Before you consider bankruptcy
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Posted by MCM bait
(66.149.179.202) on March 17, 2004 at 18:08:54:
In Reply to: BK not an option... now what? posted by sparky on March 17, 2004 at 15:39:08:
How much credit card debt are you talking about here, and at what interest rate? Have you tried talking to your creditors to see if it's possible to get a temporary reduction in interest rate? If you're dealing with a huge amount of credit card debt, a small reduction in interest rates could make a *tremendous* difference. It seems to me that you are in somewhat of an enviable position in that you are still current on your accounts, albeit while paying the minimum payment, and that your company is at least generating some revenue. I would think that your creditors would be much more receptive to the idea of temporarily lowering the interest rate while you're current, rather than after you've defaulted. I wouldn't recommend a consolidation or home equity loan, however, unless it's a small debt (which it doesn't sound like it is, from your post). Transitioning unsecured debt to secured debt is seldom a wise move. But if you can get the interest rates down on your credit cards, it may accomplish the same objective.
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