What do you think about the process of becoming bankrupt?

Answer 1

depends on your situation.... if you need a fresh start, go for it. look at your local court's website. just know you can only really use it once.... dont get credit cards after all your others have been wiped out, although easy, it will only put you in the same hole. promice yourself to swear off credit cards.

Answer 2

Zuez has the nicely proper procedure yet in the previous you even do you pick to go back to a decision in case you pick to report financial disaster. there's a fashion attempt to make certain in case you qualify for a Ch. 7 finished discharge. in case you do not qualify (relies upon on how a lot you're making and what percentage dependents you've), you should report a Ch. 13 financial disaster the position enter right into a reimbursement plan that would take 3-5 years. perhaps the single greatest ingredient(s) is your state's exemptions that describe the resources which will be retained through you and saved out of the financial disaster resources. some states exempt (help you keep) all of your furniture, others cap it at $15,000, for instance. similar for earrings, automobiles, even your position. some help you keep one residential resources no count what (assuming you'll locate the money for the loan positioned up-financial disaster), others may cap you at say, $one hundred and fifty,000. do not attempt to attempt this your self. it's going to fee you $1500-$3k yet use an lawyer, that is well worth it.

Answer 3

Wow what a loaded question.

I think it is possibly the worst idea I've ever heard. In the future you will pay more for loans in higher interest rates, higher insurance premiums, and time to fix your credit.

I would try working with your creditors first. Then Consumer Credit Counseling and only Bankruptcy as a last resort.

Answer 4

Oh, that's easy.

Count how much money you have.
spend it.
Tada! You are bankrupt!