Advice on filing for bankruptcy.?

I currently have 23k in credit card debt and I have good credit, no 1 x 30s. I started my own business back in February and needless to say it didn%26#039;t work out. I was practically living on credit cards hoping things would take off. I work in the finance industry and the last thing I want to do is file for BK but it is so frustrating seeing customers with previous BKs get financed at a decent rate. It makes me wonder why I even struggle to keep my credit perfect. I%26#039;m on a salary position but by the time I pay mortgage, car payment, credit cards I%26#039;m all tap out. i have 2 young boys and we never have extra cash to do anything for them. My wife has her own debts, not like mine thank god, and makes a little less than me. I would want to keep my house and car if I could. This isn%26#039;t a for sure think , I%26#039;m just thinking out loud. Like I said before I work with BK clients everyday and its very frustrating to see them better off than me in the long run. Any advice?????

Advice on filing for bankruptcy.?

The ability to file bankruptcy is not determined by the amount of debt, but by your ability to repay the debt.

In your case it sounds as if you have enough to cover your bills(but barley). So you probably would not qualify for a Chapter 7(liquidation), but a Chapter 13(repayment). Again there are a few means tests that are applied that will tell you for sure. But if you earn more than the average income for your state, and have at least $100 in disposable income a month you will most likely be forced into a Chapter 13.

If you do file for bankruptcy your car payments and house payments will remain the same as they are %26quot;secured loans%26quot;. The only thing that would be reduced is your Credit Cards, but you probably will owe some money.

You may want to look at Credit Counseling(NOT Debt Settlement). They can often lower your interest and payments and get you back on track. Take a look at http://www.nfcc.org to find a reputable one in your area.

Advice on filing for bankruptcy.?

I wouldn%26#039;t consider bankruptcy for only $23k in debt.

Don%26#039;t be fooled by what people tell you about life after bankruptcy.....its bad for many many years. If you and your wife both have decent jobs and you still have good credit, use your good credit to refinace that credit card to debt at a lower interest rate and pay it off.......good luck

Advice on filing for bankruptcy.?

Only you can make this decision, you should consult a bankruptcy attorney so you can get all your questions about it answered.