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if i contact my creditors to reduce my interest rate and forgive my late payment fees or I will be filing for

bankruptcy can they do anything to me? My husband was demoted from his job (instead of being let go in the massive lay offs his company performed) he makes roughly $2500 a month before taxes (HUGE PAY CUT). $2500 -$725 rent -$300 car note -$200 car insurance -$600 health insurance -$200-300 gas WITH a gas efficient car. which leaves us with $475 to $375 a month for bills and groceries. We DON'T go eat out, go see movies, or basically participate in any activity that requires money (life sucks). We are also expecting our first child and the medical bill is ridiculous EVEN WITH insurance. Now my letter states our problems and our expenses. We would like to make full payments on what we actually owe (our principal) and would like for them to forgive late payment fees as well as the interest rate. If they don't accept and we can't come up with a solution I mentioned that we will be filing for bankruptcy. MY question is, now that I am letting them know that filing for bankruptcy is an option what can they do in order to prevent me from filing? Can they sue me for the whole amount of principal interest rate late fees? and in doing so prevent me from filing? I am just wondering if letting them know about bankruptcy would make them accept my offer. Or is there another way? Any help is greatly appreciated this is creating a LOT of stress for me and I can't sleep well. Which is why I am on YA when I should be sleeping. HELP!!!

Public Comments

1. Maybe you would have more luck putting this question in the financial section rather than the pregnancy section. Good luck
2. there are free financial services available that you can contact in your area. they will help you get the creditors off your back, they will stop all the late fees, they will set it up where you can make just one payment a month and you don't have to file bankruptcy. look under financial services in your telephone book.
3. maybe you should talk to your accountant or a financial adviser. too hard for me. btw stress is not good for your baby so try to relax. have faith that everything will work out well