Asked by Barbara  |  Submitted July 05, 2018

Should I file bankruptcy or repair my credit?

I have over $15,000 in debt and my credit score is in the 400s. It will take 36 months at a cost of about $300 per month to go the credit repair route. I can't afford that amount a month right now. There are also wage garnishments that have been granted.

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  Answers  |  1

July 06, 2018

Bankruptcy is not a fun process and it sticks with you for years. Bankruptcy affects everything from employment and housing opportunities to getting a new cell phone carrier and auto insurance. It won't be easy, but you need to hunker down, cut your expenses to the bare necessities, and put everything you can into that debt. If you want to reduce your interest payments and lower your debt, try the free Debt Optimizer by MoneyTips.

Try your local credit union, which should also be able to give you options for consolidating your debt.

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