Believe me, once you're late enough, they'll suddenly get more "reasonable" as far as settling with you. Here's a link to some very valuable information, for you as well as anyone on here with credit card problems. Download the FREE book, "The American Credit System: GUILTY until Proven Innocent." http://www.budhibbs.com The download is pretty small. It's a .DOC file, about 500+ k if I remember correctly. Good luck!
thanks for the webbsite. anything will help,i want to cover as many bases as possible and treat this as a learning experience. you guys are the best help i have found and have made me able to cope with the reality of the situation i am in.
Ahhhhh the refreshing doses of gut level honesty and a nonstop sense of humor will get you through. You will be okay. At least in America we don't have debtor's prison. I would have rotted away there if they did. breeze
