Chapter 7 Maybe our only hope.......HELP!

[Anonymous]

I'm thinking about finally a Chapter 7 for my DH. He has several debts on his credit report that are just too high for us to pay. His Debts are as follows: 32502.00, 11024.00, 10,642.00, 10,003.00 and 7687.00. There is also an amt of about 3000.00 in past due taxes and looks like a new amt owed to the IRS for 3500.00.

My DH makes about 71K a yr but pays child support which he is never late making. We have a rent payment of 895. and carpayment of 522.00. I also work making about 27K a year.

His credit score at this point is 545 and coming up about 7 points every 6 weeks but when we see an increase one of those accts will report and knock us down. Would Chapter 7 help? from what I read I thought u couldnt use a bankruptcy on past CC debt.

[granny031350]

BK will wipe out cc debt.  But it depends on the chapter of bk you qualify for.  You may end up in a chapter 13 which is different from a chapter 7.  You need to see a BK attorney or do the means testing online to see which chapter you would qualify for.

BK will take care of ALL cc debt (past and present) and some IRS taxes depending on the circumstances.

[LindaLu]

It is ...trust me..I felt the same way...actually it is a god send..you can sleep better at night.  it really isnt as bad as you think..and after a while it doesnt bother you anymore....this is the only way you can start over...you will get credit cards again it just won't be big limits....just make sure when it is over that you check your credit  report and make sure that they stop reporting negatives on you because they will do that..especially experian..

good luck and dont worries..time passes.