I'm 42 years old, and have tried for over 14 years to get out of debt. I'm absolutely getting nowhere even thought we live very very frugilly and do not use credit cards except for emergencies
Now my children have zero college savings and I have not a cent in savings account,.
I have always hated the very idea of bankrupsy,
but after all, I think it was created to assist people to get back on their feet and get out of financial slavery, Am I wrong?
2006-07-02 03:41:31 · 6 answers · asked by Renegade 5 in Business & Finance ➔ Personal Finance
If you do not declare bankruptcy you can be chasing your tail for the rest of your life.You are not wrong at all,i was in debt over a failed business once and i spent several years trying to pay off creditors who were just adding more and more interest.Eventualy i went to an accountant and he said --go bankrupt.The best thing i ever did--i now own my own house,i paid back my debts and broke free from bankruptcy--with the interst being stopped it was easy.good luck.
2006-07-02 03:52:44 · answer #1 · answered by Ron~N 5 · 1⤊ 0⤋
It depends on how much the person would have to pay back, I would assume that the person would be able to afford the "set " monthly payments. I also say tear up the credit cards and only use cash. No more interest payments.
2006-07-02 03:47:18 · answer #2 · answered by jenccc 1 · 0⤊ 0⤋
That is normal, you are not alone,I have the same problem too,but i do not have a family yet, I am single,jobless and I am not paying taxes,I had a bad debt to my brother inlaw 4 years ago until now i did not able to pay it!Just be honest and the friends around you will support you as well as your family and be true to yourself!
2006-07-02 03:48:53 · answer #3 · answered by tutax 4 · 0⤊ 0⤋
Well your kids can get scholarships and loans for University, and you shouldn't get bankruptcy unless you owe A LOT of money because it ruins you for seven years. So just pay your bills and let the kids fend for themselves and you might make it.
2006-07-02 03:45:40 · answer #4 · answered by John Luke 5 · 0⤊ 0⤋
The rules have changed and it may be difficult to impossible to declare personal bankruptcy anymore.
2006-07-02 03:45:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes.
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2006-07-02 06:10:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋