I have over $100,000 in unsecured debt on 4 different credit cards. Help!?

Should I attempt to pay this off or just give up and file bankruptcy? Due to illness I have lost my business and most of my income.

There's an old saying...

When I owe the bank $1000, I have a problem.
When I owe the bank $100,000, they have a problem.

You'll never get out of that kind of debt on a high interest loan. Call them to renegotiate the interest and if they won't, go for bankruptcy. They will renegotiate, as they want their money.

Good luck!

You need to speak with a certified public accountant first. Your choice will depend on your ability to pay off the debt, and how much you'll need credit in the future.

If you lost your business and your income, but still have assets, then you'll probably need to liquidate to pay your debt. Only when you have no money left, can you file for bankruptcy.

If you plan to start a new business, you're going to need credit.

well it's called living wayyyyyyyyyyyyyyyyyyyyy beyond your means that's for sure! with that kind of debt you will never get it paid off that's the reality of it all my best advice would be to file bankruptcy. what could you possibly buy with that much debt? obviously you were paying your bills with them and everything else. i would talk to a consumer counseling service the see a Psychologist to get your head examined! good luck!

In addition to what CJ is saying, when and if you do "go for bankruptcy", find a good lawyer to help you through this crisis. If you try and renegotiate directly and on your own, the credit card companies will more than likely try to take advantage of the situation, especially if they know you are not a lawyer and are not represented by one. I've known people that were under huge amounts of debt, and, with a lawyer, managed to negotiate to a monthly payment that was a fraction of all the compounded interest that the credit card companies wanted, and eventually, the companies just gave up.

If this is your first time through bankruptcy court, it's a lot easier than you think, and the court will take that it's your first time into account, along with the fact that you are suffering from an illness and no longer have most of your income. A lawyer will be able to present these facts in bankruptcy court and help you reach a settlement.

The laws regarding bankruptcy have changed, due to the large numbers of people declaring bankruptcy, and it is more difficult to default on money that you owe these days, so over time, you will probably end up having to pay more of what you owe, as opposed to not having to pay anything and just having bad credit for several years, however, you will reach a settlement in bankrupty court and should feel much better than just being in debt.

If all this seems a bit scary and drastic, you could, at first, contact the Consumer Credit Counseling Service in your state. Here, you can learn a little more about what to do and they can help you get all your debts into one monthly payment that you can afford. They may just advise that you go through bankruptcy, if they can't help.

If I were that deep in debt, I'd explore bankruptcy as an option. If you have no income, you may not be liable for anything, but if you earn decent money, bankruptcy is not likely to wipe the slate clean like it used to.

Odds are your credit is already pretty badly shot, and there is no reward or praise for personal responsibility anymore.

Hopefully you will learn from the lesson, and manage your finances a little more responsibly with a second chance.

Ouch
Bancruptcy is not a good option as it sayson your records for years and can seriously effect how future employers or financial institutions see you. It can take 10 years or more to lose the stigma. If you can why not see if you can lump all your debt into one place and arrange a single payment that you can afford each month, you should be able to pay less than paying all the individual accounts.
You may have to tighten your belt and live a simpler lifestyle until you cann get back on your feet, the4 link below may give you some ideas.
Best wishes