I am not behind as of yet because I have been using savings to make the payments; but I have exhausted my savings with this month's payment. I owe a total of 42,000 in credit card debt but this one is by far the largest, 30,000. I could afford paying on the remaining ones if this one were adjusted or eliminated. I know that in most cases until you default they will not negotiate with you. I have tried. They told me go ahead and default or file bankruptcy then they would sue me for what is owed.
My current credit score average between all three credit scorers is 748.
What is a chapter 7 bankruptcy?
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