Need Advice... to file or not to file

[whymewhyme]

Hi All,

I was hoping that based on experience if anyone in here would be so kind as if to give me advice on my situation....

im 26yrs old

My current debt is 40K(i know its bad)

CapOne 12.5K
CapOne 11.5K
AMEX 7.5K
CHASE 8.5K

Last year at this time I was working 55hrs + with an expected raise of a couple more $ a hr... I was making around 60K a year... and now since the economy... my hours got cut to 20 MAX and no raise.... now im making about 18K a year

My question is....

Should I file Chapter 7?
Should i try to borrow money from some relatives... and try to do some settlements?

How much worse is a BK on your record as opposed to a "settled for less" mark on your record?

Do any of you regret filing chap 7?
10 yrs seems like such a long time... is there life after chap 7?

Im scared and dont know what to do....

[NoMoreRed]

My best advice would be to contact a bankruptcy attorney in your area and schedule and initial consultation with them. There are many who do an initial invitation for free. At that time you want to openly discuss your financial situation and express all of your concerns, as well as, ask all of your questions.

Between now and the time that you do talk to an attorney, write down every question you think of that concerns you so that you don't forget when you get there. This will help because you'll probably be nervous and by having those questions to reference you'll get the most out of your consultation.

[whymewhyme]

Thanks for the reponse no more red,

I have spoken to a BK lawyer and she has confirmed that I should file BK chap 7 and that I would have a 99.9% chance of clearing everything off....

Im scared of the mark it will leave 10 yrs from now...
im 26 now, but i do want to buy a house somewhere down the line... or even a car...

I just wanted to know how hard life would be after I file....

Thanks!!