Attitude is a little thing that makes a big difference.

Sir Winston Churchill

Should I file for bankruptcy with a $100,000 credit card balance?

Friday mid-afternoon , March 20, 2009.

This is a question that I’ve transcribed from, to give an honest answer to Ruth.

Before you begin to think I’m too paranoid, I just want you to ask yourself: if all these counseling services are non-profit, how do they make a living? The dirty truth is that banks are behind them. Now you know, caveat emptor.

Here’s Ruth’s question:

Over the past 10 years, my husband and I (mainly me) have run up credit card debt of about $100,000.00. We have 10 grandchildren, and my son has been in and out of prison. We have been taking care of them, buying all their clothes, paying for rent, day care and bills. It has come to the point I have to pay bills with credit cards because I don’t have enough cash. I juggle and rob Paul to pay Peter. I’m turning into a nervous wreck.

I finally told my husband how much debt we have, and he wants us to file for bankruptcy. We spoke to a bankruptcy lawyer. He told us to buy new two new autos because he said we need collateral debt. He also said to make payments on cards that have been charged on in the last two months and just stop paying on the others.

I’m not sure what to do. Praying hasn’t helped. I thought of some kind of debt cancellation, but my husband and the lawyer think not. Any ideas? —Ruth


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