I have about 90k in cc debt. I signed up with Simon and bocksch ( the debt answer) back in January and have made 4 payments. The collectors keep calling and say I am an idiot for enrolling in this scam of a program.
Should I do this on my own? Should I talk to a bankruptcy attorney? I make about 200k per year, but with all the debt and my 2 mortgages, I will never catch up unless I do something. would I even be able to go bk? Thanks
You should absolutely talk to a bankruptcy attorney if for no other reason that to get their impression of what bankruptcy would mean for your specific situation. Talking to a bankruptcy attorney does not mean you are going to file. It means you are getting informed.
I would not say you were an idiot but the collectors know that the success rate of debt settlement programs is very small. In fact you might want to look at the information from the Senate hearings on debt settlement to give you more insight into the industry.
Bottom line, just statistically, I would not be assured that a debt settlement program is going to be the right answer unless you already have $45,000 laying around to settle with.
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