I will try to help you with this.
How many cards are involved? Are you just making minimum payments now? Do you know your iterest rate?
Do you have any assets? E.g. equity in a house?
Thanks for that information.
I do not have enough information to know whether you qualify for (and would benefit from) bankruptcy, but I am inferring that you probably would qualify. This depends in part on your assets.
As for credit counselors, your skepticism may be well placed. Those companies in California are regulated, and you can find some general informatio about the regulatio of them e.g. here: http://ag.ca.gov/consumers/general/credit_counseling_agencies10.php.
As for whether you should file for bankruptcy, there are a lot of things to consider. You probably should, however, contact the lenders first and speak with them about giving you a different payment plan, in view of your job loss. Of course, you don't want to pay that interest rate for an extended period, and so one issue is whether you anticipate that your financial situation will change (e.g. whether you are likely to obtain another job). There is no way to force the credit card company to accept a lesser amount, or change the payment schedule, but if they know that you may file for bankruptcy, then they may be willing to work with you (and they should be so willing). If they will not deal with you, then you may have little to lose and a lot to gain by filing bankruptcy. You of course have to file a lot of paperwork and pay filing fees, and you may want to hire an attorney to assist you. The bankruptcy will be on your credit for 7 years. If you are fairly certain that you will file for bankruptcy, then you may want to simply stop making payments. Their only remedy is to sue you and then attempt collection. So, in a sense, the ball is in their court. I have represented debtors in that situation, and I can often resolve those claims for 50 cents on the dollar.
Please let me know if you have more specific questions about this. If this has answered your question, please click "accept."
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