I owe about k in card debts. I make about 0k a year. From what i have been reading, i may need to file . Im not paying some my cards anymore for 3-4 months now, im focusing on my house, car payment & utilities. Business is still up and running good but it would take me atleast a year before i can even catch up on anything. It very very tight right now and it is hard… please help.

 

  • Saw V 12:09 pm on February 28, 2010 Permalink |

    Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.

    The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
    http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html

  • jupyter_flew 12:09 pm on February 28, 2010 Permalink |

    You are a slug to society. Why would you do something so irresponsible and horrible for the economy when you make that much per year? Take responsibility – YOU are the one who wracked up that much in debt, so PAY IT!

  • Mike H 12:09 pm on February 28, 2010 Permalink |

    jupyter… very very mean you have no idea the details of the situation. Marita, as for your question I would have to say that you do make too much money to file chapter 7 for only that amount of debt but if you do not want to file bankruptcy then I would definetely recommend contacting the companies that the debt is owed with and offering a payment plan. They are generally more than reasonable about it. You could also go with a company like Care Credit Counseling or some similar organization.