2006-11-24 05:56:10 · 4 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
No. Anything you can do to avoid it you should. You will be forced to lose any and all assets that you may possess (ie, house, car), you are not allowed to hold any credit cards, and it will show up on your credit report for 7 years. "
During those 7 years, you will be unable to get a loan or purchase anything that requires a credit check. Do yourself a favour and find another solution.
If you own any property, look for a secured loan or try to consolidate the bills you have into one loan and cancel any and all credit cards that you may have. It'll be tough, but you will be able to manage things much better if you do it this way.
2006-11-24 06:01:17 · answer #1 · answered by tipper 4 · 0⤊ 0⤋
Sorry...but what the two previous writers say, is not true (for the most part). Yes, it will stay on your credit for 7 - 10 years, but you do NOT have to give up all your assets. You can choose what you would like to have included in the bankruptcy. If you want to keep your house and/or car(s), then that is your choice. The only way you lose any of those things is if you CHOOSE to. Your assets are NOT sold to pay off debtors!! If you have credit cards, the credit company must "eat" that loss. If you call an attorney, they'll tell you the same thing. Most of them willingly give out free information such as this during the first phone call and are also willing to give a free sit-down consultation. And as for loans or credit cards, you can still obtain these after about a year or so; however, it would be with a higher interest rate than before. In fact, credit card companies come LOOKING for you after a while. So while bankruptcy may not be for everyone, if you are unable to pay your bills, and are willing to let it hang on your credit for a few years, it's not really such a bad thing. When faced with the decision of bankruptcy or your kids not eating, I know what I'D choose. Best of luck to you.
2006-11-24 06:12:15 · answer #2 · answered by AmyLynn1968 1 · 0⤊ 0⤋
I believe you are asking about bankruptcy well it all depends do you own a home do you own a car well if you answered yes to any of these call them gone when you claim bankruptcy everything is sold off to pay off creditors and and any other bill collectors. But is does get brighter after roughly 9months -1yr after you pay off the lawyer etc. and are dismissed from the bankruptcy then you can start to rebuild your life credit wise. Money is just that consider not using credit cards anymore get one for emergencies only and I do not mean a new pair of shoes or that fancy suit in the window more like car problems health issues emergencies. I have not used credit cards for almost 7 years and well I'm debt free eccept for a student loan and a personal loan to do some fixes on my home. Needless to say
I did not claim bankruptcy I stopped using credit and just payed on the cards until they were payed off.
2006-11-24 06:06:50 · answer #3 · answered by Livinrawguy 7 · 0⤊ 0⤋
no it never is
2006-11-24 13:56:27 · answer #4 · answered by Lydia 7 · 0⤊ 0⤋