i went through a divorce 2 years ago. my ex and i split our debt . she filed bankruptcy after we divorced all the debt is soley in my name. i have been trying to pay it off over the last 2 years and i am in worse shape now than i was then I have 412,400 in debt 4 payday loans total of 1,400 and 4 other outstanding debts which are unsecured and amount owed is about $11,000 and they are in collections. i rent a condo and have a 9 year old car from a buy here pay here lot paying $400 a month I make $50,000 a year but my credit score is 520 and with all the high interest rates im getting nowhere. i looked at debt settlement companies but they all seem like scams. What is my best options to get back on track! asap
Unfortunately, your situation is not all that unusual. In a divorce situation that involves joint debt, no matter what the divorce agreement says, when one party files bankruptcy it lands on the other person.
Since your credit score is so bad and what you really seem to need is a fresh start, I think your financial recovery would be faster if you investigated bankruptcy.
If you did file a chapter 7 bankruptcy your debt would be discharged in a few months and you could get right back to rebuilding better credit and a new future.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.
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