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melilayton · Joined: 08 Jul 2010 Posts: 1 1.51 Dollars($)

My husband and I have gotten ourselves into quite a bit of credit card debt because of bad decisions. $18,000 to be exact. We have 2 children and one on the way. For the past 9 months we have not used our credit cards (we have 3) and closed two of them with the assistance programs they offered. We pay about $420 a month towards the debt, but it isn't making much of a difference. We don't make much and barely have enough to survive! We are current on all payments, but only because I ask my mom for money for groceries and nesscessities. We own our home and have already refinanced once and it won't help our situation to do it again. We also traded in our car for a cheaper one. I've been thinking about bankruptcy because we could really use the extra $420 a month to actually LIVE and not be so paranoid about money!

What should we do?!! (We are in Utah, I'm not sure what the laws are) Is bankruptcy a good option or should we find a debt consolidation place? The problems we are having in the decision is that my husband's mom cosigned for the car we got when we traded. Would her credit be affected by a bankruptcy? We want to keep the car and can keep the payment. Is there a way to file only for the credit card debt and not the car loan? We also have a paid off 1999 chevy malibu that is probably worth about $2000. Could we keep that? I am so stressed out about this!! I just don't know what to do! My husband seems to think that if we try to cut back on bills it will help. That would only give us an extra $100 a month and I don't feel like that would do anything for us. Please help me!!

jerry · Posted: Fri Jul 09, 2010 3:50 am Post subject:

Hi melilayton,

You should first try for debt consolidation and check out if you can get an affordable program. I know of a community where you can get advice regarding debt consolidation - "http://www.debtconsolidationcare.com/". You can visit the website and check out what type of advice they may offer you. In case the options does not suit your purpose, then you may think about filing bankruptcy.

As your husband's mother is not filing bankruptcy jointly with you, her credit will not be affected. However, she may become responsible for paying the car loan. As the 1999 Chevy Malibu is free and clear, then the lender may sell it off and pay off your creditors.

Thanks,

Jerry

Guest

Thanks so much. Is that a real, reliable company? I'm scared of getting scammed.

jerry · Posted: Sat Jul 10, 2010 1:35 am Post subject:

Hi melilayton,

One of my friends received quite good debt advice from the experts participating in that forum. He was quite impressed by the advice they gave him. So, I thought of recommending them to you.

Thanks,

Jerry

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Please help us know what to do!!