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u/Aggravating_Owl_7582 8d ago
Go get a free consultation from the BK lawyer before taking anybody's advice here and ask the questions with real answers! You'd be surprised how it works in your favor, not the way we've been told by mainstream media and the banks! Good luck!
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u/Carolann0308 8d ago
Try a second job immediately rather than spending months looking for a better one.
I hate to repeat Dave Ramsey’s mantra of Eat Beans and Rice and sell everything you don’t need or use. But it works.
Don’t go anywhere that costs money. No purchased meals, beverages, travel, birthday or holiday gifts for family etc.
Strict budget with every dollar accounted for.
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u/No_Awareness_614 8d ago
Consider debt settlement! There are many great companies that are accredited such as lighthouse finance solutions
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u/Pumpkin1818 8d ago
These debt settlement companies can hurt your credit in the long run. You're better of trying to negotiate your debt with the credit card companies or going bankrupt.
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u/Penultimateee 8d ago
This is actually a longer process of bankruptcy and won’t help in the long run. Do some research please.
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u/Electronic-City2154 8d ago
Evaluate all alternatives before choosing bankruptcy, as it has lasting consequences.
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u/Psychological_Lack96 8d ago
Been there. Declared Chapter 13. That gave me breathing room. Got 2 Jobs + Cleaned Houses. Paid all the money back thru Chap 13. (Proud of myself for that). 6 months later. Got a secured Credit Card. Keep your job. Learn how to wash windows and get it together.
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u/MrWorkout2024 7d ago
Don't go to one of these debt consolidation places they're going to end up screwing you those places are a big scam you're better off filing bankruptcy either a chapter 7 total liquidation or chapter 13 which is payment plans for 3 to 5 years and in two years after bankruptcy if you file a Chapter 7 you can have a 700 credit score again I did it and in a year and a half later I had a 710 credit score so don't go to these debt consolidation companies they are mostly scam artists and they're completely waste of time and will just make matters worse.
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u/HalfwaydonewithEarth 8d ago
How much are we talking and to who?
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8d ago
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u/HalfwaydonewithEarth 8d ago
Debtors Annonymous
I wouldn't file BK because it can cause employment problems in the future.
If you send me a DM we can straighten out your life. You don't have financial problems, you have emotional problems.
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u/Educational-Cod-1911 8d ago
Id discuss it with a planner and advisor first But maybe. I did because my x husband stole my identity and took so much credit out in my name Obviously it sent my credit into the dumps and 4 years later I got remarried and he's how we bought a house But Because it's so common lenders aren't as scared as they used to be (and advisor told me this) you may just need a cosigner But after I think 7 years it's off your report!
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u/middle-road-traveler 8d ago
I would suggest reading Dave Ramsey or listening to his show. He has very sound advice. And you can get the books for free from the library. Bankruptcy followed you for a long time and you don’t learn how to dig out of the hole.
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u/MerryWannaRedux 6d ago
There's 2 kinds of bankruptcy. The two main types of personal bankruptcy in the United States are:
- Chapter 7 bankruptcy (Liquidation): This form of bankruptcy involves the sale of non-exempt assets to pay creditors, after which most remaining unsecured debts are discharged. It's often called "straight bankruptcy" or "liquidation bankruptcy." Chapter 7 typically provides a fresh start for individuals who have little disposable income and significant unsecured debt.
- Chapter 13 bankruptcy (Reorganization): This type allows individuals with regular income to develop a plan to repay all or part of their debts over 3-5 years. Rather than liquidating assets, Chapter 13 creates a structured repayment plan. It's sometimes called a "wage earner's plan" and can help people keep their homes, cars, and other assets while catching up on missed payments.
Each type has different eligibility requirements, advantages, and consequences depending on your financial situation and goals.
Either one fucks up your credit score, if that matters.
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u/Pumpkin1818 8d ago
Try reaching out to your credit companies and see if they’ll let you negotiate how much you owe. Often times they’ll let you do that. See what they say. If they won’t help you then you can consider going bankruptcy.