The National Foundation of Credit Counseling is the best place to turn for options. If a Debt Repayment Plan isn't on option you are eligible for, a credit counselor at NFCC will work to find you a better alternative to bankruptcy. Only 1 out of 10 of the National Foundation of Credit Counseling clients end in bankruptcy.
We have given these options before if you owe more than you make. If you have tried all of our recommended alternatives to pay your credit card debts such as, working a second or even a third job, sold material possessions, renting out a room; if your credit card debt keeps growing and your interests rates are shooting up over 30% and you have no other way out, then bankruptcy, unfortunately, may be your only hope. But as you should know that a bankruptcy will destroy your FICO credit score. But if you are so far in debt you are probably even behind in your payments as well, and your credit score is probably in the toilet anyway. Bankruptcy should always be your last resort. Not just an easy fix. Nothing comes easy.
If you decide to go ahead with bankruptcy please consider this. You need to find a reputable attorney who will explain current laws, the pros and cons of filing bankruptcy, and the different types of bankruptcy: Chapter 13, Chapter 11, etc. Visit credit.com for explanations of the different types of bankruptcy filings.
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