$50,000 in CC debt, lost job two months ago - time to file?

[mantaray]

Hi - I'm new to the forums, and trying to gauge whether or not it's time to file. My story is simple (and like many others here, I expect). I've been a credit card juggler for about eight years now while trying to get a career started, and I've been unable to make any dent in the debt despite trying. I recently lost my job, and now have about $50K in CC debt with no income, and I'm struggling to find work.

Until this point, I've paid my bills on time.

I'm wondering whether it is now time to get rid of this debt once and for all via bankruptcy. Would you guys consider me a good candidate for bankruptcy, or should I continue to borrow from family members to pay the debt each month?

I also have a $300K mortgage on a house that is worth about $280 (bought over market value at the absolute peak of the market), and I have about $60K in student loans. I'm happy to pay these debts, but I can't pay the CC debt on top of this.

Thanks!

[Flamingo]

BK may solve your debt issues but it will not solve your unemployment issues. Also I am sure you know that your student loans are not dischargeable in bankruptcy. I suggest to you that you stop paying all your credit cards and just pay your secured debt and get several consultations with BK attorneys to find out exactly where you stand and what you can or cannot do in the state in which you reside. Also your family paying your debts while you are unemployed could be viewed as a source of income to you so I suggest you put together a complete listing of all your debts, monthly payments, sources of income, a listing of your assets and copies of your most recent federal and state tax returns and take all that with you to your consultations.

Best of luck to you.

[fireworks]

I second that motion. If you're thinking about filing, stop paying all un-secured debt, stop using your credit cards. Don't file until you have an income again. Having a bankruptcy on your credit report can hurt your job prospects, but once you're hired on they can't legally fire you for filing.

[Shakin]

I will give you solid advice right now.......seek out the best attorney you can fine. Give them a retainer and let them map it out for you.

In the end you will find that they will navigate you through these waters.

Just be sure you find the right attorneys. It was the key for me and I still worried.

I am 30 days from discharge and so far my attorneys have not let me down.