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I recently lost my job due to downsizing and now I must be selective of what debts I pay.?

Of course my house payment,car payment, insurance, utilities and food come first. There is nothing left for 35,000 dollars worth of credit card bills. I know that is a lot of credit card debt but I was making really good money and those debts were accumulated over years. Should I file bankruptcy? I called the credit card companies they refuse to work with me on this even though I have never been late on their payments. What to do, I am two months behind now. Firstnameagad A, please serious answers only, no soliciting or garbage.

Asked By: mj - 1/31/2009
Best Answer - Chosen by Asker
I would not pay anything until you get a job. If you haven't noticed, jobs aren't falling out of the sky anymore. Even if you are super qualified, I'd pull up a seat for the long run. During this time, the credit card companies are going to continue piling on the interest and late fees. They are really just digging... More
Answered By: FreakyGeeky - 1/31/2009
Additional Answers (5)
If you are already 2 months behind they won't be very helpful... More
Answered By: vincenzo s - 1/31/2009
 
house, utilities, food, medicine..... consider selling the car..... welcome to the world of credit cards. they dont care that you paid on time for 300 years. send the credit card companies something every month, even if you cant do the full amount.
Answered By: Debt_is_Dangerous - 1/31/2009
 
Do you have positive equity in your home? Many years ago when my father was waiting for ss disability to start and my mother was laid off, they did a cash out refi which allowed them to take a portion of the equity in the home to pay other bills temporarily... More
Answered By: moglie - 1/31/2009
 
If you expect to find a new job, it would be better to avoid filing bankruptcy, and repay the credit cards when you obtain a new job. If possible, either (a) borrow against the equity in your home to obtain money to pay the credit cards, or (b) sell your car.
Answered By: stephenweinstein - 1/31/2009
 
- Chapter 7 is the version of Bk that discharges most debts like credit card debt. To file Chapter 7 you need to pass a "means" test, which roughly translates that your income must be below the average for your state. Contact a local BK attorney to see if you quality to file for Chapter 7. If you qualify to file... More
Answered By: SlimMick - 1/31/2009
 
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