You could consolidate the debt by using one of those debt consolidation companies, that sometimes helps. Although, be careful, some of those are scams, so do your research there. You're other options are to file bankruptcy and get it either forgiven, partially paid off, or delayed. Or, depending on how much assets you own and what they are, you could just ignore it. Some people are "judgment proof" which means that they don't really own much property to speak of and there's not much a person could do to satisfy a judgment against them. If all you own is exempt property and you don't keep much money in the bank, then you just might be judgment proof, and you might could just ignore it, let it pile up, and then let the credit card companies sue you and get a judgment against you that is worth nothing. This is not advised, but to be bluntly honest, it is an option and if you really are judgment proof, it is your cheapest option.
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Either make arrangements to pay it of file bankruptcy. You should seek advice from a bankruptcy lawyer.
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You have at least three options: 1) try to continue making payments while avoiding new debt; 2) anticipate lawsuits by creditors and debt buyers if you have already stopped making payments; 3) consider filing for bankruptcy.
Most Texas consumers are judgment proof which means that if you get sued and lose, the judgment creditor cannot take your house, your car or your wages. They can, however, freeze your bank accounts. Most debt collection lawsuits result in favorable settlements or flat-out dismissals (because the debt collection industry often has a hard time proving up the debt.)
I would suggest you consult with a couple of attorneys: one who handles bankruptcy to determine if you even qualify for a Chapter 7 (which will wipe your debt-slate clean), and an attorney who handles debt collection abuse cases, as well as debt defense. You will be able to make a much more informed decision if you spend the time learning what your options are.
i wish you luck.
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