Andrew
“Dear Steve,
I am active duty and was stationed in San Diego and we dropped to one income and run up an extreme amount of debt (45,000).
I am looking at options and wanted to file Chapter 13 but is it true that they take all of your disposable income? And if so is a debt reduction company a better option?
Andrew”
Dear Andrew,
It is not true that all of your disposable income is taken. I would urge you to meet with a local bankruptcy attorney and go in and discuss your situation so you can get an actual idea about what your payment would be. With such a large reduction in income and debt I can’t see how a debt reduction company would be a path worth pursuing.
Steve
Get Out of Debt Guy – Twitter, G+, Facebook
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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