The first step is to consider all of your options for getting out of debt. Before I settled on negotiating my own debt, I had to consider whether it was feasible to just pay my creditors, approach a debt settlement specialist, or declare bankruptcy.
So what are the options to get out of debt?
Bankruptcy
For many people, bankruptcy is a term with a nasty ring to it. Perhaps it sounds horrible to everyone. In 2009, however, bankruptcy is a reality for an ever growing number. There are two main kinds of bankruptcy and they are determined by the type of filing you make at court.
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A Chapter 7 filing means that you are basically canceling out all of your debts based on a total inability to pay. A Chapter 13 filing involves establishing exactly what you can afford to pay your creditors and working out a payment plan for the given amount that runs up to five years.
Your eligibility for either of these filings depends on a "means test" to determine details such as how much you owe, how much you earn, and your ability to pay back your debt. You can (and should) consult with a bankruptcy lawyer before making a filing. They can actually make the filing on your behalf or you can consult with a debt relief agency.
Due to my income level, my only bankruptcy option was to file for Chapter 13. I met with a counselor and put together a repayment plan that we would ask the court to approve. Even in bankruptcy I would have had to pay $1,000 per month, minimum, for five years. That is $60,000! There was no way I could live with that.
Plus, the bankruptcy would have been on my file for ten years and in any loan or job application FOREVER! If I ever left if off of one of those forms it would have be considered fraud.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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