Is chapter 7 bankruptcy as bad as they say?

Question

One more thing: I'm not concerned about losing my house nor my car or what people may say. I'm past that. I just want the creditors to stop calling and I want to get my finances back on track. The reason I'm in the situation is because I was laid off from job. I was able to keep up for a while but then the savings dwindled and I wasn't able to find the same income as I had before. I need a fresh start.

Answer 1

No, it's not so bad. You go to a bankruptcy lawyer, they show you how to keep your house and cars. You get rid of all the other debt and start over. That's what it is, a fresh start. And, don't make the same mistakes again. Everyone deserves a second chance. No one has to know at all. It's confidential.

Answer 2

Bankruptcy is always a bad thing in the long run. If you seriously run yourself into such a large debt that it is the only way out it can help you keep things you own already, but it will poorly affect your credit for years. I would only recommend it if you were in danger of losing your house and you and your family were going to be homeless. If you just have too many credit card bills a debt consolidation service would be a much better option. I guess the answer would be yes, bankruptcy is as bad as they say unless you make so much money you can pay for everything without financing.

Answer 3

Bankruptcy is an absolute last resort. The new laws make it difficult to just walk away from debt - one way or another you'll have to pay the price. But there are alternatives and you should explore these as there may be an easier way to offload your debts.

Do some research. Look at each solution to see which would match your circumstances. There are a couple of websites here which might help.

Good luck!

Answer 4

Yes. If there is any way to fix your credit, do so. You probably have checked with credit counselors and debt consolidators, if not do so. You will have credit available if you pay outrageous interest after bankruptcy. You will be embarrassed and humiliated because some way, your relatives and friends will find out. Some who do file bankruptcy, after it is settled, get credit cards and end up in the same situation. Credit is good to a limit. Credit card companies are partly the fault because they keep increasing the credit limit even though they know your budget will not allow the payments.

Answer 5

this isn't ment to be unfavourable, besides the undeniable fact that it truly is basically some realities of what you're thinking. once you've in reality $1200 in debt, financial ruin isn't what you opt for to do. it truly is going to fee you a minimum of that a lot, and likely extra, to even record for a financial ruin. So it would want to be extra of an benefit to you to artwork on your debt than attempting to pay for the financial ruin. also, with the financial ruin guidelines that were replaced many years in the past you do not quite have a call as to no matter if you could record a financial ruin thirteen or financial ruin 7. there are particular guidelines as to who can record a financial ruin 7 and in case you do not qualify you'd be compelled right into a financial ruin thirteen. in case you went with a financial ruin thirteen they seem at your income and confirm a repayment plan. yet for that low of a debt, you likely can get a similar funds by operating along with your lenders on your own, without the financial ruin.

Answer 6

Yes it is. If you are contemplating it maybe there is a way out. There is a free download of a debt management program that you input all your income and expenses and it shows you how to resolve the debt. Try that first as bankruptcy is definitely a last resort.

Answer 7

I came into this world as a reject
Look into these eyes
Then you'll see the size of these flames
Dwellin on the past
Its burnin' up my brain
Everyone that burns has to learn from the pain
Hey I think about the day
My girlie ran away with my pay
When fellas come to play
No she stuck with my homeez that she ******
And I'm just a sucker with a lump in my throat
Hey, like a chump
Should I be feelin' bad? No
Should I be feelin good? No
Its kinda sad I'm the laughin' stock of the neighborhood
You would think that I'd be movin' on
But I'm a sucker like I said
****** up in the head, not!!
Maybe she just made a mistake
I should give her a break
My heart will ache either way
Hey, what the hell
Watcha want me to say
I wont lie that I cant deny

[Chorus]
I did it all for the nookie
C'mon
The nookie
C'mon
So you can take that cookie
And stick it up your, yeah!!
Stick it up your, yeah!!
Stick it up your, yeah!!
Why did it take so long?
Why did I wait so long, huh
To figure it out? but I did it
And I'm the only one underneath the sun who didn't get it
I cant believe that I can be deceived
By my so called girl, but in reality
Had hidden agenda
She put my tender heart in a blender
And still I surrendered
Hey, like a chump

[chorus]

I'm only human
Its so easy for your friends to give you their advice
They tell you to let it go
But its easier said then done
I appreciate it
I do, but just leave me alone
Leave me alone
Just leave me alone!!
Just leave me alone!
Aint nothin' gonna change
If you can go away
Im just gonna stay here and always be the same
Aint nothin' gonna change
If you can go away
Im just gonna stay here and always be the same
Aint nothin' gonna change
If you can go away
Im just gonna stay here and always be the same

[Chorus]

Answer 8

yes