What should I do if I have a $45,000 credit card debt? 8 Answers as of November 09, 2012

I am not behind on any of my payments yet. I'm a new home builder/remodeller. Work has been very slow.

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You may be able to file a chapter 7 bankruptcy to wipe out your unsecured debt but you should speak to a local attorney to see if you qualify with your current income and assets.
Answer Applies to: New York
Replied: 11/9/2012
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
You might want to take some time to educate yourself about bankruptcy. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answer Applies to: Arizona
Replied: 11/1/2012
Dennis P. Mikko Attorney at Law | Dennis P. Mikko
There are a few options. First, you can continue to make the monthly payments on the debt. A second option would be to negotiate with the company to pay less than the full amount. Hard negotiation could result in you paying substantially less than the full debt. This option would close the account, be reported on your credit report and result in you receiving a 1099 for the amount of the debt forgiven. A third option would be to declare bankruptcy. Bankruptcy would include all of your assets and debts and also be reflected on your credit report.
Answer Applies to: Michigan
Replied: 10/31/2012
Law Office of Bijal Jani | Bijal Jani
You should try to work out an affordable repayment plan, otherwise, try to do a lump sum settlement.
Answer Applies to: New York
Replied: 10/31/2012
Law Office of Stuart M. Nachbar, P.C.
Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
You can file for bankruptcy, but it would include all debts and assets.
Answer Applies to: New Jersey
Replied: 10/31/2012
    Park Law Offices LLC | Kevin Parks
    Like any consumer, large amounts of credit card debt can cripple your monthly budget with aggressive interest rates. You'd likely be best served by paying this off as quickly and efficiently as possible. If you're not in default or at risk of nonpayment, however, your leverage in negotiating a settlement of the debt is rather low. You should consult with a financial planner and/or attorney for more personalized advice.
    Answer Applies to: Oregon
    Replied: 10/30/2012
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    I do not understand your question, you have to make the payments and pay down the principal. You are not insolvent is you are current, are you considering bankruptcy? If so your had better see an attorney.
    Answer Applies to: Michigan
    Replied: 10/30/2012
    Scott Goldstein | Scott Goldstein
    There are several options available. If you can afford to keep up the payments, you should probably do so, since the alternatives will all have negative effects. If you are able to make some payment, you can reach out to the creditor, or hire an attorney to do so and attempt to negotiate a reduced payment schedule or a settlement. You can also enter a debt management/consolidation program, which might reduce the payment, but you will not be able to use the cards. Finally, there is the nuclear option - looking at whether a bankruptcy case is appropriate.
    Answer Applies to: New Jersey
    Replied: 10/30/2012
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