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Thu 26 Feb, 2009 12:54 pm
i have total debt of $20,000 .I need to go out of it as quickly as possible. How to go about it? What are the easiest ways to achieve this task with all legitimate means? (Refinance is not the right option as I am still in debt with the refinances)
@ensurepune,
How much income do you have coming in? How much in savings?
Why 1 month?
what do you have to sell?
@chai2,
Quote:what do you have to sell?
Yup. Liquidate everything and see what the total is. The average person can raise at least $5,000 just selling household goods and electronics. More if you've got a car.
Borrow lots of money. Invest in lottery tickets.
You might consider bankruptcy... if your income is low enough to justify it and you don't have assets that can be sold off.
@ebrown p,
I would only file bankruptcy as a last resort. It depends on who you owe the money to, but they might be willing to settle the debt or lower your payments.
@TTH,
It depends on what your definition of "last resort" is.
If you are truly underwater and don't have the resources to dig yourself out in a reasonable amount of time, bankruptcy is a legitimate (and legal) solution.
@ebrown p,
ebrown p wrote:If you are truly underwater and don't have the resources to dig yourself out in a reasonable amount of time, bankruptcy is a legitimate (and legal) solution.
You just posted my definition of last resort.
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