Help with an Important Decision

Hello to the forum,

I'd like to have a little advice on an issue. Basically, I am facing non-payment on a credit card due to job loss and the fact that after 1 late payment, the interest rates shot up from 7% to 29% in no time flat, therefore putting the minimum payment out of my reach immediately (They want the total due right now). I explained that I became recently unemployed through no fault of my own, but of course, it's like talking to a wall. So,  I am still unemployed and facing the wrath of the cc company with the prospect (soon to follow) of time in court. My question is, should I face the slam dunk or should I file for bankruptcy before it happens? Any advise would be well appreciated. 

Robb2aa:

My question is, should I face the slam dunk or should I file for bankruptcy before it happens?

How much do you owe?

Originally,  $9 grand, 10 now and sure to climb higher. I have paid this card off in full for the past 4 years, but, unfortunately, the present economy (I am a construction worker) was not very kind to us so I had to use the cc for tools and and other expenses, such as fuel and clothing to go to a job that ended up being nothing at all for the long term, nor the short term. I am presently paying my mortgage with unemployment compensation. This leaves very little left over.

That's not worth going into bankruptcy for.

Thanks to everyone who has taken the time to respond. It has been a tough year or so, any advice will be well taken. I'd rather not have to file bk. I am the sole and only income here (single). I have never faced such hurdles that have come my way as in the recent past due to economic conditions. I would rather be working and paying this thing off as I have in the past.