Should I file for bankruptcy?

[kaimonster]

In the past year, I managed to accumulate about 10k in dept, the big one being a gold credit card that’s 6100$++ in the red.
I’m diagnosed w bipolar disorder, and until this year I had no awareness of it. My manic episodes will drive me into overspending on ridiculous things and believe they are “investments”. It sucks. I suffered a hardcore episode and went from no debt to 10k debt.

Would there be an alternative to bankruptcy? What does bankruptcy actually entail? Aren’t there organisations that help negotiate your debt w the creditors? Help me please

 

[wendywang]

@kaimonster If possible I would avoid bankruptcy. I have paid off a much bigger debt than that, so although it seems insurmountable right now, there is hope. Cancel the credit cards and discuss a medication plan with your doctor. If you can get therapy as well it can help you to understand when an episode is coming on so that you can do things to protect yourself during the time you are not able to make your best decisions. I hope that you are gave support. But if you don't, look around for local programs and resources. *hugs

 

[kaimonster]

@wendywang Thank you so much!

 

[mercymade]

@kaimonster Just get the bank to finance your debt at a lower rate. I assume you have a job? A 10k loan at 6.5% is better than a 10k loan at 21.99% (credit card). See a psych doc and don’t worry about it. You’ll have that waxed off in a year or two and keep your credit score. Maybe stay off the credit cards for a while. Contact a bank and get it sorted best of luck and keep on keeping on