Bankrupty stupid!

[Trixter]

I was in Colorado, moved to Wyoming and then back and somewhere got into dept. I am at the point that I don't think I will ever be able to get back on my feet or get anything I want or need that has to do with credit. How much dept should a person be in before filing? I am most likely in for $20000.00 at least. If I should look in to fileing how do I start and what might I need to start with? What info, is there a fee, should I talk to a lawyer? I am still young and I am lost?

More info. Everything has gone to collections and/or have been put into Judgements on my report. Most of them are not Credit Cards. The last one should be at least 6 months old. I am living with my mother and starting out new with a four year old. I hope to be working full time soon and maybe some day get to live on my own again. Most of them I have called and they want full payment only and they add late charges every month. I can't even afford to buy my son Christmas gifts.

 

[bigun]

Trixter,

Let's take a deep breath! First of all, you don't give anywhere enough information to make a decision. Yes, you have $20K indebts. What sort of debt? Credit cards, auto, stident loans, medical, etc. Next, what sort of income do you have? Finally, what is the status of the debt? Are you current or is it charged off and in collections or somewhere in between?
I'd strongly advise a young person to be very careful about bk. Credit history is playing a larger and larger role in everyday life. More and more employers ask for permission to make credit checks prior to hiring. Insurance companies check credit to price policies or even to decide to underwrite a consumer. If you ever work for a DOD contractor, credit files are checked prior to granting security clearences. And, you'lll find fewer choices for future credit needs. I'd suggest you really give this some thought.
Do you have a budget? Sit down with your last 12 months bankstatements and check register and find out where your money is going . Assuming you have a fukktime job, could you find parttime work? Can you move back with your family temporarily? Have you tried living below your means? BTW, it goes without saying, quit charging stuff. Put the cc in the sock drawer.
In other words, can more money and less spending get you straightened out? My I suggest posting the specifics of your problem at the motley fool. They have a personal finance site with very helpful and knowledheable people who have either seen or experienced every financial disaster you can imagine. Anyway, good luck. Post some specifics hear if you like.

 

[linda gordon]

bankruptcy/debt

from Louisiana.
I have been experiencing debt problems for the last year. I just graduated from college and am working as a professional now, but can't quite meet all of my monthly payments. (I graduated in August 2001). All but one of my creditors have made arrangements with me to reduce my payments to an affordable amt., including reducing my interest rates. The only one that has not is America Online First USA Visa. After 7 months, they have finally decided to reduce my monthly payment amt. and interest rate, but it is still out of my budget. I don't want to go through debt consolidation, because the lease on my car is up this Spring. From what I have understood about consolidation, you are unable to get credit until the consolidated debt is paid in full. Help! I don't know what to do! I have had excellent credit till now, but my recent income deficit has not allowed me to keep up with rising interest rates, late payment fees, and overlimit fees.
Is bankruptcy allowed to only one creditor?
By the way, I have tried to work things out with this cc company several times unsuccessfully. Thanks, Linda Gordon