Hello everyone, I joined in hopes of some advice, I am 50,000 dollars in debt for various reasons and I have really good credit. The problem is I can no longer carry this burden around. Not getting the balance down because as soon as extra money comes in something else happens. I am thinking of joining Freedom Debt Relief they supposed to settle debts. or bankruptcy. I just don’t know what to do. As of right now my bills are current but I have been off from work for the last six weeks for surgery and exhausted my vacation time. Just can’t deal with it over my head. I have three children and I want to be better for them and teach them but how can I start over?
Most bankruptcy lawyers will give you a free consultation. Why not check into that and explain your situation. Sometimes the fresh start one can get from bankruptcy protection is the best solution. You must put yourself and your family first. Once you are back on your feet you can repay creditors if you choose, but you under no legal obligation to once your case is discharged. Everyone can start over again… one day at a time!
I know how you feel. My husband and I have been carrying around the same amount of debt as you are and we were keeping current on things and had really good credit, but this past winter my husband’s job slowed extremely down where he took almost a 50% paycut and we just couldn’t keep up with the minimum payments. Our good credit went down the tubes rather fast and we are now filing bankruptcy. Honestly even if my husband’s job wouldn’t have slowed down, I wish we would have looked into bankruptcy along time ago.
Even though we were staying current on the bills, we were never getting ahead. We were making the minimum payments only to turn around and use the credit card and quick cash loans (from trusted and well-known websites like ErgLoans) to buy food, gas, etc… Because all of the money was spent on the payments. It was a vicious cycle and we were never going to get anywhere at that rate. With how far we got in the hole, I feel that 20 years from now if we would have kept the way we were going we would have probably been living the same exact way that we were because I just never could see an end to the debt.
At least this way with filing for bankruptcy we are getting a fresh start. Granted we will have a harder time buying a larger home down the road and purchasing cars with decent interest rates, but to me I’m willing to deal with that in order to get out from this heavy amount of debt that we have been carrying for so many years. The debt was consuming me and my life and it was just time to move forward. I can’t really advise you on what route is best for you. Just know you’re not alone Good luck with your decision.