What kind of debt situations qualify you to delcare bankruptsy?
I am 21 years old and in k of credit card debt. I make just about k a year. I made a lot of stupid decisions when i first got my credit cards. I am living at home and unable to to move out, or do anything at all for that matter. I don't spend any money and I put all my money towards bills though a credit counselor. Would I be able to declare bankruptcy?
[ad]
If you are making 14k a year and are 15k in credit card debt you do not want to declare bankruptcy. The fact that you have a credit counselor is good sign that your taking thigs seriously and havea good shot at pulling yourslef out of debt. Beware that even though some credit counselors say they are non profit they still charge fees. So make sure you know where your money is going, ask you conselor to show you everything he does. My biggest piece of advice is to not declare bankruptcy. You are young and you have time. Stick to the plan by cutting expenses and paying off your debt little by little. If you ever want to move out of your house your going to need good credit to buy or even rent anything. In fact future employers can check your credit history as well. Bankruptcy will leave a terrible mark on your credit report for up to 10 years. Another important thing to avoid is taking out a loan to pay off this debt. This option seems tempting, but in time makes your situation worse.