Should I report for collapse or tolerate things play out?
I have outstanding credit card debt of roughly $20,000 or so and it's be 2 years since they have be in collections. One of the 2 CC companies is in a minute suing me for $13,000. I have a recreational job making $8/hr and my per annum income is roughly $12,000/yr, so I'm already quite fixed financially. The only significant asset I own is a 1999 Mercury Sable (paid for), as I rent. It seem my biggest concern should be wage garnishment, I think. Is that a big risk making single $12k/year? Or maybe I should only just file ruin? I live in Ohio, if that help.
Answers: make sure you qualify for a 7..except, you will be forced into a 13 for five full years.and you have to complete a credit teaching class PRIOR to filing..
$20K is not insurmountable....deliver pizzas/work night at McDonalds..heck even an office work pays way more than $12K a year.
Bankruptcy isn't the answer, more aggressive career hunting.
You OWN your car...that's more than most...heck I'd put up for sale it and buy a beater for $2K before I committed to FIVE YEAR ruin program..
Think outside the box.
Look for a reputable credit counselor (Consumer Credit Counseling Services for example). They can best advise you as to what can be done. If possible, they will renegotiate everything for you. Or relief you file bancrupcy. I have to do this many years ago. It will be a 5 year process - but totally worth it!
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Answers: make sure you qualify for a 7..except, you will be forced into a 13 for five full years.and you have to complete a credit teaching class PRIOR to filing..
$20K is not insurmountable....deliver pizzas/work night at McDonalds..heck even an office work pays way more than $12K a year.
Bankruptcy isn't the answer, more aggressive career hunting.
You OWN your car...that's more than most...heck I'd put up for sale it and buy a beater for $2K before I committed to FIVE YEAR ruin program..
Think outside the box.
Look for a reputable credit counselor (Consumer Credit Counseling Services for example). They can best advise you as to what can be done. If possible, they will renegotiate everything for you. Or relief you file bancrupcy. I have to do this many years ago. It will be a 5 year process - but totally worth it!