Bankruptcy or Just Dont Pay ???

I have about $5000 in credit card debt that is about 8 months old. I also have 1 other account with peach direct for around $2000.

My fiancee recently left me and all the bills (mortage, insurance, utilites, ect.ect.) are now mine alone and if i just pay the important stuff I will barely be able to make it on a tight budget.

The house is in both of our names but she is refusing to help pay and i have no intention of losing this house.

Paying these credit card debts are out of the question right now. I bring home about $2000 a month and the bills are almost $1700 (not including my credit debt). I have no car payment or any other obligation other than cost of living.

So my question is... would it be better for me to file bankruptcy(chapter 13)? or to just not pay on the credit cards and eventually they will be charged off?

A second job is not an option as I already work 60 hours a week. Any advice is appreciated.

Bankruptcy or Just Dont Pay ???

I%26#039;d try to get back with her, and resolve your differences. What ever had caused your relationship to go downhill, you now know you can%26#039;t handle your debt load without her help. If you can%26#039;t get back together, I%26#039;d talk to a debt specialist who would give you your options on whether bankruptcy is feasible or not. If you do nothing, your creditors will put a lien on your house.

Bankruptcy or Just Dont Pay ???

Call each creditor and explain what is going on... and if you can have them change your finance fee or percentage on the loan.

A consolidation loan would work well too.

Try to avoid banruptcy at all costs... Creditors WILL work with you... you just have to ask and work your way up their chain of command... it will take you an afternoon of talking to people... but it is well worth it.

ALWAYS take the name and contact phone number of the person you talk to at the company too...

Bankruptcy or Just Dont Pay ???

Bankruptcy should be the last resort. It leaves a blemish that just won%26#039;t go away (for 10 years).

Instead, go to these websites, and call these numbers.

They are non-profit groups set up to help people facing financial crisis.

Trust me, no one benefits from you filing bankruptcy. And the creditors will just write off your debt as a loss, and sell it to someone else (which makes it hard to pay off when you don%26#039;t know who owns your debt).

American Consumer Credit Counseling

http://www.consumercredit.com/

or call: 800-769-3571

Also, avoid a consolidation loan at this point. Make sure you see what all of your options are first.

Bankruptcy or Just Dont Pay ???

Speak with a bankruptcy attorney. I believe you qualify. If you don%26#039;t do anything, they could possibly later garnish your wages. Also, you already have bad credit and you might as well just go bankrupt.

Good luck.

Bankruptcy or Just Dont Pay ???

Well I would hesitate about filing for bankruptcy for only $7,000.... If it were higher balance then I may say go for it.. You can go to google.com and type in legalhelpers and find some answers to your questions. You could just stop paying those cc and eventually 6-12 months they will charge off and hurt your credit but if you already have a house than maybe thats not a worry for you. If they charge off you can settle them down the road when they go to collection agencies for probably 60% of the balance. As long as they don%26#039;t have any assets on you. Don%26#039;t tell them where you work or never give them your checking acct info. If you pay them, then money orders only. If they don%26#039;t have your acct they can%26#039;t levy your bank acct. Of course those problems would not happen until down the road after they charge off. By then your situation may be better and you could settle. If you want your life to go on as normal you could consider running an ad and getting a room-mate to help you thru this. May not be fun but at least you would have rent money to keep paying these bills if you want to.You can go to Suze Ormans website under Resources and try their CCCS program to consolidate or try and make up with her.. Good luck

Bankruptcy or Just Dont Pay ???

If you refuse to make payments, they can take you to court and file a judgment against you and your fiancee it she is also on the note. A charge off stays on file for 7 years and if they get a judgment, that could 10 years, Ask your ex if she wants to sell the house so you could both walk away debt free. Tell her it effects her credit as well as your.

Bankruptcy or Just Dont Pay ???

Pay off the cards. You%26#039;re bringing home $300 more than youre spending (not counting the debt).

You will have the cards paid off in 2-3 years, at $300/mo.

Don%26#039;t wait for a charge-off. That%26#039;ll be 7 years of hell.

Don%26#039;t file bankruptcy for $7,000, That%26#039;ll be 10 years of hell.

But you and your ex-fiancee are going to have to figure out what to do with the house. If you%26#039;re living in it, but she owns half of it, you won%26#039;t be able to sell it without her consent.