Coming to a decision
After many sleepness nights, I have come to the realization that filing bankruptcy will be best. I originally posted before that I am married and have over $40,000 in credit card debt. The debt is mine alone, my husband and I have no joint debts together. I do have funds in my retirement account to pay the debt but will get hit with HUGE penalties and tax consequences. We are trying to buy a home next year and I am afraid we will possibly need to use some of those funds as a down payment. What really stinks is the fact that I have never missed a payment on any of my credit cards, have always paid the minimum amounts and have a credit score of 705. (It is getting harder to keep the payments up though since I have returned to work after having our second baby and now have over $500 a month in day care costs!) I am meeting with an attorney next week.
My question is -- is it possible to contact my credit card companies and tell them I want to offer a lump sum payment as payment in full? I do not want to waste my time with a debt settlement service and have to pay them when I can do this myself. Has it ever worked? Do I tell them - either take my offer or I'm filing bankruptcy? I am willing to take money from my retirement plan if I won't have to take it all and will leave enough for a down payment.
Sorry for the long post and I really appreciate any advice anyone can offer. I have been sick over this for way too long!!
My question is -- is it possible to contact my credit card companies and tell them I want to offer a lump sum payment as payment in full? I do not want to waste my time with a debt settlement service and have to pay them when I can do this myself. Has it ever worked? Do I tell them - either take my offer or I'm filing bankruptcy? I am willing to take money from my retirement plan if I won't have to take it all and will leave enough for a down payment.
Sorry for the long post and I really appreciate any advice anyone can offer. I have been sick over this for way too long!!
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