Below narrated a conversation between a debt advisor and a debtor to find out whether or not bankruptcy is the best answer to your debt problems:

Dear Debt Mentor,

I was laid off in July, 2009 and remained in a joblessness state for up to 2011. During that period, I accumulated $23,000 in credit card debt. Now I am supposed to pay around $750 per month for the credit card debt on top of my monthly mortgage payment of $1000 ukaipo. I am very sorry to say that I'm behind one month on both of my accounts. However, a salving news is that I do have a full time job now that will be paying me $1,700 each month with a possible part time job in future. Now the question is - should I file for bankruptcy or this much amount is enough to pay off my debts?

--Peter

Dear Peter,

First, I'd like to let you know that your financial condition is not that much horrible if compared to other people. It would be a wise step to go on paying your monthly mortgage payments Book printer. Missing a single payment is not that much frightening if you swear not to repeat that in future and do not remain any further behind than that because in case you are found three months past due on your mortgage, you are most likely to face foreclosure. Therefore, if staying in your own home is one of the most important things in your life, then stay on top of your mortgage payments every month and once you are done with your mortgage payments, deal with other obligations.

Again, sending the mortgage payment on time is equally important. What most of the people don't understand is once they become late on their monthly payments, the grace period goes away. Most people fail to make payments toward their mortgage balances at the beginning of each month, but you can usually pay it by 15th of the month before you are granted as late. This is the grace period and as soon as you become late, you owed the next payment on first and not the 15th Wholesale soccer jerseys. So things might be that you are already late by two payments and you are not even aware of that.

Now let us start talking about the debt relief option you have opted Desizing Machine. You have said in your mail that the collection agency is calling you every now and then. It's obvious that they will keep calling you until they are getting the money they lent you. They can even file a lawsuit against you.

Bankruptcy can be an option for your condition. But bankruptcy has many side effects of its own. If you somehow manage to file for Chapter 7, some or all your debt might get discharged. There is another possibility. The bankruptcy trustee might sell your assets to pay off the creditors. And if you file for Chapter 13, the court will provide you with a manageable payment plan so that you can replay your debts. But as most of the debt will get discharged in both filings, your credit score will get a definite hit.

So if you need an unbiased review of your position, reach out to a nonprofit credit counseling for a pre-bankruptcy counseling session. From the Department of Justice's website, you can find a list of approved credit counseling agencies in your state. This might help you decide if bankruptcy is the best possible option for you zoomshare.

Hope this helps!

Best of luck!

--BG Johnson