Liana
recently joined
Reged: 12/01/05
Posts: 3
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I've never posted here before so I appologize for the pushy-ness but I can't get a straight answer from anyone. I'm going through a really messy split (not that any of them are particularly pleasant) and I have a SUBSTANTIAL amount of debt. If anyone has idea as to who I could call for help I really want to try to avoid filing for bankruptcy. Please respond!
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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Have you tried one of those services that considate your debt?
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Liana
recently joined
Reged: 12/01/05
Posts: 3
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can they help someone who makes about 13% of their total debt?(yeah, its pretty serious) I had found this link on www.lifeaftermarriage.com which was encouraging but I'm apprehensive to even approach a consolidation company. Is it worth it? Or would they just tell me to not let the door hit me on my way out?
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Cinder2
Carpal \'Tunnel
Reged: 06/02/05
Posts: 4361
Loc: Southern California
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Your annual salary is 13% of your total debt? I'd declare bankruptcy. It'll take you 40 years to pay it all off. It will only take 7 years for the bankruptcy to go away.
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Loretta
Carpal \'Tunnel
Reged: 06/02/05
Posts: 3940
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Bankruptcy is not the end of the world. If you only make 13% of your debt, you may have no other choice. I had to file nearly 7 years ago. I was soooo ashamed. I never wanted to bail out on my debt, but after my divorce, I just couldn't do it. I learned my lesson, and I wish I would have filed a year earlier instead of struggling soooo hard. My DH on the other hand.....had a ton of bills when I married him. He did the debt consolidation thing....big mistake. They lie, cheat and basically cause you more problems. I struggled for 5 years helping him out of his hole. His credit looks worse than mine and he paid all of his. Don't feel bad if it's honestly the only option you have.
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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I thuoght they changed the bankruptcy law, that says you still have to pay like half of your debt? anybody know anything on that?
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Pete
member
Reged: 12/30/04
Posts: 132
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http://money.cnn.com/2005/04/13/pf/bankruptcy_bill/
The above link has more detail. In short, it is very difficult to discharge debt compared to previously. The new laws effective in October of 2005 lay out much stricter requirements for discharging debt, and most are forced into a Chapter 13 repayment plan, which requires a monthly payment plan to resolve the debt, usually at a pennies on the dollar.
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Integrity is doing the right thing when no one is looking.
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Liana
recently joined
Reged: 12/01/05
Posts: 3
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A much belated "thanks" goes to all of you for your time and thought.
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