Re: help..what to do?

A bankruptcy for you would eliminate the cc debt and the bad car loan but you'd still be liable for the 25K student loan since student loans aren't dischargeable except under extreme circumstances. You should get a few free consultations with some attorneys. There's no way to tell if you'd qualify for a chapter seven or 13 without seeing ALL your expenses and income. Generally if you can pay all your expenses (rent or mortgage, utilities, food, gas, etc.) and still have money left over, you'd have to file a chapter 13. If you can't pay all your expenses or have no money left over after you do, you'd qualify for a chapter seven. Here's a few websites that can answer more questions for you.




sampnik411 wrote:
I am really stuck and need some advice.

My hubby and I have gotten in over our heads. Most of the damage is
under my name and I joined a cccs service to try to square things
away...

here are the stats:

me
salary 52K
cc debt 18K
st loans 25K
bad credit car loan 7K upside down, payment 488

hubby
salary 27K
cc debt 6K
motorcycle loan 6K
car loan 6K upside down, payment 460

MY CREDIT SCORE IS A 480! Hubby's is 550. I can't make all of our
payments and live any sort of a life, we just keep getting in
deeper. I am almost always late on my cccs payment, and my car
payment runs a month behind, along with our cell phones and others.
I try to keep my hubby pretty up to date since we will have to count
on his credit going forward. I could make all of the payments but
would probably have something like $500 a month afterwards to live
on ugh...

My question is....since my credit is so poor that it will take years
and years to fix, would it make since for ME to file? I really don't
think both of us should...but if I could file and get rid of my car
that I am hopelessly financed in and my credit card debt than I
think there would be light at the end of the tunnel.

Would bankruptcy be much different in it's effects than credit
counseling with a score of 480?

We have a house with maybe 15K of equity, 5K in 401K that loans are
maxed out on and no other assets.....

I think I probably need to go see a lawyer but would love your
comments.... also, does this sound like 7 or 13?

Thanks
sampnik