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I'm going through credit problems right now and thinking of filing BK. I owe $25000 in child support for the past 2 and 1/2 years and it has increased to $45000 as I have not been able to pay. So the interest just kept adding. I don't think I'll be able to pay it in near future too. So I'm scared as to how much the amount can go in the next 3-4 years. Everytime I try to obtain a credit card, the child support shows up on my report and I'm denied any credit. what should I do now?? As for the details, I need t pay around $800 as child support, total cc payment per month is $1200. Total amount to be paid on credit cards is $30000. I have an auto loan for which monthly I pay $600 and my cell phone bill comes out to be $85 monthly. I don’t make big purchases and don't have to bear all expenses on food and rent as I'm staying with a friend of mine.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jenkins,

Welcome to the forum.

I think expenses on food, rent and medical bills comes first. So if you cannot make the payments then you can void for a month or two but you should try to pay them. Don't you have any jobs right now? If you have how much do you earn? You should try get a part time job also.

As far as filing bankruptcy is concerned, it should be you last option. You can talk to a BK attorney to know whether you go for it or not.

Best of luck,
Larry

Niicss · Posted: Mon May 12, 2008 3:51 am Post subject:

Welcome jenkins,

Filing Bk is not a smart decision. If you cannot make the credit card payments why do not you go for debt settlement or debt consolidation? I know a community which helps people to get out of debt. You can seek help from them at "http://www.debtconsolidationcare.com"

Hope this help.

cliff3 · Posted: Mon May 12, 2008 5:59 am Post subject:

Hi Jenkins, I agree BK should be your last option. If you do end up doing a BK you will need to meet with a "credit strategist" not a credit repair company. A credit strategist will craft a stragey based on your particular credit situation to boost your credit score.

laphillips

Filing BK won't relieve you of paying child support. It sounds like you need a plan to get your debt under control - a plan - a spending plan - possibly including contact with lenders and a repayment plan. Get a FREE consultation at http://www.debtconsolidationcare.com

Posted: Mon May 12, 2008 9:26 am Post subject:

Jenkins have you missed any credit card payments?

cliff3 · Posted: Mon May 12, 2008 9:28 am Post subject:

Sorry about Jenkins that was me who asked the last quesiton I just forgot to log back in. Very Happy

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Jenkins,
That seems like a lot for child support, how many kids do you have?

Instead of bankrupt have you considered refinancing your debt so you can get a better rate, maybe combine the car and the credit card debt, just a thought, thinking maybe you could do it now before things get way out of control and your credit is screwed. Goodluck.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

Good advice barto. Anythin g is better than bankrupt but you also have to relize for some there is no other option.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

It will stay on your record for a long time, good to try and avoid it if at all possible.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

Have you considered getting involved with one of those credit companies that take all your bills and pay them for you, they could take your credit card debt and do something with it.

As far as your child support that is one that you will want to get taken care of as soon as possible, I have seen people end up in jail or lose their driving privilidges because of back child support, they don't mess with it, at least in Pennsylvania anyway, not sure what state you are from, you did not mention it in your post.

Filing bk may be an option for you, however I do recommend that you try to avoid it if at all possible, it will as the other posters have indicated destroy your credit for a long period of time, I think it is like ten years that this will stay on, it may be seven, but I am almost sure it is longer than your regular old credit collections.

I hope of I contributed something that is useful to you, goodluck and please keep the forum updated, I am sure all the good people here are interested in your outcome. Hope it is a good outcome for you.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

great suggestions erb, I agree that the op has gotten some real good advice here, hopefully they will follow it.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

I hear they can take your drivers license here in this state too. There are once again up and down sides to this. I like your suggestion on credit repair companies but I think the poster should be informed to do their research before sig ning on with any of these companies. Just like junk collectors this also has become another avenue scammers have taken to hinder an honest person. Research!!

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

Try talking to your credit card supplier explain your unable to meet the current monthly payments you may be able to arrange a lower minimum payment and that way avoid being in a difficult situation.

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