I have $3000 in credit card debt and around $5000 in medical bills. I also recently got married and we have a child together. My question is, chould I file bankruptcy and will it affect my husband? Oh and I am a stay at home mom and my husbands business isn't doing so well. So we really can't afford to pay the bills.
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Personal Bankruptcy Should I file?
- Thread Starter mgrace101
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Green_Hornet
New Member
Not for that little bit of money,call the creditors,and arrange terms.
No Way!
I agree with Green Hornet. If you file for bankruptcy, you're credit it screwed for ten years! They are just going to have to accept whatever you can pay them. You can't give them what you don't have! It's like trying to squeeze blood out of a turnip and you're a turnip. You'll regret filing for bankruptcy in the long run - especially for that low amount. I could understand if you owe a six digit figure but you have very little money owing! It's just that RIGHT NOW you can't meet the arrangements. Make reasonable arrangements with those creditors. Payments you KNOW you can afford. Let them know of your circumstances and and that you want to pay them what is owed but that you can only afford X amount per month. They might be upset but it's better than getting nothing at all from you. If you file for bankruptcy they don't get any money and they're screwed too! You'll just be more screwed because it's on your credit record for a long time. Also, it would cost them money to hire a collection agency to go after you. If they already did, then make reasonable arrangements with them as well or better yet, call one of those non profit debt agencies to make the arrangements for you - especially for that low of an amount. Don't worry too much over this. I know any kind of debt can seem so overwhelming. Just know that your particular circumstance isn't really that bad. Best of luck to you.
I agree with Green Hornet. If you file for bankruptcy, you're credit it screwed for ten years! They are just going to have to accept whatever you can pay them. You can't give them what you don't have! It's like trying to squeeze blood out of a turnip and you're a turnip. You'll regret filing for bankruptcy in the long run - especially for that low amount. I could understand if you owe a six digit figure but you have very little money owing! It's just that RIGHT NOW you can't meet the arrangements. Make reasonable arrangements with those creditors. Payments you KNOW you can afford. Let them know of your circumstances and and that you want to pay them what is owed but that you can only afford X amount per month. They might be upset but it's better than getting nothing at all from you. If you file for bankruptcy they don't get any money and they're screwed too! You'll just be more screwed because it's on your credit record for a long time. Also, it would cost them money to hire a collection agency to go after you. If they already did, then make reasonable arrangements with them as well or better yet, call one of those non profit debt agencies to make the arrangements for you - especially for that low of an amount. Don't worry too much over this. I know any kind of debt can seem so overwhelming. Just know that your particular circumstance isn't really that bad. Best of luck to you.
Scooterdog
New Member
You have to be a certain amount in debt before you go to bankruptcy court.
Credit card companies will usually work with a person, if you write them. Have the card canceled until you get it paid off. They can set up lower interest or at times even cut the bill back for you if you are in such bad shape financialy.
Hospitals are fair to work with. As long as they are getting money, they seem to leave people alone.
Also, there are exclusions to bankruptcy. These types of bils may fall under that, you may want to check that out.
The two above posters are correct in that it wouldn't be worth it. That is, if you could even file.
I would get in contact with these people and explain how things are. They may be reluctant to help you further down the road if something isn't atleast attempted to be done now.
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