Need Advice

[KansasMomma]

My husband and I are in need of advice. We have $30,000 in credit card debt and are trying to figure out what to do. We are so embarrased that we let it get that far We feel like we should pay it back since we did rack up this much debt but we don't know how we will ever pay it back. We are looking for any advice and have some questions.

1. We have heard that getting credit the 1st year after a bankruptcy is impossible but after that does it get better?

2. If you had $30,000 would file bankruptcy?

3. My husband and his dad own a business. How will a bankruptcy affect that?

Any help you can offer would be very much appreciated!

Thank you!

[OhioFiler]

You need to provide more information for assistance on whether filing is a good option. How much is your income? Family size? What is his business worth and is it a LLC S-corp sole proprietor?

Do you have a mortgage? Car payments?

Your credit is already shot. Why do you care if you'll be able to get a credit card one year after bk?

Don't feel guilty. The banks offered to give you that money. It is a business relationship, not personal.

[KansasMomma]

We have a family of 4. His business is an LLC.

We do have a mortgage and car payment. We will reaffirm them.

I don't want another credit card. I am worried about getting credit for a vehicle if one of ours dies.

[OhioFiler]

We have a family of 4. His business is an LLC.

We do have a mortgage and car payment. We will reaffirm them.

I don't want another credit card. I am worried about getting credit for a vehicle if one of ours dies.

You need to do more reading on this site. Start with the Sticky
s on the Chapter 7 forum.

I would suggest investing in the NOLO How to FIle Bankruptcy Book as well.

[downsized]

I would only file if I couldn't make the payments. If I was able to keep up, than I'd start by reworking our budget and spending habits to hopefully free up some extra cash to help pay them down faster.