is it worth it to file bankruptcy for me

[hotdurangochic]

After looking over my CR, there is no way I can clean up what I truly owe. Although the aamount seems pretty negligable. Around 15k-20k. I don't think I can do it. I am now a single mom struggling. Is there somewhere else I should start or just go for the gusto and start over?

[brokeinok]

More info will probably be needed so everyone can get a better idea of your situation.

Is it CC debt, secured, car loans, mortgage? How behind are you? Are they within the SOL, still with the OC, off to a CA? If it's CC's, several or just a couple of biggies?

Those kinds of things.

[Methuss]

I posted this once before but it seems worth repeating to help you answer this question for yourself:

Take this little quiz:

_____My debt is over $5000 not including a car or house.

_____My payments are over 25% of my take home pay.

_____I am frequently late on my payments.

_____I pay 20% interest on my debt.

_____I buy necessary items like food or clothing on credit.

_____I frequently get cash advances.

_____I am thinking about getting a loan to pay other loans.

_____Someone has filed a lawsuit against me.

_____Collection agencies are calling me.

_____I am "robbing Peter to pay Paul."

_____My balances are not going down even though I make payments.

_____I have been turned down for more credit.

_____Payments are more than 1 month behind on more than one bill.

_____My driver's license is suspended because of an accident.

_____I can't afford car insurance.

_____My mortgage or rent is always late, or is behind.

_____We are getting divorced and have too many bills to pay.

_____I have medical bills over $5000 that are not insured.

_____There is a garnishment or wage assignment on my check.

_____I owe income taxes I can't pay now.

_____My car is worth much less than I owe.

_____I have no savings.

If more than 3 of these are yes, you should see a bankruptcy attorney. If more than 5 are yes, you should have seen a bankruptcy attorney 3 months ago.

There is nothing wrong with bankruptcy as much as creditors would want you to think otherwise. It is a beneficial social policy designed to keep the economy from falling apart. If everyone was in so much debt with no way out, then there would be nothing to drive our consumer centric economy. And, frankly, this is not some new concept. You will find bankruptcy decribed in the Bible under Deuteronomy 15:1, "the Lord's release" which says creditors are to release their debtors from their obligation if the debtor doesn't manage to repay it within 7 years.