Bankruptsy/Debt Consolidation Question. Please Help! Serious answers only please… ?

Posted by admin on June 6, 2010 at 9:13 pm · Under answer

I’m 25 years old, married with no children. My husband and I are struggling financially, to put it lightly. We owe about $8000 on our car, and have about $10,000 in other credit card debt. And we’re total morons and bought a time share when we had extra money last year. Now we just can’t keep up and my husband’s work has been very slow while I’ve been trying to go to school full time and work around 55 hours a week. I’m about at my breaking point. Should we file for bankruptsy? The thought of a house seems impossible anytime in the near future anyways. My payments on the credit cards are just covering the interest and the balance isn’t going down. Any financial suggestions would be helpful. I’ve considered debt consolidation but I know that won’t help with the car, time share and other stuff. And I want to find a trusted debt consolidation company. We also both have student loans. We’re a mess!! Please help.

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4 Comments

  1. wartz said,

    June 6, 2010 @ 9:29 pm

    The time share is probably worthless. Try to settle with the credit card companies.

  2. DeWire said,

    June 6, 2010 @ 9:53 pm

    shouldnt av bought the car… a banger would do. Should’a bought a fiat chicachento.

    if i wer u i would file for bankruptsy. best of luck :)

  3. Sandy S said,

    June 6, 2010 @ 10:23 pm

    You are willing to ruin your financial future for years to come over 18K in debt?

    Does hubby have a 2nd job?

    Find a CCCS Consumer Credit Counseling Service in your area BEFORE filing BK and see if they can get the interest lowered or eliminated etc. Use only CCCS as other services are just rip offs.

    Good luck

  4. jimdotedu said,

    June 6, 2010 @ 10:28 pm

    Bankruptcy will haunt you for a lot of years. Avoid it if at all possible.

    See if you can just give the condo back to the seller, or somehow get rid of it.

    Then think Debt consoling — the counselor might suggest consolidation or some other approach.

    BE VERY careful to find a credit counseling agency that is not for profit — preferably free (no need to go further into debt)

    meantime lock up your credit cards these are for emergency use only. Start carrying lunches to work, no more nights out until things get settled.

    You might have to drop out of school for a semester, or find part time work.

    It will be tough for a time, but you will learn a valuable lesson

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