I have credit card debt, student loan debt, and other personal debt. I just started working full time in August 2011 with an pay increase in April 2012 and I have a credit card company taking me to court already. Trial date is June 13, 2013. I also still recieve SSI disibility and I got in debt when I was on SSI disability. I had made a verbal agreement to make a 50/month payment starting in March but since I recieve the warrnet in debt in Feburary 2013, I wanted to have everything in writting. The judge ordered a bill of particulers and I have to file a ground of defense.
Should I file Chapter 7 Bankrupt or work out the debt with the lawyer? If the statue of limination is 3 years in Virginia and a creditor try to sue or get a judgement aganist you, what happens then?
I think you need to approach the situation by taking a step back and looking at your overall financial condition instead of just reacting to this first event, of which there will probably be others.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, 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 what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.