I am not a great storyteller so here is my situation- I have three accts with AMEX that are charged off and are about to go to collections total is about $8,000 I have credit acct with BoA that is charged off to the tune of $5,000, I don’t know what to do.
I lost my job and was unemployed for 5 months and now I am employed but can’t get back in their good graces. I really could only afford about $200/mo total in payments towards these without causing myself or my family problems. How can I try to get this done? What should I do? Doesn’t seem like enough to file for bankruptcy but I also want to avoid court…any thoughts? Do you need more info?
I think the technical issues surrounding your situation answer the question for you. With $13,000 of debt your monthly payment in a credit counseling program will be $260 – $300 a month. That might simply be out of your reach.
Even if you did enroll in a credit counseling program you would need to make that new minimum payment each and every month for the next 60 months.
It might just be that your best course of action is to contact both a debt management company and a local bankruptcy attorney. Talk to both groups and then after educating yourself about what each has to offer you can make an informed decision that is best for you.