2007-06-22 09:03:24 · 3 answers · asked by vineruby 3 in Business & Finance ➔ Taxes ➔ United States
A judge decides whether you qualify for relief, and if so, what kind - wipe debts clean, or be given extra time to pay them back.
Your credit is messed up for a long time.
2007-06-22 09:08:54 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Some debts could be relieved by a judge - however, they are on your credit report - FOREVER got that.
When you fill out financial forms they all ask if you ever had to file bankruptcy, and some job interview forms ask the same question. You have to say YES - for the rest of your life - got that? For the Rest OF YOUR LIFE - YOU HAVE TO DISCUSS THE BANKRUPTCY!!!!
This is not easy as we all make mistakes. I have advised people to call each person to whom they owe money, and ask for lower payments to help them out of a bad situation, and many have been understanding and done just that. It took longer to pay them off - but as long as they received something each month - what they agreed upon - they did not call or harass the people. It turned it into a win/win situation - and later when the people wanted to obtain a mortgage, they
had a good credit report.
You never know when you need a good credit report - later in life, and what a few mistakes can cost you - forever!
Take back control of your life.
Do you really want to answer about this bad time in your life - FOREVER?
GOD bless us always.
MBA-Boston Univ.
CPA-retired
2007-06-26 09:47:53 · answer #2 · answered by May I help You? 6 · 0⤊ 0⤋
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2007-06-26 14:39:28 · answer #3 · answered by m_soulliere 4 · 0⤊ 0⤋