Just wanted to know..?

Question

Someone told me that filing for bankruptcy is a good thing, and he seems like he is considering it. Can anyone clarify this for me? Thank you. = ]

Answer 1

Filing for bankruptcy is never a good thing and should be only done as a last resort. If a person is filing just to beat credit card debt that is not good. If on the other hand a person has lost their job and are in danger of losing their house, or has had a business failure or health issues sometimes it is the only thing to do to keep a roof over your head and give you a chance to start again.

The bankruptcy will follow you for years to come and could keep you from getting a job, but then of course terrible credit can do the same thing. Ask your self if you could justify a bankruptcy to a prospective employer? If the problem is that you were irresponsible and just over spent then that would probably not be a good reason.

Answer 2

Bankruptcy will ruin a person. It never goes away. Yes, it stays on your credit record for ten years, but every mortgage and loan application has the question, "Have you ever filed for bankruptcy?" Even if it's been more than ten years, they still need to know. If you answer "Yes", they'll jack up your interest rate. If you answer "No", they'll probably find the old bankruptcy anyway through court records and reject your application. Also, as of October 2005, new bankruptcy laws don't necessarily eliminate debt. Instead, you're put on a repayment plan of up to five years. So, in short, if you file for bankruptcy, you'll trash your credit and still be obligated to pay your debts.

Answer 3

Not so. Bankruptcy is a bad thing. You ruin your credit, and it stays on your records for at least seven years.

Answer 4

Its a Bad Bad thing...

this guy that told you this is a looser