I have debt from 1999 about 22,000 to 25,000. i have tried the consolidation and it takes forever. I can not get anything. So I was thinking of claiming and remove all debt in one shot. I want to get a house nd a car and cannot due to the debt.
So is it really bad to claim bankrupt?
2007-01-15 00:29:30 · 11 answers · asked by peaches7160 1 in Business & Finance ➔ Personal Finance
going to be tough to get a loan for a house or car following bankruptcy
2007-01-15 00:33:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I was on the same situation and this site helped me SALESQUOTES.INFO-
RE Is claiming bankruptcy really a bad choice to make?
I have debt from 1999 about 22,000 to 25,000. i have tried the consolidation and it takes forever. I can not get anything. So I was thinking of claiming and remove all debt in one shot. I want to get a house nd a car and cannot due to the debt.
So is it really bad to claim bankrupt?
2014-10-06 02:16:45 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Is 22,000 to 25,000 in US$?
Bankruptcy should not be an option, you are making it difficult for your creditors -(i wonder who)
Debts can always be worked off, negotiate with your creditors beseech them to permit you a longer mercy period where you can work off your debts. Understand running away will not solev the problem. You want a house and a car, work for them. Don't go for the loan, more debt trouble will only follow and haunt you for the rest of your life.
If gambling or some other vice was the cause. Drop it.
If a business failure, don't worry you can always try again.
If you were the creditor would you want your debtor to turn all your debt into a bad debt account amounting to a lower net profit/ higher net loss in the business? Think about it. Put yourself in the shoes of others.
There are many ways to earn money. There are many job opportunities. Work 3 or 4 part-time jobs, do something that can contribute to lowereing that debt.
Do something constructive instead of wasting your time on the COMPUTER. The debt has been standing for 7 YEARS, aren't you going to do something about it? And no, don't try your luck with 4D, or the lottery.
Hope this helped.
2007-01-15 08:53:43 · answer #3 · answered by hoxyho 2 · 0⤊ 0⤋
Yes it is real bad to claim bankruptcy. Pay your damn bills! No matter how long it takes you are always better off paying your debt off rather than claiming bankruptcy. It is harder to do now anyhow and after you do it will be at least 7 years before you can get anyone to extend you credit. If, by some miracle, you find someone who will give you a loan on a car the interest rate will be outrageous - as high as 23%!
2007-01-15 08:40:07 · answer #4 · answered by PRS 6 · 1⤊ 0⤋
It should be a last resort. It's crummy to feel the people you owe money to right now should just eat it, so you can buy a house and a car. Take responsibility for your bills and your life, and don't try to steal from others (because that's what you'd be doing).
Debt is a drag, but it occurs and everyone should take responsibility for their own. Claiming bankruptcy so you don't have to pay your bills and can go about your life hurts everyone...we all end up paying the price for your irresponsibility (in higher prices for services), including you...because to help lessen the loss from your bankruptcy, the business you didn't pay will just raise all their rates to make that money up from people like you, who feel they'd rather have a new house and car than pay their bills.
2007-01-15 08:41:16 · answer #5 · answered by . 7 · 0⤊ 0⤋
It could be bad, and good at the same time. Right now they may threaten about collection, but you have the choice of bankruptcy, they end up loosing the money.
You are allowed one time every ten years for bankruptcy. After you declair bankruptcy, if you rack up new debt you have to pay it, no matter what. Either with money or jail.
2007-01-15 08:36:43 · answer #6 · answered by ttpawpaw 7 · 0⤊ 0⤋
you will probably be looking at at least 5 years after you declare bankruptcy before anyone will even consider selling you that house and car, and even then if they get wind of your bankruptcy they could still turn you down or your interest rates will be through the roof - which you are probably not worried about as you are obviously terrible with money given you are talking about getting yourself into hundreds of thousands of dollars more debt when you can't even pay off the $25k you have now....
Have you ever heard of the debt trap? You could be their poster child
2007-01-15 08:40:09 · answer #7 · answered by Anonymous · 1⤊ 0⤋
you really need to talk to a bankruptcy specialist. Bankruptcy from what I have been told can and is a real good option for people. My hunch is that 22000 of debt is not insurmountable and you could pay that debt off if you have a half decent job and a pretty interest rate on that debt.
2007-01-15 08:36:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Negotiate with your creditors. You will not be able to get a car or a house if you file bankruptcy. It takes 10 years to come off your credit report. It is not as easy to file a chapter 7 as it use to be
2007-01-15 08:39:52 · answer #9 · answered by Anonymous · 1⤊ 0⤋
not a good deal unless you REALLY need it. You will not get a morgage or car loan for 7 or more years if u do it.
2007-01-15 08:40:08 · answer #10 · answered by Anonymous · 1⤊ 0⤋