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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2659
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I temporarily had a loss of work hours resulting in

Customer Question

I temporarily had a loss of work hours resulting in defaulting on half my cards, falling behind on many other payments, and taking cash advances. I finally began working more, but am still struggling to make payments; I have 2 car payments, a title loan and about 16 credit cards, with half of them defaulted, and 5 in debt collection. I also owe the IRS about 6K dollars.
I'm attempting to keep making payments on my card and cars, even though my credit is already down the drain.
Is bankruptcy my best option?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  mmdesq replied 1 year ago.

Good Evening,

I will try to best answer your question.

You should definitely consult with an attorney regarding bankruptcy. In a nutshell when you file bankruptcy you're basically trading your credit score for 3 years in exchange for eliminating unsecured credit card debt. The higher the amount of unsecured debt the greater the benefit of the bankruptcy. Based off the information you provided it sounds like bankruptcy would def hunt provide a substantial debt relief to you. If you decide to file bankruptcy you should stop paying your credit cards immediately as making extra payments will do no good for you if you ultimately do file bankruptcy.