Will you do Bankruptcy if you owe the credit card for $12,000.?

I work hard everyday and earn only $500 a weeks, I%26#039;m so tired to make the monthy payment to the debt consideration. I%26#039;m thinking about filing the bankruptcy, what do you think/. serious answer only please and thanks for all answer

Will you do Bankruptcy if you owe the credit card for $12,000.?

If you pay the minimum payment, you will never pay off this balance. First, you must determine how you got into this debt trouble. Did you buy things that you did not need or did you use the credit card to supplement your income for necessities. Create a budget based on your income and expenses. Then determine if you can pay off the credit card and how long it will take. If you cannot pay it offin 5 years, then you must file bankruptcy.

Good luck.

Will you do Bankruptcy if you owe the credit card for $12,000.?

Stop - Don%26#039;t do it. Going bankrupt for 12,000 is not a solution. If you feel you will never be able to pay the credit card company back, try to negotiate a reasonable amount of payment per month with the company - or go to Credit Counselling (available in most cities) in order to AVOID bankruptcy. Any bankruptcy will stay on your credit report for seven years - and it will cause difficulty when you try to get a mortgage (and cause your interest rate to be higher). Try to budget to make paying off the debt a priority.

Will you do Bankruptcy if you owe the credit card for $12,000.?

Bankruptcy is ALWAYS a terrible idea, whatever the law says about %26quot;full discharge%26quot;; the fact you once made a conscious decision not to pay money you owed to the people you owed it to will follow you around FOREVER.

You apparently owe half your annual salary, though, which means you%26#039;ve dug a pretty big hole!

The first thing you need to do is to find out exactly why you spend more than you earn, which is why you are in debt; getting in debt has little or nothing to do with how little or how much you earn, and everything to do with spending more than you have. (Don%26#039;t forget MC Hammer managed somehow to spend more than the millions he was earning at one point!)

You have to be BRUTALLY honest with yourself about this, though, you can%26#039;t blame it on medical bills (why didn%26#039;t you have insurance?) or %26quot;bad luck%26quot;. Bad luck mostly comes to those who are unprepared for it...

Since (obviously) you have web access, I suggest you read about how the %26quot;debt snowball%26quot; principle works, you can probably dig your way out in 3 to 4 years, after which (if you invest your extra cash instead of paying debt with it) you will start to build wealth instead of spending money you don%26#039;t have!

Cut up your credit cards! Be free!

Best wishes...

Will you do Bankruptcy if you owe the credit card for $12,000.?

I think that if you made purchases on a credit card, then you should pay your bills unless you%26#039;ve run into a hardship that has changed your life. YOU made the purchases. TOUGH if you don%26#039;t like paying for them. But as I said, if life%26#039;s thrown you a curve ball and you%26#039;ve lost the ability to earn money, that%26#039;s a different story.