Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
Spanky1217

0 Contributions
0 People Helped
Should I give up and file for bankruptcy?
Long story short. I am on SS disability. Went through a divorce that was financially devastating almost 2 years ago. Was left with all the marital debt and out of ignorance thinking we would reconcile, paid it all except when our marital home sold and I had to take money to the table to just get rid of it. As a result, I have accumulated 24,000 in credit card debt the last three years. My monthly disability just covers my debts not including gas and groceries which I have to add a minimal amount to my credit cards each month just to survive. I should add that I really want to try to reenter the work force so I am taking college courses. My payment history is excellent and my credit card history is hurting my credit score. I feel like I am trying to save the Titanic. If I filed bankruptsy and was relieved of that credit card debt, that would free up over $400 per month for gas and food. I don't know what to do. Until my divorce, my credit score was low 800's now it is 643 which according to Credit karma just dropped because of this credit card debt. Lets face it, how much worse could a bankruptsy hurt me. Please help. I am desperate.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1134 People Helped

The thing is, if your credit is only down now due to high utilization on your cards that is reversible by getting the balances down, it is only a short term problem with an easy remedy. Bankruptcy on the other hand will cause significant and long term damage and there is nothing that you can do to reverse that. I am not sure what to tell you because it does sound like you are in tough financial situation, but I just wanted to give my two cents. You may want to consult with a bankruptcy attorney to see what they say as it sounds like it would be difficult for you to pay off the 24 grand.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.