I'm being over run with bills now that the building sector of the economy is slowing down.Does anyone have any suggestions.
2007-01-01 09:31:09 · 12 answers · asked by knowitall 2 in Business & Finance ➔ Personal Finance
it may work and it may not
2007-01-01 09:32:11 · answer #1 · answered by Team Jolie-Pitt Aniston 1 · 0⤊ 0⤋
The best thing to do is to consult a lawyer and a financial analyst. Don't make the decision on what is posted here. Everyone's situation is different and there is no one answer that applies to everyone. Your problems don't stop after filing for bankruptcy, what you do get is a different set of problems. Sometimes it is the best thing and you can get your life turned around. Sometimes it makes you life worse.
I do not believe in not declaring bankruptcy just because some people think the moral thing to do is pay your debts. Your life and your families future is more important. Furthermore, once you consult the lawyer and the financial consultant, they will know of other solutions and other ways to do things to protect yourself and your assets and the best way to get set up in business again. Some of these things do not involve bankruptcy. Bankruptcy is not an either/or decision. There are other legal tools that may work better with or without filing for bankruptcy.
2007-01-01 09:44:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
At this site you can solve your problem really fast: PROTECTIONQUOTING.NET- RE Personal Bankruptcy Filing: Pros and Cons of Hiring a Lawyer? My husband and I disagree over whether or not to hire a lawyer to help us negotiate the steps of filing for bankruptcy. What are the pros and cons of hiring a lawyer and what are the pros and cons of a "do it yourself" filing?
2016-05-23 04:00:24 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It has it's good and bad points. If you intend to file, get a lawyer. Filing fees are $299, and most attorneys charge an additional $700-$800, so be prepared to pay at least $1,000 or more. Depending on whether you file Chaper 7 or Chapter 11, it will either wipe your debts or restructure them, and offer your debtors partial repayment.
It will stay on your credit record for 10 years. It will make getting some credit cards easier, and some home loans harder, for people know they can charge you more, you don't have as many choices.
It will bring peace of mind and relief from collection agencies, lawyers, and process servers. It will take as long as 4-5 months to complete the process.
2007-01-01 09:39:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Ask yourself these questions: do I owe more than I make? could I pay the debt off in 2 years? If the answers are no, you are a candidate. The law is there for a reason, to give you a fresh start. Of course if you owe $5,000 I would say pay it off. But if you owe your yearly salary in unsecured debt, weigh the costs.
Of course, BK stays on your credit for 10 years, but at this point your credit has already taken a hit. You can get an FHA mortgage 2 years out of BK; so if you don't think you can get on track within the 2-3 year time frame it may be something to consider.
2007-01-01 11:03:01 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
Pros: you get out of paying some or all of the money that you had promised you would pay other people.
Cons: even though you may "legally" discharge your duty to pay those bills, the people/companies you swindled out of the money you owed them are likely to have long memories, and typically that will come back to haunt you one day.
Talk to your creditors, explain the situation, I'm sure you will be able to work out a manageable plan that everyone can live with. You are likely to find you aren't even able to file a personal bankruptcy anyway, depending on your situation, the law has tighten up considerably.
Best wishes...
2007-01-01 09:36:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There are no "pros" to bankruptcy any longer. Its all downside.
The Republican Congress recently changed the bankruptcy law. The new law makes it very difficult to dischage unsecured credit, like credit cards. You will end up bankrupt AND paying the loans back anyway. That's the new reality.
Bankruptcy will haunt you for years and years and years. Don't do it. Find a way to make more money or sell some stuff.
2007-01-01 09:40:29 · answer #7 · answered by Pure_Alpha 2 · 0⤊ 0⤋
I have filed bankruptcy . but that was before all the new laws on it. And in alot of ways it helped alot.But theyer are also bad parts to it. what every you do if you do it dont take the credit cards they try to make you do after you file.It will only lead you right back to where you were before. good luck
2007-01-01 09:34:21 · answer #8 · answered by furby_lost 5 · 0⤊ 0⤋
The "pros" are is that you are out of debt. The con is that it will be one hell of a long time before you get any credit again!
2007-01-01 09:34:32 · answer #9 · answered by Brian H 4 · 0⤊ 0⤋
Well the laws have changed sense I did it but it help a lot when your in debt but its on your credit for 10 yrs.
2007-01-01 09:34:46 · answer #10 · answered by C M 3 · 0⤊ 0⤋
there are pros and cons in filing bankruptcy
2007-01-01 09:32:18 · answer #11 · answered by MiKe Drazen 4 · 0⤊ 0⤋