Should I file for Bankruptcy???

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  Posted by mimelanidiamond Fri Aug 29, 2008 2:27pm PDT

  Yes, i think you should file i don't know how old you are but, look at it this way...once you have filed and everything is complete you have a fresh start and you have learned a valuable lesson. You can manage better and not get caught up in the credit card thing. Just pay your living expenses until you get a job that pays you enough to take care of your family and then start applying for credit if that's what you choose. The best of wishes to you and keep your head up even when your feeling down!

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  Posted by Suzanne Fri Aug 29, 2008 2:37pm PDT

  Lucy,

  Don't lose hope. You do have options. And bankruptcy is not the end of the world - you will just have no credit to fall back on. You said you're in Texas - I know there are credit counseling agencies in Texas (I live in Dallas). Whatever counseling you receive, it should be FREE and should NOT go on your credit report (ask to make sure that these rules apply). If you do decide to go bankrupt, that will cost you money - a few hundred if you do it yourself or well over $1000 if you go to a lawyer. If you want to try to do it yourself, go to your county's library (not the public library but the court library) and ask the librarian for help.

  Try to open yourself up to daycare. There are low-cost options, and I know you can sometimes get government subsidies for it. Try the local churches - sometimes they have the best daycares at the lowest cost. I went to daycare from the time I was six weeks old until I started kindergarten (and continued for after-school), and I'm just fine. Daycare can be a great place for kids to interact socially and learn a great deal. Most daycare kids enter kindergarten able to read and write (and thus about a grade level above their peers).

  Also, find a headhunter to help you get a better job. I don't know where you moved here from, but Texas is about in the mid-range for salaries nationwide. You shouldn't have had to take much of a paycut (unless you came from LA, NYC, or another expensive metroplex).

  With a credit counselor or alone, you need to sit down and go through your budget. Get your bank statements and credit card statements for the last 3 months. Total up how much you're spending each month on rent, food, insurance, car payments, gas, etc. Figure out where you can make adjustments.

  I'm trying to think of how you can find a trustworthy credit counselor... maybe someone else can suggest one (it can be hard to tell the good from the bad). Try calling your local university. They usually offer credit counseling services to their students, and even though you're not a student, they ought to be able to at least refer you to another agency. Or, like I said, go to your county court library and ask the librarian for a referral. These people usually really know their stuff.

  Before you consider bankruptcy, you really need to make a plan for preventing yourself from ever going into debt again. You can do this. I know how stressful and scary it is. You'll be okay.

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  Posted by meldorr Sat Nov 15, 2008 9:41pm PST

  I don't know if you are still watching this blog, but YES you should file, as long as you think you have learned your lesson. I filed in April and it is the best thing I have ever done. Now I have absolutely no bills (except for a small van loan that will only last 13 months). I owe nothing. Now I can buy groceries, ciggarettes, household goods, whatever I need, I no longer have to borrow from my mom, or anyone else. If I want to go out and eat I can, I haven't quite gotten a grip on saving up yet though. I have a savings acct. but it isn't growing, I am enjoying the freedom too much. But I am not making bills. If I have cash to pay, I buy it, If I haven't the cash, I don't get it!!

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