Posted on March 10, 2010 at 7:22 am Hi all, I could use some advice on what options I may have, if any.  I have lost two jobs in the past two years, both companies closed their doors.  One job was a contract, so I was ineligible for unemployment.  I went through my savings, 401k account and maxed out my credit cards.  I've been looking for a full-time job but like so many others I haven't been able to land one.  I also have a very part time business that brings in infrequent income, but because of the economy, I haven't been able to get any clients in a few months.  I recently started another business, but have yet to get any clients.  Both are sole-proprietorships, home-based and have very little overhead.  So here are the numbers, I owe $78,000 on credit cards and another $75 in student loans.  I am about to get student loans for next year as I am half-way done with getting a masters' degree.  My income is very low and I can barely pay necessities.  So it's either the credit cards or a roof over my head.  Is bankruptcy my only option?  I do rent, I own a car valued at $3500, but still owe $1700 on it.  I have not missed any payments as of today.  I still plan on paying my car, because I need it, but I can't pay the credit cards.  I don't have that many assets, but would need to keep my computer, cell-phone and fax machine for business.  What options do I have?  Can I still keep my businesses and operate them?  Can I keep some of those assets?  My goal is to derive a full-time income from them, but it takes a little time to get to that point.  Any suggestions you have would be much appreciated. Thanks.  

Posted on March 11, 2010 at 12:47 am You don't have to file bankruptcy as it wouldn't discharge your student loan anyway.For your credit card debt, you can instead apply for a debt settlement program, inwhich that $78k would have a chance of being negotiated down to more or less half.

Posted on March 11, 2010 at 1:06 am I wonder which bankruptcy you can file a regular bankruptcy or an LLC ...

Posted on March 11, 2010 at 1:20 am His/her business has just started..I don't think he/she can file bankruptcy for it (there'sno asset) - and 1casio is right, for the credit card debt - debt settlement mightbe the ideal debt relief - as for the student loan - why not read this:http://www2.ed.gov/offices/OSFAP/DCS/consolidation.html

Posted on March 11, 2010 at 1:23 am Or here student aid/loan repayment from the government:http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp

Posted on March 11, 2010 at 1:25 am Hi with regards to debt settlement - if you're wondering what the qualifications are -it's $10,000 worth of debt and accounts past due. As for the fees, it's 15% of your balance(spread out over 18 months) or 20-25% of the settlement amount.

Posted on March 11, 2010 at 1:28 am If ever you decide on debt settlement - here's where you can pick out a company -http://www.tascsite.org/index.cfm?event=Members - you can also fill outa form here at destroydebt.com and get matched up to the right settlement companyfor your financial situation.

Posted on March 11, 2010 at 1:40 am Right and just to be on the safe side - here's what to look for in a debtsettlement company --The settlement company's program must have a fast completion time. 12-36 months./-The program must be able to protect and improve the consumer's credit standing./-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce/-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators