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Personal question about Bankruptcy


Guest momk2000
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Guest momk2000

Has anyone here had to file? If you had to do it all over again, would you make the same decision? Why or why not? Please feel free to respond via PM.

 

I have debts that I have been struggling to pay for the past 2 yrs d/t health issues. I have been sending way below the minimum pmt for the past several months and my accts are getting ready to charge off. Thankfully, they are in my name only. On one hand, I feel so guilty considering BR. On the other, I see it as my only option. I feel a sense of freedom at the thought of wiping the slate clean and getting a fresh start, but also feel a tremendous amt. of guilt. Even though the debts are in my name, I am worried that if I file it will in some way affect my husband. We are in the state of VA and I don't know too much about the laws here. I have been doing some research and know I need to call a lawyer. The initial consult is free, but I still need to gather the funds I would eventually need to pay them. It just feels like a lose - lose situation all around. Help anyone have advice? :confused:

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I don't know what your situation is, neither do I need to know, but I will tell you that I did NOT declare personal bankruptcy but did settle two credit card debts. I had about 24K in debt (just in my name). I won't go into why, but suffice it to say that depression is not good for avoiding debt, and my spending habits have definitely changed for the better. I settled one card that was over 8K, for $1500, and settled a 2K card (I had been paying a lot on it after the other one was wiped out) for 1K. Now I have 6.5K left, and am paying it down. You do have to pay about 15% tax on what they erase, but not until tax time.

 

If it's primarily CC debt, I'd try to negotiate before I'd declare B.

 

Just MHO.

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If you have no income and no non-exempt assets, I wouldn't declare bankruptcy at all. If they charge them off and if they sue you, what can they get other than a judgement? That will depend entirely upon your state.

 

We have debts that you can never imagine from the failure of our business. As of yet, we have not declared bankruptcy. If necessary (to protect ourselves), we will, but it is a last resort!

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Guest momk2000

Thank you all for the wonderful advice. I have been stressing so much over this today.

 

My kids are happy though, they are getting a day off and doing arts and crafts at thr dr table today. That makes me happy. :)

 

I have put so much thought and prayer into this situation, and finally have a solution I feel I can live with. The cc company has offered me settlements in the past, so I took a chance and called them a little while ago to further discuss this option. They actually came down on the settlement offer they had given previously, so I think I am going to try to go this route. I still feel the freedom of a clean slate, minus the guilt. I understand I'm not paying the full amount owed, but feel better paying what I can. I understand there are reasons to file BK, but I see it as a last resort and I just don't think I'm to that point yet. I have family that will be able to help me out with this. Starting out the new year with a new start will feel so great.

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Guest momk2000
Get it in writing before you start making payments. Very important!

 

:iagree: Absolutely! They are sending me a letter outlining everything we talked about on the phone. It will include all of the dates/amts to be paid, etc...

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