Gambling Bottom Out

[Anonymous]

It is legal somehow considering they are on every street corner.

DO you think Chapter 13 is my best way out?

I was told I will never be able to get credit of any kind again with any bank. Is that true?

[starry1]

Or even a Chapter 7 since you now have no income.

[Anonymous]

I had a Chapter 7 with full discharge in 2010 (Feb) in IL.

Unfortunately, I didn't learn my lesson the first time around.

[starry1]

Yeah, then 13 will be your only option.

[Anonymous]

Question.

1. Will I ever be able to get credit again?

2. How high would my payments be, considering I am in 50K debt.

[TRC_WA]

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@Anonymous wrote:

Question.

1. Will I ever be able to get credit again?

2. How high would my payments be, considering I am in 50K debt.

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1.  Yes

2.  Your attorney can answer that for you.

[redbeard]

I would do 3 things.  Realize you can't dig yourself out of this alone.

- Talk to your creditors today.  See if you can get a couple of them to give you a forebearance for a month or 2.  Tell them you are unemployed and are looking for work, just need to get the paycheck and then they will be your priority... a few might help out.

- Talk to an attorney.  You'll have a tough time, but you already know this.  It will be your best long term plan.

- Talk to Consumer Credit Counselors or other non-profit credit counseling group.  They may be able to help with your immediate problems and formulate a long term plan with you.  Being unemployed though, this will be difficult.  Whatever they can offer, weigh it against what the attorney can do for you.

Of course, now is the time to go find not 1, but 2 jobs to start digging yourself out.  $45K isn't the end of the world, I was there (and then some), working it a bit every month.

Dan

[Anonymous]

Everyone, please assist me with a last question I have, as I have to make some very important decisions today.

I found a new job, hooray. I am not making as much as before, but it is something.

I am a young guy, 29. My credit as it stand now is 620 with Chapter 7 on the record since Jan 2010. I don't want to be crippled until im 35 with nothing to my name and very bad credit. I know I have made some really bad decisions, but I am working and caught up on almost all payments as of today.

I talked to an attorney and he offered Ch. 13, but it is expensive and will have another very bad strike on my record. I will still have to pay $400 a month or so and BK will cost $4500. No credit for 4 years. I can file again for CH. 7 in 2018. Do I just let my credit tank now and wait?

Finally, DID ANYONE HAVE EXPERIENCE WITH: Credit Counceling (specificaslly using Cambridge).

They offered to negotiate ALL of my accounts to 8% APR, close them and have 1 monthly payment to pay all creditors back.

How does that affect credit in the future? Does it makes sense to pay everything off and then end up with bad credit anyways (closed accounts etc).

THANK YOU!!!