credit card bankruptcy
How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000?
Or should I consolidate my debt with the National Foundation for Credit Counseling which is a national organization? Is this a good idea to do or should I try one of those debt mangment programs like Allied or CareOne debt program?
What is the best thing to do right now for me?
Your ability to file for a bankruptcy is NOT determined by your amount of debt, but your ability to repay the debt.
To even be able to file for a Chapter 7 you are going to have to pass two means tests. The first is if you earn more than the average for your state, the second is if you have at least $100 in disposable income each month to pay back a portion of your debts. If you fail on either of these you could be forced into a Chapter 13 bankruptcy.
Now, if you are even considering Debt Management, it sounds as if you would be determined to have the ability to repay at least a portion. So you probably would not even qualify for a Chapter 7. So I would go the DMP route at first. If after you talk to them you find you can’t afford to do that then talk to a bankrupcy attorney. Most will give you a free short consultation.
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