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Bankruptcy right for me???

I was out of work for almost a year and I also had an online smoking accessory company. Mostly lighters, ashtrays and cigar/cigarette cases but that went out of business this summer.

My credit card debt went pretty high because of the trying to maintain the smal business and living day to day while I was looking for work. I’m in debt for $55K!!

I’ve been able to make payments every month just to maintain my good credit standing but it’s getting to be too much. I feel like I have the weight of the world on my shoulder.

I can’t even think straight I’m so stressed. I realy don’t know what to do…

I could refinance the house but that would only give me about $35 to $40K… I’d still be in the hole for $15 or $20k in debt. I’ll never be able to pay off the debt. It’ll take me 40 or 50 years to pay off this debt.

I took a job so I could have some money coming in but it pays much less than any of my previous jobs but at least it’s steady income. I have my back to the wall and feel overwhelmed… can’t keep this up anymore. What can I do???

Alex

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  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Alex,

    Have you looked into how bankruptcy may benefit you? Speaking with a
    local bankruptcy attorney (or 2) will help you understand whats involved
    in the process and how it can bring you the relief you need. If you can
    qualify to discharge your unsecured debts in a chapter 7, this may
    allow you the breathing room you need.

    If you
    learn something when consulting with a bankruptcy attorney that gives
    you pause about filing then look to see how settling the accounts for
    less than the balance may work for you. If you want to see a rough
    estimate of what amount of money and time may be needed to succeed in a
    debt settlement plan, check out the debt relief calculator on this site
    linked here: http://getoutofdebt.org/resour

    Enter
    each of your accounts in the calculator starting with the field
    provided and click “add”. A new set up blank account fields will appear
    below the one you completed. Fill that in with a second account. Click
    add for each additional account then click calculate. Look at the
    summary to get a good feel for the amount of money and time that will be
    required to complete settlements with your creditors. The summary also
    calculates the cost and time lines for a debt management plan as well as
    a debt roll up strategy.

    If you have questions or concerns after the debt relief calculator exercise post then in a comment reply below. You will get helpful tips and feedback.

  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Alex,

    Have you looked into how bankruptcy may benefit you? Speaking with a
    local bankruptcy attorney (or 2) will help you understand whats involved
    in the process and how it can bring you the relief you need. If you can
    qualify to discharge your unsecured debts in a chapter 7, this may
    allow you the breathing room you need.

    If you
    learn something when consulting with a bankruptcy attorney that gives
    you pause about filing then look to see how settling the accounts for
    less than the balance may work for you. If you want to see a rough
    estimate of what amount of money and time may be needed to succeed in a
    debt settlement plan, check out the debt relief calculator on this site
    linked here: http://getoutofdebt.org/resour

    Enter
    each of your accounts in the calculator starting with the field
    provided and click “add”. A new set up blank account fields will appear
    below the one you completed. Fill that in with a second account. Click
    add for each additional account then click calculate. Look at the
    summary to get a good feel for the amount of money and time that will be
    required to complete settlements with your creditors. The summary also
    calculates the cost and time lines for a debt management plan as well as
    a debt roll up strategy.

    If you have questions or concerns after the debt relief calculator exercise post then in a comment reply below. You will get helpful tips and feedback.

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