What Can I Do If I Can't Pay My Debts

  • Julie

    khoảng 1 10 năm trước
  • First, ask your creditors for the time you need. Of ask if you can make a series of small payments over a period of time. If any creditors agrees to one of these arrangements, write a letter to confirm the agreement. Keep a copy of the letter. You might try using the services of a credit and debt couseling agency, but be sure to shop carefully until you find one that you believe gives good advice. If the creditors won't give you more time, you can file for "Chapter 13 Bankruptcy" in the nearest United States Bankruptcy Court. Chapter 13 allows you to stop all collection in exchange for your promise to pay your available funds to creditors under the Chapter 13 plan. The repayment plan allows you to pay your debts over a period of time between three and five years. At the end of this time, all your debts are cancelled, even if you have not paid them in full, as long as you fully performed your plan.

    You could also file a chapter 7 bankruptcy, this mean you ask the bankruptcy court to cancel most of your debts because you don't have enough money or property to pay them off. However, chapter 7 bankruptcy will effect your credit and it will stay in your credit report for 10 years. So Think Twice.

  • tieulam

    khoảng 1 10 năm trước
  • First thing is to stop spending on anything that is not absolutely nessessarỵ You will amaze to see how much extra buck you will have. If that is not enough, try to consolidate all your debt in to one to make it easier to manage. Use bankruptcy as your last resort because that will affect your credit rating.

  • annho1936

    khoảng 1 10 năm trước
  • if you are second card holder, and primary filed bankruptcy,how would it affect yỏu

  • Julie

    khoảng 1 10 năm trước
  • if you are a secondary card holder, and the primary filed bankruptcy, the primary will be all debt clear and the creditor can go after the second card holder.


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