A reader wants to know if he should do debt settlements or file bankruptcy.
Should I do debt settlements or file bankruptcy? I might even be able to borrow enough money from family to pay most of what I owe.I owe $40,000 in credit card debts, and I barely manage to pay the minimum due each month. But it’s killing me. I make $42,000 per year. I have no valuable assets. I am planning to get married soon. I don’t want my fiancee to get burned if I bring my debt burden into the marriage.My parents have offered to give me enough money to pay off half my debts. My fiancee’s parents have offered to loan me enough money to pay off the other half. They feel it is wrong to file bankruptcy.Please tell me what to do.
For the sake of this discussion, I am going to assume that you are eligible to file Chapter 7 bankruptcy should you should decide to do so.