What to do if I have bad credit partially to being unable to pay some bills?

UPDATED: Mar 5, 2013

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What to do if I have bad credit partially to being unable to pay some bills?

I’ve tried refinancing the home I own (but do not live in because I had to move to keep being employed) to free up some money I am paying so I can pay on other debts (mostly student loans) to resolve my bad credit and honor the obligations I’ve made. I’ve tried numerous times unsuccesfully to find anyone willing to refinance my home. The home itself is has about $63,000 owed on it, but it’s valued at $120,000 – $140,000. I am at the point of defeat. I am not sure if I should consider bankruptcy or if I have other alternatives at this point. I’ve never been late on my mortgage or my past car payments that are now paid off. Bad credit resulted in ignorant youth and student loan

Asked on March 5, 2013 under Bankruptcy Law, Missouri


Tricia Dwyer / Tricia Dwyer Esq & Associates PLLC

Answered 9 years ago | Contributor

Hello.  The sort of problem you describe is not uncommon.  I recommend to you that you telephone several private attorneys in order to seek confidential legal advice about your situation. In my work practice I may assist a client at times by intervening with the lender (loan servicer) of a home loan on the 'attorney to attorney' level, seeking special help for my client.  In my work practice, I may negotiate on behalf of my client with other creditors' attorneys.  In my experience, my making a plea for special consideration for my client may be very effective.  When you telephone attorneys, be aware that some will be willing to consider your finances in any legal fee, so keep that in mind.  It is the role of the attorney to advise a person on whether declaring bankruptcy is a prudent choice of action.  It is very important that you choose an attorney with whom you feel the highest level of trust.  There are reputable credit counseling agencies who will assist you at no fee whatsoever, but be aware that the area of consumer credit 'counseling' is rampant with scam artists and you should make use of the state Attorney General's office if seeking reputable help of that sort.  All the best to you.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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