Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

Another "debating whether to file.." question

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We owe about 21k in credit card debt. We are on a settlement plan but it is 5 years and I'm afraid we'll be sued and/or not save any money. I am considering just filing bankruptcy and being done with it. Any thoughts?

I also posted in the debt settlement forum--but thought it might be wise to check here also.


do you own your home? what king of debts do you have?

Sub: #1 posted on Sat, 08/02/2008 - 16:06


We're having to short sell our home actually :( and the debt is all credit card.

Sub: #2 posted on Sat, 08/02/2008 - 23:53


My personal opinion is to file BK. A fresh start is a great thing. Just be careful not to make the same mistakes. Best of luck!

Sub: #3 posted on Sun, 08/03/2008 - 02:26


Are you in a debt settlement program or a debt management plan? If you are in a five year settlement program and your total debt is 21K, it sounds like either the fees that you are being charged are very high and/or the projected settlement amounts are not very low and/or you have an extremely limited amount of money that you can apply monthly toward your settlements. Most settlement programs that I've seen don't last that long, and the longer it lasts, I think the greater your chances of being sued. That might make BK the better option for you.

Sub: #4 posted on Sun, 08/03/2008 - 02:34

alias1958 alias1958

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