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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 Bills.com 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.
Best,
Bill
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Did you know?
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Housing debt totaled $12.82 trillion and non-housing debt was $4.88 trillion.
According to data gathered by Urban.org 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 10% 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 Illinois credit card delinquency rate was 3%, and the median credit card debt was $397.
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.
