Im 18,000 dollars in Debt should I file for bankrupt?

Question

Im 18,000 dollars in Debt should I file for bankrupt?

Answer 1

not enough info,

if you aren't making anything, have a crappy paying job that barely pays the rent.

then YES< for it, that is a lot of money.

Answer 2

In the big scheme of things, $18,000 is not a large amount. Keep in mind that you may not erase all of that debt, you will most likely lose any liquid assets you do have and your credit will be ruined for the next 7-10 years. Better that you think about what got you into this mess so you don't do it again.

Answer 3

No do everything you can before that.  Get another job.  Plan a budget, consolidate bills, ask the credit card companies to lower interest rates or anything they can do.  Don't get anything you dont need!.....Walk to places that are near you instead of drive.  Sell your vehicle and do public transportation.

Answer 4

Not enough information. What kind of debt do you have? What is the reason for the debt?  What is your income?  How old are you? Are you married? Can you get it restructured?  

Unless you have become unable to work, my suggestion is to get a second job and pay off your debt.

Reasons for the questions - certain debt, such as student loans and judgements are not affected by bankruptcy. You owe them until you die.  If you have a good income, you can make arrangements to restructure to make payments more tolerable and to bring down interest rates.  Reasons for the debt - if you had a medical issue or a divorce, that is completely understandable. If its all credit card debt for overspending, the judge may choose not to allow it to be forgiven but insist upon a payment structure instead.  If you owe on a vehicle, you can either give it back or pay up - you do not get forgiveness on this.

Answer 5

How much money do you make? If none, you better look for a job then contact your creditors and try to negotiate.  There are some legitimate credit counsellors that you can talk to instead of jumping to bankcruptcy right away.

This site might help:

http://www.happygodebtfree.com