Advice....Debt Settlement PLUS bankruptcy ?

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Hi, my name is Steve and my wife and I are in a real financial jam and are seeking financial advice. Here is our situation in a nutshell:


We found ourselves having a tough time keeping up with monthly bills and 5 credit cards were maxed out or close to being maxed out. We reached out to a popular debt settlement group. I will just provide nice round numbers for ease of things. They were able to get us a monthly payment figure of $700 which is the same amount we were already paying minimums on all 5 credit cards. So we get approved for this and they send us a package with financial hardship worksheet. Come to find out that we earn $3250 a month combined BUT our expenditures are $4100!! So I contact our "guy" and he says this will be no problem just as long as I can pay the $700/month to them to settle with the creditors.


It's not possible to pay this debt settlement service. Either that OR we have to default on other things like mortgage (1300), electric (200), medical bills (200) etc.


What do we do here now? Fine mess we are in right??


Is it time to declare bankruptcy chapter 13? Do we pull out of the debt settlement group?


So confused and I know this is vague, so please ask any questions you have. Any advice is greatly appreciated.



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Call is in to debt settlement group to opt out. Luckily they provide a 30-day trial no strings attached.....so they say. Also put a call and message into a few BK lawyers in the area for a free consultation.


Thanks for replying willingtocope, really appreciate your time.

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