I currently thinking about BK but just don't know

[Boysmom]

I have no idea what to do, i have about 11,000 in debt and have just sold my home, we only got 3 grand from the sell and we used that to pay down some of the debt we've accumulated! My credit score is wonderful at about 740 right now and I don't want to ruin it but it's about to ruin itself when the min payments raise on my cc's- they are going from 250 to over 700! I'm not sure what I want to do but I could use some help! Should I file or just try to get a loan and pay off everything with a lower interest rate? THANKS

[keepmine]

Don't file over $11K.
First thiing you do is stop using thecards while the damage is this containable. Next, I'd look for a pt job or weekend work and dedicate those earnings to payiing off the cards. If you can consolidate the cards at a lower rate do it but, don't run those cards back up again.

[Boysmom]

NO WAY, lol! I'm sooo done with those stupid cards! lol! I have 2 little boys I have to be home with getting daycare for a second job isn't worth it! So thats out... BUT I plan to pay everything off and not go through this. We are planning on just living extermly simple until they are paid off witch i'm hoping if all goes well can be at the end of the year! BUT thats if we move from this duplex and first the co leaser has to sign the paper work hopefully this month we'll be moving!

[needachance]

Don't file over that. I would work nights while my husband slept before filing over 11,000. If only we had come to our senses at 11,000.

[relief13035]

Don't do it. That is way too low of an amount.

[Billssuck]

I agree...don't file with just $11K. Actually, I'm very envious that you realized you were having a problem before it got too big and could be controlled. I think I read in a sticky in this forum that if you can be disciplined and pay off the debt in less than 5 years, then you shouldn't file. The trick is to be disciplined with it and to learn to not go back to your old lifestyle that got you the debt.

[HHM]

Well, the amount of debt is relative. Although objectively $11K does not seem that much, it really depends on where this person is at.

$11,000 credit card debt for someone only earning $20,000 per year is the same burden, or worse, as someone with $40,000 of credit card debt and making $60,000 per year. Most of us would probably recommend BK to the person in the later scenario.