Bankruptcy, credit counseling, or pay it ourselves???
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I would ask you to go for a debt consolidator and settle the debt. You can also do it by yourself but remember they are much more professional than you so if you consult it will be better.
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Bankruptcy, credit counseling, or pay it ourselves???I would just pay off the bills. If possible, get a bill consodulation loan. The bills just wont go away. This comes from personal experence.
Now for bankruptcy, a family member is going through it right now. He must give up the next three years of tax returns. The bankruptcy courts is also taking over half of his pay checks to pay off his creditors. Most of his bills are medical.
Now credit counseling, I went through it my self. Several things must come into play. First the company you select counseling from makes a proposal. Then you must agree to pay this proposal on time. Often they automatically debit your bank account, as with me. Then they send the proposal to your creditors. It is the creditors right to accept deny or alter the proposal. Luckly all my creditors accepted mine.
They could add to the proposal; such as an increase in payment or make terms for the proposal agreement. Some of the terms could be that at random they will check your credit report and if you have opened any new accounts, they have every right to null and void the credit counseling proposal.
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