File Chapter 7 or be a slave for 6+ years?
I have $35,000 in credit card debt. I am unable to find work in Michigan except selling on eBay, which is how I amassed most of my debt. I did well for a couple of years, but loss of sources, increased competition and slow sales over the past 2 years have left me living with my parents and barely able to make my minimum payments. I am not using my credit cards at all, and literally have no money left after bills, food and rent. (I do pay rent, which helps my Mom – it was actually her idea that I move home.) According to the online credit calculators, at my current payments, it will take me more than 6 years to pay off all my cards, that is if I can find the money. Should I just go ahead and file Chapter 7, since I’m probably stuck at my Mom’s house for the next several years, and will be lucky to find a job at Target? Would a Chapter 7 hurt my chances at finding a crappy minimum wage job? After being self-employed four years, I don’t have the resume to get a good job anyway.
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3 Responses to File Chapter 7 or be a slave for 6+ years?
MrKnowItAll
December 14th, 2009 at 8:59 am
Yeah eBay’s new fees hurt tons of folks… Chapter 7 may be a GOOD idea at this point in time, but you need to talk to a lawyer about it, and it will cost a few grand to get everything done. But in the end, you wont have the credit card bill anymore. You need a GOOD lawyer because the way Chapter 7 is structured nowadays, some or all of your credit card debt may follow you forever – so a good lawyer will make sure that does not happen to you.
If you have a lot of stock left, and still have your eBay store running, even if limping along, you may want to instead look at selling your entire business – the eBay store, the stock and the business name. A pre-established business and someone with some fresh ideas may make a good match. Maybe someone will be willing to pay you $40k for everything or something like that.
Ashley
December 16th, 2009 at 11:36 am
Persönlich würde ich nicht Kapitel 7-Datei, wäre ich ein Sklave. Die Probleme, die Sie nach der Anmeldung folgen können, sind horrend. Ich bin mir nicht sicher, wie alt Sie sind, aber ich würde denken, dass Sie nicht wollen, würde noch leben mit Ihrer Mutter in 7-10 Jahren, die ist, wie lange das Zeug Sie beeinflussen können, denken Sie an den Kauf eines Hauses für einen Tag und alle Sachen, die eine lange mit ihm kommt. Warum wollen Sie zu riskieren.
chicafresa
December 18th, 2009 at 10:51 am
what do you think is best to pay 35k in 6 yrs or start from 0 and rebuild your credit? go for it.