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I have extensive unsecured debt and owe back taxes and payments on loans, what are some help options?
My husband was laid off from his job in October and is now a ranch hand. We have some unsecured debt, owe back taxes and money on our dirt bike sand vehicles. We are drowning right now. I really need some help on what we should do.
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Answers (1)
You might first check with a reputable debt management group to see how many of your (unsecured) creditors would be willing to offer you much lower monthly interest rates in exchange for your promise to pay the entire principal sums owing during the next three to five years.
It would also be wise to contact a local attorney and discuss the exact nature of your back taxes. Finally, you might want to consider letting go of the dirt bikes, assuming they are just used for recreational purposes. You can also contact your car financing company to see if lower monthly payments might be granted, at least temporarily. You may even want to stay open to voluntary repossession of one of your vehicles.
Of course, you can also consider filing for bankruptcy. Whichever way you turn, you will need the assistance of a competent attorney to guide you. Ask whether it might be best for you to file under Chapter 7, 11 or 13.
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Posted by Elizabeth Smith on 22 Jan 2010
1 person found this useful
(3 Votes)