ONLY 25 YEARS OLD AND ABOUT $37,000 IN REVOLVING DEBT. IS FILING BANKRUPTCY AN OPTION?

I am only 25 years old and have a little over ,000 in revolving debt. About ,000 is unsecured credit card debt and ,000 is on a leased car. I am getting over my head in bills and falling behind by about 3 months on most of my credit card bills. I have creditors calling me and I avoid all calls now because they are so rude (as if I owe them personally). I am under so much stress that my health is being affected. I met with a credit counselor regarding debt management and came up with a plan to pay 0 a month to pay towards my debts, over a period of 5 years. I added it up and the debts I will be paying is only going towards the ,000 credit card debt and 0/month for 12 months for 5 years equals out to be ,000 that I will pay out on a 000 debt, well over what I originally owe. Also, I have done my research and debt management seems very similar to filing Chapter 13, so I am considering filing for a Chapter 7 bankruptcy, can somebody clarify what my advantages are over the disadvantages. I know that filing for bankruptcy is bad on my credit but I think that if I file bankruptcy it will be easier for me to save money towards big major purchases in the longrun. Plus I am only 25. Assuming by the time I am 30 it should be alll good right? Am I thinking naively? Also I was thinking that if I file before my fiance and I get married, it would be much better? Also what exactly do I need to qualify for a Chapter 7? Please help!!!!


Related Credit Card Sites

If you enjoyed this post, make sure you subscribe to my RSS feed!

4 Responses to “ONLY 25 YEARS OLD AND ABOUT $37,000 IN REVOLVING DEBT. IS FILING BANKRUPTCY AN OPTION?”

  1. Thunderwave says:

    You can clear all your doubts regarding Ch 7 bankruptcy here

    http://bankruptcy-info.we.bs/

    Best of Luck…

  2. Sdsd says:

    Nah I’m 23 and I have more debt than that. Maybe speak with a debt consolidator.

  3. Paul says:

    You two must have been living pretty large.

    How the hell does someone that young amass that much debt?

    By buying crap they don’t need, is my bet.

  4. Hoa N says:

    Do not practice running away your problem when thing gets tough.
    Confront it
    If you make poverty level of income, you should do it.
    But if you make 70k/year and run to debt problem. It is on the spending side. Stopping spending like the Queen of England.
    That’s a valuable lesson for a young person starting out in life.

Leave a Reply

*

Powered by Yahoo! Answers