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I have been working with a debt managment place who now tell me I should file for bankruptcy because I have too much debt to pay the monthy payment in 5 years at 1195. I was ready to start making payment next week. What is going on?

I am not sure. I suggest you speak with the company you are working with to get their explanation. The only thing I can think of is that when they ran their calculations for your monthly payment is was not enough to pay off what you owe.

If you can’t afford to pay them more than $1195 per month then you may want to look into a reputable debt settlement company who may be able to get your payments down even further with the goal of getting you out of debt in under 3 years.

If debt settlement is not an option that works for you or is one you perfer not to pursue then you may need to conbsider bankruptcy if you can’t seem to find another alternative.