trying to consider whether it is an option?
2006-12-16 08:43:42 · 10 answers · asked by MR. C 2 in Business & Finance ➔ Credit
I work with reviewing peoples credit and the side I know about it is how damaging and hindering it can be. Alot of people are misinformed regarding filing for bankruptcy and many times receive bad advice from a lawyer who's trying to make a quick buck. From my understanding you should only file for bankruptcy if you are in danger of losing your home. And even then I believe you have to file a certain chapter which might be chapter 13 which allows you to keep your home and you can still make payments but all is consilidated. Chapter 7 you get the creditors off of your back and everything gets written off but it all looks real bad on a persons credit. Some bankruptcies don't allow you to apply for any credit for several years. Make sure you only file for it if your situation is one where you are being sued or are about to lose your house. Make sure you get several several second and third opinions from knowledgeable people.
2006-12-16 08:51:17 · answer #1 · answered by isladelmar7 2 · 1⤊ 0⤋
In your case this site can be very helpful SAVEFINDER.NET-
RE Does anyone know anything about bankruptcy?
trying to consider whether it is an option?
2014-10-08 11:04:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I work in loans for a bank and I can tell you that while bankruptcy looks good, it is very, very damaging for many years and hard to recover from. It is much better to contact all of your creditors and agree to better payment terms or interest rates. They would rather you pay them lower amounts in interest than being forced to write off the debt due to your bankruptcy. Don't do this unless it is the only option, which, in my experience, it never is. Best of luck to you.
2006-12-22 02:45:20 · answer #3 · answered by ginabgood1 5 · 0⤊ 0⤋
Alas..I do. Learned really fast at 21. I don't recommend it for anyone. Your hands are tied for 11 years. It finally comes off my credit report this year. If you can find ANY way to pay the bill..I suggest you do it. Make arraingements, settlement offers...etc. Bankruptcy stinks.
2006-12-16 10:34:21 · answer #4 · answered by luckymunkee29 3 · 0⤊ 0⤋
The best person to talk to is a bankruptcy lawyer. They look at all your debts and decide what is best for you.
2006-12-19 15:16:23 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
It really depends on your personal finance situation. Your best bet is to speak with a profession credit counselor
2006-12-16 11:18:19 · answer #6 · answered by Ms. Hollywood Diva 2 · 0⤊ 0⤋
yes i do and well it costs to go bankrupt then 7 years later you start all over ,just like you were a kid,sometimes its the best,
2006-12-16 08:52:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Give me all your money and you will gain first hand experience.
2006-12-16 08:56:24 · answer #8 · answered by Oliver T 4 · 0⤊ 1⤋
No, thank goodness.
2006-12-16 09:31:54 · answer #9 · answered by Anonymous · 0⤊ 1⤋
I say go for if you can't pay your bill, remember you can only file once.
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2006-12-16 09:15:10 · answer #10 · answered by bijan816 2 · 0⤊ 0⤋