OK, I am now confused after reading several posts on here. I have been looking at filing for chapter 7 bankruptcy. I have about $28k in credit card debt, a car of about $7k and a student loan with about $2k left on it.
I stopped paying my credit card bills in december - I was underemployed at the time, and couldn't make the minimum payments. I have just started a new job, still no where near what I was making a few years ago but better than a few months ago. The credit card companies, last I had contact with them (in most cases a few months), had wanted on the order of like $800-$1000 each to bring me up to current.
Now on here I am getting the impression that you can't file chapter 7 if your debt to credit ratio will be too high after discharging your debts. How would that work - if I can't o chapter 7 what happens? I don't have the kind of money to make those big payments, and I have had verry little luck getting any of the companies to drop those charges.
I stopped paying my credit card bills in december - I was underemployed at the time, and couldn't make the minimum payments. I have just started a new job, still no where near what I was making a few years ago but better than a few months ago. The credit card companies, last I had contact with them (in most cases a few months), had wanted on the order of like $800-$1000 each to bring me up to current.
Now on here I am getting the impression that you can't file chapter 7 if your debt to credit ratio will be too high after discharging your debts. How would that work - if I can't o chapter 7 what happens? I don't have the kind of money to make those big payments, and I have had verry little luck getting any of the companies to drop those charges.
Comment