I have gone through a divorce and acquired bad debt (foreclosure, repo, etc...) while ridding myself of a spouse. I feel there is no other way to start clean than by filing bankruptcy. Is this the right decision? Any bankruptcy success/ failure stories?
2006-11-22 05:36:30 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
there are several methods to get out of debt, etc. some of which will work for you and some of which won't.
first, you have to identify your goals. what do you want to accomplish?
1. if you want to wipe the entire slate clean, but don't really care about your credit for the next 10 years, go for a chapter 7 bankruptcy.
2. a chapter 13 bankruptcy allows you to "restructure" your debt with your creditors. you will be on a court-approved plan to pay back your debtors over several years. it still hurts your credit report, but not as bad as a chapter 7; and you still have to pay.
3. you can try to enter into forbearance plans with your creditors. this is an agreement you will make with the people you owe money to. a bankruptcy won't show up on your credit report, but the creditors will report a forbearance to the bureaus, which hurts your credit score.
good luck
2006-11-22 05:51:31 · answer #1 · answered by loveholio 5 · 0⤊ 0⤋
While reading the other posts, one thought came to mind - make sure you thoroughly check out any organization that you use for credit help.
Actually, to file personal bankruptcy, you are now required to take a pre-bankruptcy credit counseling course from a government-approved provider prior to filing. See below for how to find an approved provider. As part of its pre-bankruptcy counseling services, the agency will discuss bankruptcy alternatives and provide you with an evaluation of your financial situation and a personal budget plan. This should give you a better idea if bankruptcy is right for you.
Depending on your income, you may not have a choice between Chapter 7 and Chapter 13. You will need to discuss that more with an attorney.
Good luck!
2006-11-23 15:40:46 · answer #2 · answered by Dawn H 2 · 0⤊ 0⤋
Hey I too BEEN THERE, And it will get better for ya because now more than anything you have a Peace of mind with or with out debt this is so very important, A bad spouse will way on your nerves. Now If you just have to file then FILE A Chapter 7 the BEST way to go, Because you will need to list all debts you owe car,house ect.... And this way all phone calls from bill collectors will stop, So go Chapter 7, I did and I was able to stand up, But Never if you can HELP It go a Chapter 13 this is because the way they set this up is Weekly Payments that MUST come out of your Check EACH WEEK from your paycheck/job, And If you Loose your job say you have your car,house on this Chapter 13 then by loosing your job YOU WILL LOOSE YOUR CAR, HOUSE everything, Unless you are able to pay weekly. Take Care Of Self It Is not the End of Anything Good but the Beginning of A NEW Life and Everything BAD IS GONE FROM YOU. From Your yahoo Buddy Bankruptcy Twice. LOL
2006-11-22 06:14:46 · answer #3 · answered by sweettoni37 4 · 0⤊ 0⤋
Bankruptcy will stay on your credit report for at least 10 years. Find a good credit counselor in your area, they can get most creditors to drop the interest and your payments will be a lot smaller. This is better than 10 years of bad credit
2006-11-22 05:48:59 · answer #4 · answered by pinball 3 · 0⤊ 0⤋
A lot of my clients find that they can return to productive lives once the stress of being overwhelmed with debt has been removed from their lives. I know of one person who's credit rating was back up to 740 within a year of getting a discharge. You should consult a local bankruptcy attorney about your specific situation to see if bankruptcy is right for you.
2006-11-25 09:50:33 · answer #5 · answered by Carl 7 · 0⤊ 0⤋
i know how you feel. i had went through a divorce and had to file bankruptcy. i cried because i didnt really want to do this. but i had no other choice.there is a program out there called, christian debt remover.com that could help you so you dont ruin your credit.talk to someone there and see if maybe there is another road you can go other than filing bankruptcy.get some good advice before take this step. i didnt know about this program then.
2006-11-22 05:49:56 · answer #6 · answered by jbearbooboo 3 · 0⤊ 0⤋
on your case this internet site could be very effective QUOTEQUOTING.internet- RE What financial ruin strategies? i'm a mid elderly parent who now stumbled on myself over my head in debt with the aid of activities of the economic equipment. I been scuffling with foreclosures of our living house and economic company taking our truck. 1st precedence is our living house. What financial ruin strategies do I even have the place i'm going to stay in our living house?
2016-10-04 06:17:59 · answer #7 · answered by Erika 4 · 0⤊ 0⤋
go chapter 7 and wipe it all out and start over thats the best way.
2006-11-22 05:44:21 · answer #8 · answered by tigger 2 · 0⤊ 0⤋