According to recent news it seems like a lot of people are going down this route to sort out their finances.I believe it takes 2or 3 years then you start from scratch again.Does anyone know the facts on this btw my finances are in order before you start!:)
2006-09-29 00:44:43 · 7 answers · asked by returnofkarlos 2 in Business & Finance ➔ Credit
Before, I'd say go for it. Nowadays, they are very strict on Chapter 13, (don't do it)
Now Chapter 7 is another story, If you want to become debt free, quick, take this route. Check with a lawer, you can keep one car, house, and certain other bills if you want to keep them...
2006-09-29 00:54:20 · answer #1 · answered by Laura P 3 · 0⤊ 0⤋
I don't think that bankruptcy is ever an easy option it does have so many implications. Yes your debt is discharged in certain areas but I believe I am right in saying that it is necessary to understand that the Inland Revenue, Banks and Credit Agencies can still claim after the time period is elapsed and you are solvent again. People need to understand this and to make sure that any charges and interest stop at the point of bankruptcy.
2006-09-29 07:53:40 · answer #2 · answered by Grannygrump 3 · 1⤊ 0⤋
bank ruptcy can lst between 1year where you can get no credit in this time you have no credit and are not allowed to receive any money such as inheritance as it will go towards your debt. being bank rupt is not a deision to be taken likely you can be penalised for up to 10 years should you wish to take out a loan and there are quite a few jobs like working in a bank you are unable to do. but a lot of people see this the answer to their probems but in reality it is 10 times harder to liv with bankrupticy than debt.
2006-09-29 09:51:41 · answer #3 · answered by natl7788 3 · 0⤊ 0⤋
you have to pay a percentage of your debts to be declared bankrupt and then live in financial limbo for 3 yrs so I wouldn't call it the easy option
2006-09-29 07:47:37 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Simple answer is yes, due to the change in law you are now free after 12 months silly if you ask me
2006-09-29 09:50:55 · answer #5 · answered by GLYN D 3 · 0⤊ 1⤋
To declaire yourself bankrupt you have to be a certain amount in debt, and then you cant work, have any assets. Then you wont be able to get credit for 5 years.
2006-09-29 07:49:02 · answer #6 · answered by scragette2000 5 · 0⤊ 1⤋
Yes...its easy, but there are many types of bankruptcy you can opt for
2006-09-29 08:07:26 · answer #7 · answered by men t 2 · 0⤊ 1⤋