What is going to hurt my credit the least?

QuestionsWhat is going to hurt my credit the least?
asked 3 years ago

Hey guys, so I am kind of stuck between a rock and a hard place right now and want to get some other peoples opinions on what I should do.


I am in a lot of debt. I have a car loan for $ 25,000 and like $ 30,000 in credit card debt, so like $ 55,000 in total. The minimum payments for all of it are high and I’m struggling to meet them every month, mostly because, I just lost my job. I had a gameplan created a while ago about how I could pay off most of the credit cards over the next 100 days, but that went **** when I lost my job. Submitted a claim for unemployment but it is likely to get denied. I was simply going to land a new job and pick up where I left off, but life threw me more lemons, and now I might end up going to jail for 60 days or something like that. Long story short, I got a DUI, I’m required to have a breathalyzer in my car. I didn’t really think I had a choice at the time but I drove my friend’s car who didn’t have a breathalyzer isntalled, and they want to violate my probation. My lawyer said I might do around 60 days in jail. Being that my bills are so high, and I lost my job, and it wouldn’t even be worth applying for a new job now, just to lose it if I go to jail in 2 or so months, I am wondering what I should do. I’ve already borrowed money from family, they won’t loan me more, and I have applied for consolidation loans and keep getting denied.


Basically, at this moment in time, I can’t afford my monthly expenses. Once I get a job again I should be able to, but that likely won’t be for some months.


The way I see it is, I can pay my bills up until I simply can’t anymore, and let them go however far past due, possibly 90 days (and I have like 15 accounts) and then resume paying them in a few months if they don’t end up by suing me before then


Or, I can file bankruptcy.


I would like to avoid bankruptcy at all costs because I’m hoping there’s a less damaging way out of this, but if I let all 15 of my accounts go past due by 90 or so days, wouldn’t it hurt my credit just as much in which case I minus well just file bankruptcy?


I have no idea what to do. I need help. Any input is appreciated.

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