My daughter has recently come to me for advice. She is 27 yrs old, a single mom and has a good steady job. She, over the last 5 years, has aggregated $19,000. Worth of debt on two credit cards. She tore up the cards two years ago, and has been paying, as agreed with the card issuers, $100./mo. Every year her balance goes up $1500.
She owns no property, has no assets except an old Subaru and is now being harassed by
Collection agencies. Her credit rating is terrible at best. I don't know anything about bankruptcy, except that it hurts for a decade.
This girl is beside herself with the weight of this debt. It seems to me that if one were to declare bankruptcy, this would be the time.
Advice, please?