When I turned 18 I made the huge mistake of applying for every credit card anyone would ever give me. Now I am 22 and have a boat load of debt including judgements, collections, student loans, car loans, pay day loans, etc. Totalling 40,000.00 plus!!!! I want to know if bankruptcy would be good route for me as my credit is already poor. Can it make it any worse?
2007-10-30 08:42:55 · 9 answers · asked by valerier925 1 in Business & Finance ➔ Personal Finance
Bankruptcy is not usually the answer. You did after all borrow the money so you should pay it back. You are young and just need to be taught to spend your money wisely. You can get out of this hole you just need to stop digging. I would start with a guy named Joe Sangl and learn how to properly manage my money. If you start now you could be done with this part of your life in a few years and be on track to retire very wealthy.
2007-10-30 08:50:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it can make it worse, plus it is a lot harder to declare bankruptcy. What you need to do is contact all of those collectors and see what kind of payment plans you can get on. After that get a second job put all of the money from the second job towards the lowest balance debt and pay the minimum on the rest. You'll be able to pay the stuff off in less than 7 years, which is how long your credit will be destroyed for if you do declare bankruptcy.
2007-10-30 08:52:13 · answer #2 · answered by Greg S 5 · 1⤊ 0⤋
My son has taken the same route. I had 2 Bk's, and I have counseled both of my kids on this. Well, he is going to try the bk route. No, it won't make it any worse, but for the next 2 years, your credit will be in the toilet. After that, it gets better. The only difference you will see is that some cards won't approve you for even a $200 credit line with a bk on your record. You will need to seek out other banks for your credit.
2007-10-30 08:52:02 · answer #3 · answered by Steveo 5 · 1⤊ 0⤋
Very undesirable thought. Pay a splash to each business enterprise each month until eventually it fairly is paid off. definite, submitting financial disaster will ward off you getting a clean automobile or abode. repay the credit enjoying cards. decrease up the credit enjoying cards, and are not getting to any extent further. Use all your tax returns to pay your debts. "around $one thousand - $1500 to document financial disaster. you would be ok after 7 yrs." Nope, no longer that trouble-free anymore. it fairly is going to nonetheless instruct which you filed financial disaster. My mum and dad did it 2 an prolonged time in the past, and each so usually it rears it fairly is gruesome head. it fairly is befell some cases when you consider that. My brother and his ex spouse did it 10 or so years in the past. Even after 7 years he could no longer get a house loan. go on your close by credit counseling centers. they are in a place that may assist you. Edit: those debts, are maximum of those wedding ceremony debts? you're able to do nicely to commence advising childrens to have small scale weddings that they are in a place to arise with the money for if it is the case. beginning your existence off in debt isn't a thank you to flow. i could advise marriage counseling besides, by way of fact this could impression the marriage. additionally, if any of those have been in simple terms storebought products you do no longer genuinely desire, return them if attainable, or have storage revenues each so usually, and any funds you get is to flow to repay the debts.
2016-10-03 01:00:00 · answer #4 · answered by ? 4 · 0⤊ 0⤋
First, find out from your state Banking Commission if there are non-profit organizations that are authorized to help you to deal with the issues. These organizations can help you to decide what to do, and what actions might be best in your situation. Make sure that you are honest and up-front with them. Also make sure that they are licensed to provide debt reduction or debt counselling in your state-you would be surprised how many tell you that they are legal to work with in your state, and then not even registered!!! Best of luck!
2007-10-30 09:02:17 · answer #5 · answered by guinness126 2 · 0⤊ 0⤋
It can make it worse - and won't likely take away the student loans. And the car loan with be included only if you give up your car.
2007-10-30 08:57:21 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
yeah ... ring up 40k in debt and just expect to file for bankruptcy so it will all go away for you. It really shows how the system is flawed against people who do the right thing and are responsible.
2007-10-30 08:50:57 · answer #7 · answered by Icon 7 · 3⤊ 0⤋
I filed to pay my medical and credit card debts..Since you have nothing it sounds like,,,it could be a good move for you,,it's easy and it does ruin your credit for years, but I figured.."What the hell",,it's ruined already....
2007-10-30 08:55:12 · answer #8 · answered by madsmaha1 7 · 0⤊ 0⤋
www.creditinfocenter.com
see what is past the statute of limitations, you can sue
back for judgements, but I hope you learned your lesson
because depending on where you are judgements
can stay on your report for up to 15 years. You screwed
yourself good !!!!!
2007-10-30 08:47:23 · answer #9 · answered by Anonymous · 1⤊ 0⤋