question about bankruptcy and debt consolidation?
Mar 28, 2009 in
Personal Finance
bad_bones2883
Ok I am going through a seperation with my wife
and we bought a vehicle together,but its under my name
and i can’t afford it plus all my other bills put together by myself
I am close to 30,000 in debt
Ok I am going through a seperation with my wife
and we bought a vehicle together,but its under my name
and i can’t afford it plus all my other bills put together by myself
I am close to 30,000 in debt
I would like to do a consolidation before bankruptcy
but does anyone have an idea
how low my debt consolidation payments would be?
or should i file bankruptcy?
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4 comments
Rick B on March 29, 2009 at 7:00 am
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don’t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get “The Total Money Makeover”. Read it and follow it carefully.
Go check out Dave’s website as well. Yahoo is blocking his site again, so take out the spaces in the following: Dave ramsey. com
financialspecialist on March 29, 2009 at 2:39 pm
Here is a plan for a 10 year 30k debt consolidation loan (12% may be high, but gave you worst case)
Your monthly payment for 10 years
for an interest rate of 12.00%
on a loan amount of $ 30000.00 will be:
$ 430.41 per month
rayt721 on March 31, 2009 at 12:30 am
You can only file bankruptcy once every 10 years so you are better off dumping the truck if you don’t want it / can’t afford it. By being debt free, your wife (eventually to be ex?) will have more claim to your money since you won’t have other debts. Think long term about how bankruptcy would affect you. If you have alot of debt, you may want to consider a credit counseling agency rather than a debt settlement or consolidation program. Anything short of paying what you owe on time is going to hurt your credit and credit problems extend into employment options, insurance rates and anything else where your credit score is used. Bankruptcy should be a last resort option when you simply cannot pay your bills. If you make an appointment with one of the agencies below they can guide you on the various options that you have. I’d say now is a good time to get rid of things you really don’t want or need… including your wife.
Jennifer on March 31, 2009 at 3:37 am
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: