Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi Maricel, I am sorry about the anxiety this issue is probably causing you. Generally if you are overwhelmed by debt and do not have the means to repay then bankruptcy is a viable option. You have to remember that the bankruptcy filing remains on your credit record in the US for 10 years. Bankruptcy stops all action against you and your debt and provides time to establish a repayment plan or wipe out your debts entirely. It is not necessarily true that all of the debt would be wiped out. The other option is to speak with your creditors and tell them you can make payments but would like to set up a payment plan. They should be able to reduce the balance and give you time to pay the new balances. This keeps the bankruptcy off of your credit report but still gives you the ability to get out of the burden of debt. There is a website called NACA- the National Association of Consumer Advocates that specializes in your problem and can help you to find a local low coast attorney near you. YOu can find them on Google. Please let me know if I can provide more information. Best, Sean