Pay more than the minimum payment each month, if you ever hope to pay off your credit card debt .
If you have a limited budget for debt reduction, write letters to each of your creditors acknowledging the situation, and tell each one when you can begin repayment.
They'll appreciate your openness and likely be a lot nicer to you. You'll get yourself some breathing space (something we all need when we're dug in deep), and dealing rather than hiding will help boost your bruised self-esteem.
Bankrupcty Reality
What happens when you file bankruptcy?
I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy?
Is do it yourself bankruptcy possible?
July 2009
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Article by Gregory Stans
Who is responsible for credit card debt if somebody dies?
I do credit card collections on deceased people. First & foremost, the estate is the main responsible entity, IF one is filed. Then it moves down to the spouse, ONLY IF IN A COMMUNITY PROPERTY STATE & then they can be held only equally responsible, as in 50/50 responsibility with the deceased.
That means a $10,000 balance your mom had in California, your dad is only responsible for $5000 of it. Here is the good news. After that, unless you are a joint on the account, NO ONE ELSE IS RESPONSIBLE
After a person dies, the estate will liquidate("sell") all of that individual's property. Regardless of a will, creditors will always be paid first before any division of property pursuant to a will. If there isn't enough to pay all the creditors some will just have to write off the difference as a loss.