HELP!!!!!!!

[Anonymous]

I will be seeking legal advice TOMORROW, for possible filing of BK.  Sorry for short notice, need some help!!

I have approximately 48k in CC debt. I make approximately 80k per year and am struggling to pay minimum payments. I own a home and a car, neither of which I want to give up.

1) With my income being over 48k, do i have any other choices besides filing chapter 13?

2) Any thoughts on debt consolidation programs?

[Anonymous]

I wouldnt go for a consolidation company, they ruined my friends credit, didnt pay off the bills they were supposed to help with either.

[QueenBean]

If your credit is still decent and you have equity in your home, you may consider taking out a second to pay off all of the debts.  This would increase your monthly cash flow, save your credit & give you a bigger tax write off.  IMHO this would be the best course of action, if it is an option for you.

[Anonymous]

I'm in a similar situation, 40,000+ cc, 24,000 student loan, home 231,000 loan balance value 113,000, car paid off, with 66,000 annual income. Looked like Chp 13, but attorney worked the numbers (took a copy of the online means test when I meet) along with additional 15% reduction in pay, it's looking like I qualify for a Chp 7! Was willing to keep the home, but Chase is not working with me on a loan modification, so I'm now willing to let it go, and rent again.

Anyway, I would not do a debt consolidation as they are expensive and rarely pay your debts like they say they will, so you will be out more money and still have jacked credit and will still need to file. You can do the online means test and see if you qualify for Chp7: http://www.legalconsumer.com/bankruptcy/nolo/   take that to your attorney, and go over the expenses (each state and courts are different).