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Should I do debt consolidation, or file for bankruptcy?

1 Answers. Asked on Sep 12th, 2017 on Bankruptcy - California
More details to this question:
When my fiancé lost his job last year, I pulled out multiple personal loans to offset the loss of income. I'm now having a hard time paying all the bills, and am behind on a couple. Between credit cards and unsecured personal loans, I'm about $30,000 in debt. I really don't want to lose my oldest credit cards that are in good standing and that I've had for 10-11 years, but I'm just curious what my best option is. I live off my tips so there's no extra money at the end of the month, I don't own any property, and still have about a year left on my car payments. Would it be best to consolidate and keep some of my good standing debt, or just file bankruptcy and essentially start over? Any input is appreciated. Thank you in advance
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Answered on Sep 12th, 2017 at 6:29 PM

You ask a very good question.  Weighing the pros and cons of your different options is important.  The best way to learn about those options is to have a consultation with an experienced bankruptcy attorney in your state.

I wrote an article addressing your exact question, so to assist you in the meantime, you may wish to read: https://www.bklaw.com/bankruptcy-blog/2014/10/debt-settlement-or-consolidation/ 

Hope this helped you on the right path.

 

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Bankruptcy
If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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