I am very young 21 and i have alot of debt i was thinking of claiming bankruptcy! What will happen and will i lose my credit cards?? I also have a personal debt i need to pay back! now lets say i want to consoladate instead can I get extra money from the consolation company to pay this private debt??
2007-01-03 09:02:25 · 6 answers · asked by gspaypal 2 in Business & Finance ➔ Personal Finance
Start paying off the biggest debt first with any extra disposable income. Take a second job if needed for a short period. You're young.
DO NOT BUY ANYTHING YOU DON'T NEED! You need food and water (from the grocery store and prepare at home), air is free, and some toiletries.
Once you pay off the largest debt, put that payment towards the next largest debt to pay it down faster.
Don't do a loan CON solidation loans as it's just that - A CON. You are paying back debt with debt that is less monthly, but more in interest due to a longer loan life.
Claiming bankruptcy is a cop-out. You can pay this off and it will take time. Just mentally prepare yourself to lower your lifestyle for a while and you will make it.
2007-01-03 09:12:00 · answer #1 · answered by Joe S 6 · 1⤊ 0⤋
If you go through with it, your problems won't disappear. No one will want to talk to you concerning a loan once they hear the word BANKRUPTCY. You are young and need to learn some self control when you spend. Buckle down and pay your debts. Bankruptcy doesn't eliminate your debt. Know your facts on it before you make that kind of decision. Your credit will reflect it for the next 10 years. So maybe by the age 31 this will all be in the past...
2007-01-03 19:50:33 · answer #2 · answered by FordGT guy 3 · 0⤊ 0⤋
First it takes at least 10 years to clear your credit file so keep that in mind no credit cards for 10 years no car loans. So thats first i would suggest to get a co signer and get a consolidated loan because that will cut out bill collectors and your payments will be much smaller a month, i have personal experince i had 21000 worth of debt when i was 21 too, this is what i did.
2007-01-04 10:43:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The decision to file bankruptcy is never easy. You should look at all of your options and most BK attorneys will give a free consultation on new matters.
2007-01-03 19:42:45 · answer #4 · answered by Carl 7 · 0⤊ 0⤋
Bankruptcy is not a good way out because it will take years to repair your credit and these days without a good credit you will find it difficult to even find a rental house.
2007-01-03 17:39:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I found some good info here.
2007-01-04 13:07:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋