There are several options that you can try before you decide to declare bankruptcy or spending money on a lawyer only to find out you do not qualify.
1. Try consolidating your debt
This will involve 1 of 2 ways. Either contact a bank and see if they will give you a
large loan-enough to pay off all your consumer debt leaving you with one bill to
pay each month plus your mortgage. You just have to be absolutely certain that
you make enough money to cover this debt, your mortgage and still have enough
to purchase necessities.
2. Try calling the Credit Card companies
See if you can get them to lower the interest rate you are now being charged. Be
certain to pay a bit above the minimum due on each card each month. These days
credit card companies are quick to raise those rates back up.
3. Call a Credit Counseling or Debt Management company.
A reputable company of this type will go over all your income and expenses with
You to see if they will be able to help or if bankruptcy is the only solution. What
these companies will do is call the credit card companies and see if they can make
a deal. Most credit card companies will work with the Credit Counseling or Debt
Management companies because they feel that they stand a better chance of
getting their money. You will send the Credit Counseling/Debt Management
company a set amount each month plus a small fee. They will disburse the funds
to the individual companies. You probably will not hear from those credit card
companies who have accepted this again. BUT-if one of the cards you owe money
decides not to accept this type of arrangement-you will still have to pay them
Before you make any decisions always make sure you do some research. Make sure the company or Lawyer you are planning to contact and ultimately hire is trust worthy and reputable!
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