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Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

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Scott Bilker

Author and creator of DebtSmart.com

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Liz Pulliam Weston

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Got A Tip?


Put yourself in my shoes, should I file for bankrupcy? If so, what is the benefit filing for banrupcky?


Recently a member from my church congregation gave me a brake down of my total debt and stated base upon my current salary(which alot less), I should find another option to pay down debt or to file for bankrupcy. As for as my fixed expensed: my mortgage will be pd current the month of Dec. and will call regarding my student loan, request for another forbearance plan. Also a payday loan will pay off next pay period. The only thing I have not able to pay are my credit cards because trying to get my fixed expensed paid current. Not to mention other expenses such as: car maintenance, car registration etc., overdraft bank acct, etc. Should a file for banrupkcy for my entire debt because not able to pay my credit cards. Really, I do not want to file for bankrupcy because it can make your opportunity for future finances not so great. I am also seeking a better paying job( more income). I appreciate your answers.

Shared by marah2448 on 11/17/08

I am not an expert, nor really qualified to be giving such advice... but here are my thoughts, questions... have you called your credit card companies and spoken to them about your situation and tried to negotiate something with them? You might also, if you have not looked into it, contact a Consumer Counseling service that may be able to help. I have heard that filing bankruptcy is not what it used to be, and just because you file it and take substantial damage to your credit, you may still be required to pay it back or a large portion of it. Again, I am not qualified to give such information, but I would exhaust all other possibilities before filing. Speak to whoever you have debt or a service that is qualified to help and you may be surprised at what happens. I wish you the best.

  • By eherzer
  • on 11/17/08 3:10 PM EST

Have you considered reaching out to one of those credit counseling agencies? They're great. They will negotiate a reasonable monthly payment for all your credit cards, based on your income. That's how my husband was able to become debt-free (though be warned, it took him 5 years to pay off about $10,000). Check out the National Foundation for Credit Counseling and find someone in your area. Here's the link: Link

  • By LMAYO9
  • on 11/17/08 3:02 PM EST