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#1
07-22-2002, 10:10 PM
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debt helpWhat is the name of your state? georgia Can anyone advise me on this situation? My husband and I are so far in debt--Walmart turned us down for a card... Between the two of us we make just enough to pay our bills. We are on food stamps and medicaid. I want to clear up my credit but i dont know where to start. I already paid off two creditors but medical bills and a credit card from 2000 are still on both of our credits. The medical bills are from before we got medicaid. Can anyone explain the difference between chapter 7 and chapter 13 bankruptcy. We own nothing of value....our only car is worth 150 dollars and we rent. I want to get our credit up high enough to eventually be able to get a place of our own. Any ideas?????? |
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#2
07-22-2002, 10:21 PM
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| Rather than bankruptcy, Id try and work out a payment plan with your creditors, if that possible on your side? "Most" Creditors will try to work with you if it means getting their monies. |
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#3
07-22-2002, 10:31 PM
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| What you said about Walmart doesn't necessarily apply. A person is most likely turned down for a credit card because they are a bad credit risk, not because they are a great credit risk with a lot of debt. Before discussing bankruptcy, how much debt are you talking about? Jeter |
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#4
07-22-2002, 10:42 PM
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| the total debt is around 5000 dollars....Im trying to work things out with the criditors but most of them want outrageous monthly payments----50 dollars a month is hard when you have to rely on the government for help with food and medical care...if it wasnt for Walmarts awesome price on diapers i dont know what i would do. |
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#5
07-22-2002, 11:11 PM
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| In reading your original post again, you stated that you wanted to clear up your credit and be able to get a place of your own. A bankruptcy will not only ruin your credit but stay on your credit report for 10 years. I suggest contacting your state Credit counseling service. They can reduce your monthly payments as well as the composite interest rate for your debt. It's a 3-5 yr plan that will help you pay your debt in full. They can also work out a budget to help you manage your other monthly bills as well. Jeter |
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