I live in AL and will be moving to AZ. I have $60000.00 in credit card debt
. I have one judgement against me from one of the credit card companies already. The cards continue to accrue fees and interest. When I call the credit card companies, I am told they have sold my debt to third parties. When I call those companies I am told they will not tell me how much I owe them. I no longer have any credit cards, only a debit card and I live only off my income. My credit rating is quite low.
I have no assets
except my car, clothes, household goods and most importantly 60 acres of farmland in IL. The land is in a trust with my siblings. I can only sell the land to one of my siblings. I cannot sell it to an outside party. So the value of the land to me is quite limited.
My income is limited and I do not believe I can pay off the debts. Making payments barely covers the interest and fees. I do have to pay rent
and buy food.
I would like some advice on the best way to proceed to get out of this mess. I am considering credit counseling, debt relief programs, and bankruptcy. Would any of these avenues help me?
I would also like some advice about what to do with the land. I do not believe either of my brothers would be willing to buy the land from me. If they would I would use the money to pay off the debts. If they will/cannot, I am thinking about giving the land to one brother and excluding it from any bankruptcy process.
To summarize, how should I best proceed to get out of the mess I have made for myself?
Will the land be an issue if I were to file bankruptcy? Do I need to dispose of the land before filing bankruptcy?
Thank you for your advice and help.