Please help me.. I am so lost and scared

[lost and scared]

I was reading this forum last couple of days and I found very important informations. Thanks to you all.

Here is my story..

I have credit card debt of about $50,000 . I have used more than 15 credit cards. Most of my cards balance are $3000 to $4000 except three cards which I owe $8000 and $6000 and $5500.

I had a very good credit history until summer of 2007. Once I had debt of $40,000 and I brought that down to $14,000 until last summer. It was five years of hard working to bring my credit balance down.

A lot of life changing events happened to me last year and I lost the interest of life.

I started to spend a lot of money and I could not afford with my paycheck.

So, I started to use my CC and I spent huge amount of money in just couple of months. I thought , I would pay them back but it went so far beyond my control that I stopped paying CC.

Now, I have a part time job which only pays for my rent and food. I did not pay CC bill since July 07.

I did not know what I was doing that time, as I told you I was going through a life changing event.

Now, I do regret. I regret a lot. but my hands are tied up. I have nothing to do. I can't go back and udo everything.

Could you please advise me what I can do now ?? Please.. I am getting phone calls and I can't sleep well . The stress is killing me silently.

I don't have a house or any asset. I can give away anything.

Do you think that I can file bankruptcy ? I am going to meet an attorney very soon, but I need to get some advise from you.

[JRScott]

First buy an answering machine. Turn down the ringer (in essence just turn it off).

Let the answering machine have a message that clearly identifies your name.

Then let it pick up all calls. Call back those you want and just delete the others. (you probably if you got call waiting can just switch though the phone numbers to see if friends called you).

I do believe you could file bankruptcy. It sounds like you are an ideal candidate.

If its been a year since you used the cards that should help as well.

There is no debtors prison in the United States. If they are over a year old I don't think they'll object, but all the company could do is object to the cash advance being discharged on a case by case basis. If they are successful then you'd still owe that portion of the debt.

You should be prepared to tell what you spent the cash advances on should the question arise.

[lost and scared]

Thank you so much for your reply.

[JRScott]

If its 10 years I doubt they have the documentation necessary to prove you misrepresented your income at that time, and given a decades passage it is unreasonable to assume you'd be at the same job and income now.

However this is something you should mention to a lawyer so that he's not blindsided just in case.

[Flamingo]

You have probably seen all the recommendations from the regular posters on here about getting several consultations (most are free) with several BK attorneys. You will need to do that and take with you a full and complete listing of all your debts, monthly payments, sources of all income, listing of assets and your most recent tax returns. You will be advised as to what you can and cannot do and will know how you stand financially. If you do file bankruptcy, learn from what occurred here and stay away from the credit cards - they are not candy and as described on Nightline last night on TV, can be a snake in your pocket and ruin your life.

[Confused14]

[Logan]

If its 10 years I doubt they have the documentation necessary to prove you misrepresented your income at that time, and given a decades passage it is unreasonable to assume you'd be at the same job and income now.

However this is something you should mention to a lawyer so that he's not blindsided just in case.

I wouldn't bother telling anyone. 10 years is too long and they never ask anyways.

[FreshLikeADaisy]

As much as I am a fan of truthfulness and complete disclosure, I have to admit... in this case, I'm with Logan. Don't mention it until asked. Like JRScott says, it is very unlikely that they will still have your original application on file, or consider it a factor in your bk. But if you do tell your atty, tell him/her the WHOLE truth, don't hold back.

If you have a full year between filing and your cash advances/balance transfers, you're actually in very good shape. Many people go into bk without putting that much time between them, and it puts them at a disadvantage. You're actually in good shape to file.

Bk atty consults are usually free -- go see two or three and hear what they have to say. You might be very pleasantly surprised. But don't just see one. See several. This is better for you as a consumer. And keep reading all about bk, so that you can ask them good questions.

I truly hope things get better for you and that you regain "the interest of life".