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!!!!
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April 20th, 2010 at 3:21 pm
You can clear all your doubts regarding Ch 7 bankruptcy here
http://bankruptcy-info.we.bs/
Best of Luck…
April 20th, 2010 at 3:21 pm
Nah I’m 23 and I have more debt than that. Maybe speak with a debt consolidator.
April 20th, 2010 at 3:21 pm
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.
April 20th, 2010 at 3:21 pm
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.