my best friend is going through a rough time, owes a lot of money to credit cards, and can't seem to be make the payments on time, and struggles throughout the month with money. She wants to go bankrupt, like a personal bankrupt, and I wanted to ask if anyone has done this, and what all is involved. She lives in canada. She definitly wouldnt be able to get a loan or consolidate them, they would deny her cause she owes so much. She got layed off work, and in order to survive for almost a year had to rack up credit cards. She fought so hard to find work and is just getting back into work but can't really get these cards paid for. Shes only making minimum wage. Any advice on brankruptcy would help. Thanks
2007-02-13 04:48:47 · 4 answers · asked by Proud Mother 3 in Business & Finance ➔ Credit
I would try a credit debt advocacy group. They will work with creditors to come up with a payment plan. You pay the agency one payment per month and they disburse it the creditors for an amount agreed up. You continue to do this until they're paid. The debt company can get interest reduced, etc..to help. In theory you can do it yourself, but most people in this situation don't have the confidence to make the arrangements. That being said, there is one caveat...check out the company thoroughly. There are legitimate companies out there as well as thieves. Don't be a victim. I would try this before heading out to bankruptcy court. Bankruptcy stays on your credit for 10 years. The bad credit she has now remain for about 7 years, and after a year of making on time payments the messy stuff will be gone. Paying your bills and being responsible/not overspending is a difficult lesson to learn, but once learned it is an extremely gratifying feeling. Remember...if you don't learn to live within your means, then no amount of money will ever be enough...(MY words of wisdom)
2007-02-13 05:08:26 · answer #1 · answered by N0_white_flag 5 · 0⤊ 0⤋
no bankrupt...she should wait until she has a job, then try and take out a loan to pay off all her credit cards. So this way she only has one payment. tell her to rip up her cards too. tell her to try that...and if not, tell her to talk to a bank or someone about what she can do before filing bankruptcy.
2007-02-13 12:58:05 · answer #2 · answered by dave k 3 · 0⤊ 1⤋
Send her to http://bankruptcy.usefulmaterial.com
2007-02-13 17:06:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
don't trust me it will cost u a lot
2007-02-13 12:58:22 · answer #4 · answered by heather G 1 · 0⤊ 0⤋