Major Debt Panic!!!!

[liveandchi]

What should I do?!!?

Many of you know that I'm having a hard time with our current debt and I'm trying to get it in order so I don't have to file for bankruptcy. Now I read in the paper that they are going to make it harder and more expensive to file for bankruptcy.

What should I do? If I keep trying and in the end I can't, by waiting I may not be able to get rid of my debts with the new law. And it sounds like the whole process will be even more expensive.

So if I keep trying to do the right thing, I probably will be penalized if I can't manage it. What is the best answer?

[PRICEPLUS]

First thing to do is step back from this and take a deep breath. Clear your head before you decide to do anything.

As I understand it the bankruptcy court now has more leeway to put you in chapter 13 rather than chapter 7. How much you would have to pay back may be dertermined by the court.

Do an internet search and find out the information pertaining to this legislation. The credit card companies have been advocating for this legislation for years.

In the end only you can make the decision as to what to do. How would chapter 13 affect your life as opposed to chapter 7. I wish you the best of luck and hope you reach a decision that you can be comfortable with.

[terry1156]

priceplus is right, step back and look at all your options. From what I have read, you do have a bit of time. The legislation hasn't been signed into law yet and it won't take effect until 6 months after it is signed into law. That should give you some time to think through and decide what option is best for you.

[Momof3grls]

yes take a deep breath & see what you can do to change your situation maybe move all cc's to 0% interest or low interest & see about what you can do for extra cash & cutting back on what you buy. And then see if thiers stuff you can sale maybe an extra car or have a garage sale or ebay some stuff then cut spending to the bare minimum maybe take a weekend job or something to help pay off the debt