Is Bankruptcy Advisable? I'm in Texas With Huge Credit Card Debt and No Job.

Edwards Finance > Loans

Q. I've searched for bankruptcy in Texas on the web and am having trouble figuring out what the implications are for my particular situation, and whether it is advisable. I have a huge amount of credit card debt, already on Consumer Credit Counseling Service which has lowered my interest rates and helped out. But the monthly payment, plus my car payment and other minor expenses, is way more than I would expect to earn from any old money job paying minimum wage or even twice as much. My parents can help me pay off the car if I ask, but the credit card debt is too much even for them. Once I find a computer programming job again, I will make much more than my minimum payments, and can begin paying off the credit cards again. So what are the implications of filing bankruptcy? Will the credit card companies continue to charge me interest? According to the terms of the CCCS agreement, if I miss a payment to the credit card company, they will jack my interest rate back up and begin charging me fees again. Will I have to pay these debts eventually after filing bankruptcy? Note that it is not my intention to walk away from these debts. I want to pay them off. But if my interest rates are raised (to about double or triple of what they are now), even with a computer programming job I will be hard pressed to keep up. What about my car? Can I declare bankruptcy but exclude the car, pay it off, and keep it? I have no other assets to speak of, and no other financial obligations besides the car and the credit card debt. .

A. I am not an atty. if i understand the law you should not have to pay back any debts if they have been properly included in a discharged bankruptcy. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do.

Ask Edwards a Finance Question

Other Questions:

Help with debt and credit card consolidation What is the name of the consolidation company ?

-I'm seeking help on managing my credit card debt. Currently, I owe about 12,000 on 8 credit cards and paying interest rates between 18-29%. I'm thinking about consolidating this amount to a lower interest rate. About a week ago, I receiv...

Looking for advice -- currently in bankruptcy. We both have good solid long term jobs, just had way too much debt to manage. What I am wondering -- has anyone out there post-bankruptcy recovered and rebuilt their credit? How? I'm despairing ...

I talked to one of creditors on the phone. He was collecting for a medical debt. He said that under the new bankruptcy law passed by congress I could no longer discharge this debt because it was involved needed medical services. He sounded c...

NC Income Tax ? My information is that only the first $5,000 of a pension from a "foreign" govt entity is not taxable. These types of details should be checked by everyone individually.-Recently talked with a military retiree who said his ent...

Anyone know what the guidelines are that apply to obtaining an SBA loan when there has been a personal bankruptcy discharged in the past 7 years?Go for it. If there are mitigating circumstances, and your credit has been good since the discharge...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects