Should I file bankruptcy or try debt consolidation??

Bankruptcy may be an excellent option to explore. If you have a deficiency judgment from the San Antonio foreclosure along with the credit card and collection debt referenced in your question, a Chapter 7 or Chapter 13 bankruptcy is, in my opinion, the best way to either eliminate or restructure your unsecured debt. Whether you should file a Chapter 7 or Chapter 13 depends on a number of factors such as your income, assets, as well as your financial dealings with relatives over the past year. I do not recommend debt consolidation.

I recommend you consult with a bankruptcy lawyer in your area. Most bankruptcy lawyers offer a free consultation.

Best of luck.

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We often are asked whether debt consolidation can work, and our experience has been that many of the so-called debt consolidation services are shams. Watch for large upfront fees or percentage-based fees, which are strong indicators of a potential for abuse.

On the other hand, an individual can only file bankruptcy after they have received consumer credit counseling from an approved agency. The United States Trustee's Office maintains a list of approved agencies. We have had very good luck with Consumer Credit Counseling Northwest, ClearPoint, Hummingbird, and the LFI, but others are good too. We have found them to offer an honest assessment of whether they can help with a debt repayment plan. If they say that bankrutpcy is a better option, then you would want to speak with a bankruptcy lawyer. Many firms will offer a free consultation to help you decide if bankrutpcy is right for you. Our website has additional information.

I suggest you schedule an appointment with a bankruptcy attorney who provides free initial consultations. He/she can provide you with some advice after learning more detail about how much you owe, the type of debt you owe and your monthly living and living expenses.