Need Advice Please
I make about 30,000 a year and have about 20,000 in credit card balances. I haven't charged anything in a year at least, I'm just trying to pay the balances down. I also own a house jointly with my wife. She also makes about 30,000. The house is worth about 75,000 and we owe about 72,000 (and the house loan has always been current). After I pay the mortgage and utilities, I do not have enough left to pay the minimum payments on my credit cards. My wife has a car payment, and she buys the groceries. We have 3 kids. This year, I used our tax refund to pay my credit cards current, but that surely won't last. I do not want my wife to have to file bk, because her credit is very good; mine is just average, since I have some previous delinquency. Can someone tell me, in general terms of course, if I would be wasting my time considering bk? I just can't afford to pay the cards anymore. I've called them all, but they won't lower my minimum payments.
You would not be wasting time in considering bankruptcy. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help.
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