can't pay debts what can happen?

[JaLee715]

My husband (currently unemployed) & I have about $23,000 in outstanding debts that we cannot at this time pay the minimum balances on....we tried a credit counseling co. but what a ripoff! Still late fees, interest & not paying on time...we dropped them... I've tried to work with the individual companies but no avail...they suggest credit counseling...Now I'm starting to get letters from some, saying they are requesting suit authorization from their clients & will be forwarded to an attorney in my area. & if I want to stop this action pay in full, which is impossible right now.
Is there anything we can do to negotiate payments we can afford rather than file bankruptcy..(most of the bills are in my husband's name only) & we have virtually no assets after my father's death left us pretty much bankrupt (after paying his final expenses) We have just enough for paying utilities, insurance & a few living expenses. Hopefuly we all can work this out...in a win/win situation, anything's better than bankruptcy!
Thanks for the info!

 

[VeronicaGia]

You can try another credit counseling service...make sure they are a large, non-profit organization.

You can file bankruptcy. There are different ones, some you simply discharge debt and give back anything worthwhile such as cars, houses etc. or you could file so that you settle your debt and negotiate a specific, lower amount to be paid over time.

You can write to each creditor and ask them to lower the minimum monthly payment and work with you to pay off the debt. This will still show up on your credit report as not being paid as agreed, but it's worth a try.

 

[bigun]

With no money and creditors demanding payment, I'm not sure what you can workout. The moment someone sues you, I would suggest you see a lawyer about filing bk. At that point, consider the game over and it is necessary to protect yourself and your future.

 

[JaLee715]

Need Big non profit credit counseling name

Can anyone suggest a credit counseling agency to go to that is not a big ripoff?
Thanks much for all the info.

 

[VeronicaGia]

While I have never used one, Profina Debt Solutions is a large, not for profit agency.