With the way the economy has become my wife is now making considerably less and with me working for the state of California governor Arnold S. is taking 2 work days of pay from state workers beginning in Feb. of this year (next month). This will now cause my wife and I to be unable to pay our unsecured loans (credit cards). Should I just stop paying and let my credit go or is it best to file bankruptcy?

With the way the economy has become my wife is now making considerably less and with me working for the state of california governer Arnold S. is taking 2 work days of pay from state workers beginning in Feb. of this year (next month). This will now cause my wife and I to be unable to pay our unsecured loans (credit cards). Should i just stop paying and let my credit go or is it best to file bankruptcy?



You should consult with an Attorney, explain the entire situation, your debts, your assets, your ability to pay back a percentage - there are many factors involved in bankruptcy under the (somewhat) new guidelines.

Merely not paying a debt or even bankruptcy can have many long lasting effects. You need to discuss this fully with an attorney to review your entire money situation.