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  1. #1
    Join Date
    Aug 2008
    Posts
    6

    Default To File or Not to File

    My question involves bankruptcy in the state of: Arizona

    Here's my situation: Husband was very ill a couple years ago and could not work for about a year, so we lived off credit cards. He is now working and doing well but we incurred a lot of debt and it seemed to get worse as things came up that had to be paid for. Now, we're struggling so much to make the minimum payments and to pay them on time. It's up around $42,500 just in credit cards and 3/4 of our paychecks go to credit cards and bills. Our rates are about to go up to 20-30 percent as we cannot pay, which will make it even more. I also have a Student Loan that has been on hold and we'll have to start paying soon.

    It would take about 22 years to pay off those credit cards and thousands of dollars in intrest.

    ~ Is it worth filing Chapter 13 to pay off the debt (I do want to pay it, not looking for an easy way out) in 5 years or should we just suffer through it and work with the credit companies and loan institutions? ~

    As my credit stands now, I'm pretty sure I'm not elligible for a consolidation loan. And we don't have much equity in the townhouse yet as we've only been there a year. I suppose we could do a home equity loan but that would mean we would owe more on the house than it's worth.

    Please let me know all your thoughts and suggestions. I'm trying to get as much information as I can before taking this step.

    Thank you for all the help.
    New75

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: To File or Not to File

    Filing for bankruptcy is a very personal matter so we can't advise you either way. What you should do is consult with a bankruptcy attorney in your area.

    Consultations are usually fairly inexpensive or may even be free. You may be able to get references by contacting your local bar association or simply look in the yellow pages.

    The sooner, the better! Good Luck.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: To File or Not to File

    You might want to talk to a bankruptcy attorney in your area to see if bk would be your best option. Some attorneys will do a free initial consultation.

    P.S. M'sta Mikey- you & I were typing our posts at the same time but you got yours submitted off a couple of minutes before me.

  4. #4
    Join Date
    Aug 2008
    Posts
    6

    Default Re: To File or Not to File

    I understand that it is a personal matter and wouldn't want anyone else to make that decision. I guess, I'm looking for the pros and cons of doing so, is it worth it.

    I thought I would see what the thoughts of others were. I have seen 2 lawyers out here and have an appointment for a 3rd today. I just thought they might be a little one sided in their opinions of what to do as that is their livelyhood.

    Thank you for the answers though.
    New75

  5. #5
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: To File or Not to File

    Sorry Betty...didn't mean to 'step' on your post

  6. #6
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: To File or Not to File

    No, you were just faster than me.

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