Personal Bankruptcy Bankruptcy

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I owe about $26,000 in credit cards and have been trying to pay it off for several years now only to see the balance getting bigger and bigger every year. Financial constraints has kept me from paying this debt down and I don't forsee anything positive in the future. So far, I have managed to maintain a good credit rating, but at a great price. I work and the financial industry and have been told that filing bankruptcy would greatly damage my ability to get a job if I were to leave my present job. Also, I'm planning to buy a house in the future and my present financial state might never allow me to be able to do that. In the same vain, bankruptcy will damage my ability to do same. Can you let me know what your advice is?

What I'm confused about is how you expect to obtain a mortgage given your current financial situation. What lender would not be hesitant given your current credit balances and, what I am assuming, is a lack of assets which you could use to obtain a loan at a lower rate to pay your credit card balance? You've got a number of choices and deciding on bankruptcy should be made with a full consultation regarding your entire financial situation and with proper perspective.
I'd like to thank you for replying to my e-mail. I've come to the conclusion that I'd never be able to pay off my balance and I'm going to be seeing a bankruptcy attorney next week. I can bear the burden of such a huge balance any longer as I'm being smothered gradually. I strongly believe that at this stage only bankruptcy is the answer!!

Thank you, the law professor!
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