2006-09-04 19:09:13 · 5 answers · asked by masbeerhog 1 in Business & Finance ➔ Other - Business & Finance
ok Bankruptcy is basiclly like saying look people I am up to debt to my eye balls let me try to figure something out don't send me any bills or anything and it gives you 7 years to pay your crap off and try to figure something out but if you file and it wipes your stuff away and you don't have to pay you better be saving money for them 7 years b/c it will be hard to buy something with this on your record but for the most part this should relieve some of your pressures and just spend this time alone to find yourself and figure out your finanacial situation and being single is the best way to do it so that way you don't end up homeless or something like that good luck and if you need someone to talk to just hit me up
2006-09-04 19:13:26 · answer #1 · answered by p-nut butter princess 4 · 0⤊ 0⤋
I filed chapter 7 bankruptcy which is a fresh start. I was able to keep my car if I wanted it and where i lived. It wiped out all my credit card and medical bill debt. I didn't have any other loans. I ended up giving the car back because it had a blown engine and after the bankruptcy got discharged i was able to find a place to get a nice used car financed but did need to have a down payment and also I was able to get a credit card with a small limit on it to rebuild my credit back up. It took about 1 1/2 to 2 years to finally build my credit back up to where I could get things on credit again. If you file bankruptcy 7 like I did, don't miss any payments because you will find it extremely hard to get credit. But if you do this and make your payments you'll pretty much be able to get anything you want after 2 to 3 years and you'll be on the right track to reestablishing your credit.
2006-09-05 02:32:35 · answer #2 · answered by bucksolutions1 2 · 0⤊ 0⤋
Bankruptcy will affect you in TWO WAYS !.Good and Bad ways.
Good...because it will wipe out your debts and you will have no obligation to pay it back.You can have a fresh start.
Bad...because you will have a "bad credit record" for the next 7 years.
You can go "credit counseling", and if you think it will not work, Bankruptcy is the last best thing that you can do & there's nothing wrong of doing it.
2006-09-05 02:27:04 · answer #3 · answered by anobangtanong 3 · 0⤊ 0⤋
All your creditors will not press you for payment. Once you find a job (you can also seek OA [Offical Assignee] assistant if can't find), you will need to pay a certain amount to OA, who will distribute the amount to your various creditors. You need to inform OA if you are going oversea. You cannot own any properties except HDB flat. There are still some matters you will find out soon.
2006-09-05 03:27:05 · answer #4 · answered by Tan D 7 · 0⤊ 0⤋
wilth all the information given by u... it will not effect u!
2006-09-05 02:14:01 · answer #5 · answered by pali@yahoo.com 6 · 0⤊ 0⤋