additional reading

[reneeb12]

Hi, Im new to the forums and havent had a lot of time to look around, but I wanted to know if anyone new of any good bankruptcy sites that I can just read up on it. I am in debate whether I can go to credit counseling and get out of debt or if its severe enough that I need to declare bankruptcy. Im hopin for the sooner than the later but Im not so confident in paying my bills off when necessary, Ive been struggling for quite some time and dont know if I can do it. I appreciate any help.

[Tgolfer123]

a great website on bk

Hey Renee, I hope you opt not to declare bankruptcy for it can stay on your credit report for up to 10 years. A new website that I just came across which address the 3 different bankruptcys and other great reading is at http://www.mybankruptcycounseling.com. Let me know if you need additional sites, Im sure Ill come across more in the future, I surf the web throughout the day so new sites are always coming to my attention. best of luck.

Tim

[Minnymouth]

Hello - Minny here!
If bankruptcy is your only option available to solve the problem - this site here offers the best info anywhere around, plus the morale support you need thru the process.
Take the time to sit and read many of the threads about Chapter 7 and Chapter 13 and all thats involved in them. These are all -up close and personal cases - of people who have had to claim BK and the process they encountered. The emotions, the problems, and how they solved them...
Let us know if we can help...

[Minnymouth]

Post you a listing of your credit problems - cc, medical bills and let us give you suggestions to help you decide if bankruptcy is better than credit counseling for you right now....
Credit counseling is great - but will it just add another expense? - that you can't afford making the problem worse in the future.....?
Maybe bankruptcy first and counseling afterwards will be the route you need to take.....

Fill us in on your situation.....
Minny

[reneeb12]

thanks

Thanks for your advice, and support. I have been reviewing this credit counseling company and they do not charge a fee, well basically they accept contributions because they are non profit so if one is so far in debt and can not make the contribution they are not required to. Im thinking this may be my best bet.

[Minnymouth]

If you go the credit counseling way - Good Luck to you!!

BUT, make sure that you read VERY CLOSELY "the fine print" in their contract....they may say "non-profit" but they get paid from somewhere. Either you or the creditor they represent....

You may discover the a portion of the money you think you are sending to the creditor is going to them for "expenses" incurred for handling your paperwork. Can sometimes be up to $75.00 each month for payments to your creditors. This would come off the top of your payments, thus what you actually pay your creditor may not be a whole lot.....
This happened to a friend of mine, she was in shock when a year later she checked on her balances and they had changed very little on what she actually owed. $75.00 a month was going to the "non-profit" organization for "expenses". They told her "no charge" but they charged the creditors.

So be VERY CAREFUL when you choose.

Just a word of caution,

Minny

P.S. Credit counciling also affects your credit report!!! Most bureau's treat it the same as a bankruptcy...... because you "cut a deal" with your creditors...