Expert: Terry Leeders - 5/15/2008

Question
I have no equity and am 46 yrs. old and owe about 30,000 to credit cards. I really want to pay it off but with my job now I can barely get my basic bills paid. The job situation will not get better. Any suggestions would really help.

Answer
Chapter 7 bankruptcy would discharge the debt within about 90 days if you don't have a lot of disposable income.  If you want to pay some back, a chapter 13 bankruptcy may be available, whereas you can pay a minimum of 10% or so of your consumer debt back over a 5 year period.  You can also explore several debt consolidation companies, and you can find recommendations at your local better business bureau.  Most bankruptcy attorneys will also offer a free consultation to go over your specific case options too.