Confused about Bankruptcy

[MichaelEBotsfor]

Hello Everyone;

I hope it is ok that i post here. I am not normally one to post on forums but I really am not sure what to do anymore. Things are not going well with my financial things and I am getting into trouble more and more each month with it. I have search the net and read some forums but I really am not sure what to do, there is to much information and I don't know who or what to trust. I am pretty sure I need to file bankruptcy but with who, how, etc I don't know. Or maybe there are other better options to look at first?

Any advice or experiences would be great to hear.

All the best;
Michael

[KrozFan]

Hi Michael, it's great you posted and asked your question, that's what forum is for.

You didn't give many details on your situation so it's hard to tell if you're bankrupt or not at this point. If you're not being sued though you're not bankrupt yet. You didn't mention you are so I'm assuming you're not.

Are you doing a budget. If not start doing one. Stick to it. Then cut your lifestyle if you haven't already. Stop eating out, get rid of cable TV, don't go out to the movies, etc. From there do the best you can do. Pay all of your essential bills like food, rent/mortgage, utilities. Credit cards get paid last. They may call and yell at you but let them yell, take care of the essentials. Do you have a car, what are the payments like on that, can you sell it, can you borrow the difference if you owe more on it than it's worth?

After that look at getting a second job to get some extra money coming in to take care of some of the bills.

If you do feel like you need to file a bankruptcy I think you would just deal with a bankruptcy attorney and they'll help you file the paperwork. The problem with bankruptcy is it often doesn't do as much as people would like. You can't bankrupt on student loans, you'll lose the car unless you reaffirm the debt so go ahead and get rid of the car, same with the house. The advantage would be it makes people stop calling you looking for money because everyone has to follow the rules laid out in the bankruptcy paperwork.

If you have any more questinos or want to answer some of the ones I've asked feel free to post back.