David John MarottaDavid John Marotta is the President of Marotta Wealth Management, a fee-only financial planning and asset management firm in Charlottesville, Virginia. He is an oft-quoted writer and speaker on financial matters and his weekly financial column can be found at www.eMarotta.com
Host: how would I make the decision about the bankruptcy?
David Marotta: Bankruptcy is not a decision that you can make by yourself. If you decide to go there out of bankruptcy, there are requirements on you; you will probably need a bankruptcy lawyer, you are probably also need to go to credit counseling. So, you might just start with the credit counseling and see if you can get out of debt and see if you can consolidate your debts and put them under a lower interest rate and so, that whole process will help decide the issues of bankruptcy.
The sooner you get involved in that process of paying off your loans or deciding if you can do better because they can only negotiate sort of things going forward, they cannot negotiate things that have already happened.