Should i file banruptcy

I have credit card debt that i know i will never be able to afford to repay. The debt has been deliquent for about 2 years. I tried a debt settlement program for a while, and was paying about 350 dollars a month for that service. I think during that time they were able to pay 2 of my credit cards off. but i could barely afford to eat. I dropped the settlement program due to the inablity to pay them. None of my creditors have threatened to sue as of yet. In Ohio they have a 4 year window to do so. Should I just go ahead and file banruptcy knowing i don't have the finances to resolve the situation?

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Answer 1 / 4

Submitted 311 days ago...

Jodi-Mesa

Brain (2,795)

No no and no. You will have a black mark against your credit for 7-10 years. This will affect you, your future spouse, and kids - a lot can happen in 10 years. PLUS the bankruptcy laws have changed now so that you will more than likely file chapter 13 and have to pay back your debt anyway. Then they can garnish your wages and you have less control than before. It's bad bad news.

http://www.moneymanagement.org/

Here is a website for a nonprofit company that will help you manage debt. They are not in the business of debt consolidation like the last people you were with, but these are financial planners that will help you figure out what to do.

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Answer 2 / 4

Submitted 162 days ago...

SpringTime

Authority (288)

Don't file for bankruptcy unless it is the last choice. plus with the new laws you aren't getting out of your debt Scott free any more. do what you can to repay it

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Answer 3 / 4

Submitted 125 days ago...

rubinsam

Beginner (11)

I suggest you should go with Debt Consolidation Loan, Debt consolidation is probably the best thing that any person that finds themselves in debt can do for themselves to ensure a bright financial future. One fixed monthly payment on a strict schedule can allow you to budget accordingly and actually see an end to the monthly payments. For your reference http://www.ezconsolidation.com my one of friend had recently consolidated his loan from there with bad credit and also with minimum rate of interest to pay all of the debts, you can try this source this will be good option for you.

Best up luck dear.

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Answer 4 / 4

Submitted 125 days ago...

Newborn373

Beginner (22)

On an unsecured debt thay can only collect for 3 years after that it's OH WELL.. But you must tell them of the statute. It also depends on what state you are in ...you can look up the statute of limitations for your state.

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