hey guys, I am in a dilemna. I owe about 30k in debt on credit cards, 16 of which is on my Home equity loan. I dont know what to do. I can't pay it off and I havent found a job in almost 8 months. I am desperately trying to get employment and support my family. I dont want to ruin my credit either. I have paid on time using credit, but I am just digging myself deeper in debt. I have thought about just letting the debts go, except for the home equity line and see what happens. Is there a way to work out something with the credit card companies before you go into defualt? I dont want bad credit on top of a bunch of debt. I dont want to be ruined for 7 years. My house is so small and my family is too big for this house. We need more room and I will never qualify for a loan if I stop paying. Even if I found a job tommorow, I would have a hard time managing the debt. Im not posting here to get sympathy, I just dont know what to do and I want to take the best actions to make sure Im on my feet again in a couple of years, not seven or ten years. Knowing what you know now, what would you do if you were in my same situation and you could control the outcome... Thank you in advance...
I need to know more about your situation than what you described. I know you feel stressed and that your life is out of control right now and I am sympathetic. You could be a candidate for what we call a Chapter 20 bankruptcy. This would involve filing a bk 7 to discharge credit card debt and then filing a bk 13 to take care of whatever debt remains. How much equity do you have in the house? Is your spouse working. What is your stream of income right now. Is the majority of your debt credit card debt? Are you only paying the minimums right now? Take a deep breath and provide me with the info I need in order to give you some advice. If you want you can email me at hon1L@aol.com. We are all here to support one another so you have come to a good place. clc
