going back and forth between bk and nobk

[okiemom2008]

This is so stressful being right in the middle of needing to file and maybe being able to get out of it all. We make enough money to pay for our 2 mortgages in different states, our rental where we live now and living expenses and the vehcile(owe28k kbb it at 10k-this is one of the main reasons for bk)

We have 30k in cc debt with 600.00 worth of min payments. We make enough money to pay for everything but the cc's. So if I let the CC's go and do not make payments on them and let them go to collections...then what? Will they settle for a lesser amount? Will mY credit be ruined?


My husband wants to file bk no questions asked...but I realize this decision changes our life. When we file bk he wants to save for 4 years(live in a rental until then if we can find one) to get a 50% downpayent on a 200k ranch.(our dream has always been to have cattle and land)

But the way I see it is if we do not file bk, we don't have to deal with the aftermath of it although we will have late payments and such on the credit.We can wait until the houses sell(although the realtor has basically told me it is not going to sell and we need to owner finance is or rent it) and pay off the credit cards.....If our things would sell(truck, house1, house 2) we would be able to pay off the 30k in credit cards but they just are not selling!!!

Of course the lawyer told me that we needed to file but I expected that. I just want to feel 100% that we are needing to do this as we are young 23 and 25 and I just want to make sure it is the right thing to do.

[ready2puke]

I went back and forth for a few months also..you know maybe I'll hit the lottery..it can happen..lol
Until one day it hit me...I have no choice.
Time will make your decision for you also.
Good luck

[InDebtNeedHelp]

Your credit will be ruined.

They may or may not settle for lesser amounts. My CC companies have refused to settle.

What is the hurry? If there are no judgments or impending judgments against you, there is not a huge hurry. Breath, relax, go for a long walk. These decisions do not need to be made today.

[ready2puke]

You know I was so freakin' worried about it ruining my credit also, but you know what? What did a 800 Fico score get me anyway? A whole lot of debt!!! A whole lot of carrots dangleing before me in the way of cc offers, geez Im still getting them every week!!! I've come to realize even if my score goes to hell I'll still be alive, I'll still beable to repair my credit and I'll be out from under all this stress that is actually making me sick. I guess you just have to weigh your pros and cons for yourself. Figure out what the best thing for you in the long term..Everyone has to come to their own decisions in their own time.. Thats my story and Im stickin' to it....Have a good Sunday everyone. Ca. is just aweful right now with all these fires. I've got a headache that wont quit for the second day..I feel soooo sad for all these folks that lost everything and it wasnt their fault at all..Bless their hearts...

[okiemom2008]

Your credit will be ruined.

They may or may not settle for lesser amounts. My CC companies have refused to settle.

What is the hurry? If there are no judgments or impending judgments against you, there is not a huge hurry. Breath, relax, go for a long walk. These decisions do not need to be made today.

The only hurry is that the lawyer told us directly not to pay the mortgages if we are going to file because it is just throwing 1000 away. But if they were due on Nov. 6 there is no way there are going to wait until Jan to foreclose on them is there? I guess I just want to either do it or not do it. We have to wait until Jan anyways due to the 91 day rule but if we are not going to file I would like to put every penny on the credit cards even if it doesnt pay the minimum.

[laurannm]

We went back and forth ourselves before decided to file. We actually at one point had decided not, and instead worked out a loan arrangement with my in-laws to pay half of our credit cards and make payments to them...primarily because there was a chance we could get pushed into a 13, but also concerned with ruining our credit.

However, in the end we decided that bad credit was the least of our concerns (and a Ch13 would still be a better alternative then not filing at all), and it would be far better than owing family a large sum of money (and paying on it for years to come).

Here we are now, nearly 4 weeks discharged...best decision we have ever made.

[Doghouse]

When the reality that I could not afford to make more than minimum payments on over 100K of unsecured CC debt (with some cards at 29-30% interest) plus a house that was over 150K in negative equity hit me, I just knew I'd hit complete rock bottom. Life was no more life. Bankruptcy was not even an option I considered until after I missed a few days of work while sick then more days for jury duty (I get no benefits at work). Missed payments, robbing Peter to pay Paul, and with that domino effect now started .... bankruptcy, here I come.

[Intoodeep80]

When the reality that I could not afford to make more than minimum payments on over 100K of unsecured CC debt (with some cards at 29-30% interest) plus a house that was over 150K in negative equity hit me, I just knew I'd hit complete rock bottom. Life was no more life. Bankruptcy was not even an option I considered until after I missed a few days of work while sick then more days for jury duty (I get no benefits at work). Missed payments, robbing Peter to pay Paul, and with that domino effect now started .... bankruptcy, here I come.

God, sounds just like my story. Hang in there and best of luck!!!

[willsurvive]

We started contemplating it in August even met with a lawyer. Then we decided no way. Then we met with debt counselors, then back to a different lawyer and by late September we knew we had made the decision to file. No regrets now. We actually feel a lot better about things. It finally made sense, but it took a few months to get there.

We are planning to file late November.

Good luck.