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Mark Cappel
UpdatedJun 13, 2024

I don't want to declare bankruptcy, but at this point I don't see any other way.

I don't want to declare bankruptcy, but at this point I don't see any other way. We are 3 months behind on our 1st and 2nd mortgage, and car payment. We both are working, but getting caught up is beyond us now. How do you get your lenders to work with you when they say the only way is to make up the late payments. Deferrals are out of the question on all of them. They will only do one and we have to make up the other 2 payments to make that happen. I have a steady income, but my husband is in construction and sometimes he doesn't work as much. We want to do this on our own but are at a loss.

I understand that no one wants to file for bankruptcy protection, but given your financial problems, bankruptcy may be the only way to prevent foreclosure on your home and repossession of your vehicle.

I encourage you to consult with a qualified bankruptcy attorney as soon as possible; the sooner you are able to file your petition, the sooner the court can issue a stay to protect you and your assets from collection activity. I wish I could tell you there was another way to resolve your financial crisis, but I think that bankruptcy is the only viable way to protect yourself from your creditors. Again, you should consult with a qualified bankruptcy attorney to discuss the options available to you under the bankruptcy code.

To learn more about bankruptcy, I encourage you to visit the Bankruptcy Information page.

I wish you the best of luck in solving your financial problems, and hope the information I have provided helps you Find. Learn. Save.



Struggling with debt?

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.

According to data gathered by from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.

Each state has its rate of delinquency and share of debts in collections. For example, in Florida credit card delinquency rate was 4%, and the median credit card debt was $456.

Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.



NNithin, Oct, 2007
Accounts that have been discharged in bankruptcy should appear on your credit report as “included in bankruptcy.” They should not report as being delinquent accounts. If you have accounts that were discharged in bankruptcy reporting as delinquent, you should consider disputing them with the credit bureaus — Equifax, Experian, and TransUnion. You can obtain a free copy of your credit report from each of the three bureaus by visiting Once you have established which accounts need to be disputed, you can either dispute the accounts online through the credit bureaus’ Web sites, or via mail, which I prefer. The Federal Trade Commission offers a guide to disputing inaccurate credit listings. You should also send a copy of your notice of discharge along with the dispute. Once the bureaus receive your dispute, they will investigate, and should remove these inaccurate items from your credit reports.
mmark tucker, Oct, 2007
i filed ch 13 and it has been discharged. is it illegal for my creditors to report to trans union, equifax, as late payments