I’m thinking about filing but do not know if im eligible. Here’s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 cards. If i sell the car I still owe 8k. I tried to negotiate with my car’s creditor and that’s the best rate they can do. The reason why I want to liquidate my debt is because I want to head back to school full-time. Save and rebuild while in school. If i continue paying my debt ( 5 more years ) I may not have savings and an education. I don’t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don’t want to do for my card debts– this may waste my time, and get a ruined .

I’ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
My question is if i’m eligible to file for .

 

  • spifiman1 4:13 pm on September 22, 2009 Permalink |

    Try Consumer Credit Counseling Services instead. They are the oldest non-profit credit counseling service in the Country and will lower both your monthly payments and interest rates.

    I used them several years ago and was debt free in 36-months.

    You can contact them at 1-800-388-2227.

    Bankruptcy will ruin your credit for several years and show for 10 if you file chapter 7.

  • John 4:13 pm on September 22, 2009 Permalink |

    No don’t go for bankruptcy. It will remain on your credit report for the next 7-10 years . So be careful and try to consolidate your debts. You can consult with a debt consolidation agency for help. They will reduce your debts by 50% or less. You can also go for some debt consolidation loans.
    To know more you can visit
    http://www.debtconsolidationmanagement.blogspot.com
    and
    http://www.badcrediteasyloans.blogspot.com

  • Pengy 4:13 pm on September 22, 2009 Permalink |

    In either case you will ruin your credit score, instead look at Stafford loans for your college, they do not need to be paid back until 6 months after you graduate or drop out. Keep working and go to school nights or online, not easy but can be done I did it and my daughter is doing it now.

  • Studly 4:13 pm on September 22, 2009 Permalink |

    The answer is yes, you will qualify. Your income is well below the median average, you have little property (give the car back)

    Good luck