Re: Huge CC Debt - Advise Needed

Posted by LadynRed (199.91.33.254) on September 26, 2003 at 11:35:29:

In Reply to: Huge CC Debt - Advise Needed posted by Hopeless in TX on September 26, 2003 at 09:43:24:

You live in a debtor-friendly state :) As Samantha mentioned, the exemptions are very favorable, especially the homestead and vehicle exemptions.

My only comment to add to hers - list EVERY expense in your budget. The biggest mistake people make is underestimating their actual expenses. You don't just list mortgages, car loans, utilities, phone, groceries. You list it ALL. Vet bills and pet care (if ya got 'em), dry cleaning, postage, clothing, personal care, shoe repair, b'day and holiday gifts, insurances, gas and auto maintenance/repairs. Just because you don't spend money on something EVERY month doesn't mean you don't spend that money repeatedly during the year. Sit down and make a list of all of that and average it down to a monthly number.

Bankruptcy, at this point, is going to be your best remedy given your circumstances. Its not a death-knell for your credit forever. You could qualify for a home loan in 2 years. You just have to carefully rebuild your credit post-discharge and your recovery will be much swifter than years and years of muddling thru with bad, bad credit.

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