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File bk or stop payments?

Posted on: 28th Mar, 2012 01:19 am
Will it be a good option to just stop paying the creditors? Or will be in my best interest to file bankruptcy? My situation is extremely bad and as a result I have been paying minimum on them for quite some time now. With no assets would it make sense to stop paying creditors or file bankruptcy?
rather than stop paying the creditors or to file bankruptcy, it will be better if you could go for credit card debt consolidation in order to get rid of your credit card debts. filing bankruptcy should be your last option.
Posted on: 28th Mar, 2012 03:11 am
Hi Magnolia,

I agree with what Niicss has said. It should be your last option to file bankruptcy and get rid of the debts. You should first check out the option of credit card debt consolidation. If that option does not work out for you, then you may think of filing bankruptcy.
Posted on: 28th Mar, 2012 08:03 pm
So you need to consult with your attorney on the best use of your funds before you file, maybe yes, maybe no, maybe for awhile until you figure out for sure which way you want to go. :idea:
Posted on: 28th Mar, 2012 11:10 pm
Unless your tax refund is less than your state exemptions, the BK Trustee can take it. A tax refund is basically like any other cash asset. However, if you electronically file your fed return, deposit into your bank account and then withdrawn and spent or stashed, it cannot be seized.
Posted on: 28th Mar, 2012 11:11 pm
In such situation, you can take the advise of a debt counsellor. A professional debt advisor will guide you properly regarding the type of debt elimination strategies that you need to take. You can also think of opting for professional debt elimination solutions such as debt consolidation or debt settlement.
Posted on: 29th Mar, 2012 03:51 am
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