My car has been repoed and I have other pass due bills like cell phones and auto insurance. I am trying to come up with the money to get the car back. But it is to damn expensive. Then sometimes I dont want it back because the payments were to hight from the start. Isnt it better to file bankruptcy when your young if you have too, since its off your credit report in 7 years? I dont know what to do! But I dont want my credit to be ****** up. I believe filing for Bankruptcy is my best option.
2007-12-15 21:15:56 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
I know that when bill collectors are calling and the money is tight, it seems like the world is collapsing and bankruptcy looks like a lifesaver.
But weigh your options very carefully, and get professional advice from a trusted financial adviser, whether it's an accredited credit counselor or a CFP or other well-trained individual familiar with your finances. As others have said, bankruptcy is an extremely serious step.
First, it's not a quick and easy fix that will make debts *poof!* disappear, sending you skipping on your way.
Since the bankruptcy law was changed in October 2005, filing bankruptcy has become more difficult, time-consuming and expensive; it's not going to be a quick and easy fix. The record stays on your credit report for 10 years, making getting loans of any sort difficult, and those that you are offered will be very expensive -- at least for the first few years, until you have shown a history of on-time payments. It also means that for the next 10 years, every potential employer, every potential landlord, even car insurance companies will look at you differently, because all of them will look at your credit report. That could put a drag on your personal financial life from which it's difficult to recover.
Unfortunately, there are no quick and easy fixes for deep debt. Whether you file or not, you have to fix the underlying problem of spending more than you make, set a budget, find a way to boost income.
If it's any comfort, millions of other people have faced this problem, and with some determination and discipline, recovered fully. Best of luck.
2007-12-16 00:31:18 · answer #1 · answered by CreditCards.com 3 · 2⤊ 2⤋
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RE :Do you think filing Bankruptcy at the age of 20 is bad? And what Happens when you do file Bankruptcy?
My car has been repoed and I have other pass due bills like cell phones and auto insurance. I am trying to come up with the money to get the car back. But it is to damn expensive. Then sometimes I dont want it back because the payments were to hight from the start. Isnt it better to file bankruptcy when your young if you have too, since its off your credit report in 7 years? I dont know what to do! But I dont want my credit to be ****** up. I believe filing for Bankruptcy is my best option.
Follow 13 answers
2017-01-20 07:31:52 · answer #2 · answered by Averell 6 · 0⤊ 0⤋
With the new bankruptcy laws sometimes they make you pay back some of what you owe. I don't know how much you owe, but I'm taking a guess that it's under $20000.00. If I were you I wouldn't file, I would let the repo make keep the car (it's probably not worth what you owe on it) and make payment plans with the rest. Depending on which bankruptcy you file, it could stay on your credit report for 10 years. Alot of employers do credit checks on job applicants and a bankruptcy could stop you from getting that job. Also what if you want to buy a house, you will be paying a very high interest rate on that loan in fact just about on any type of loan you may want. If you have a student loan that you want to include in your bankruptcy, guess what, you can't it is not aloud since it's a gov. backed loan.
2007-12-15 23:18:22 · answer #3 · answered by ms.toni67 3 · 0⤊ 0⤋
Bankruptcy rules have changed and you may not even qualify, especially for Chapter 7. It does not seem to be that much debt.
You would do much better by putting yourself on a strict budget and living within your means. Get a second or third job and pay that car off.
By the way, Bankruptcy stays on your credit report 10 years, not the normal 7 years. On down the road, just the fact that you filed bankruptcy could keep you from getting certain jobs.
2007-12-16 03:07:05 · answer #4 · answered by bdancer222 7 · 3⤊ 1⤋
I think it's your worst option. In 20 years, you might want to get a house and you will be asked if you EVER filed bankruptcy. They won't forgive you just because you were 20. You will pay higher interest rates for YEARS to come. Don't do it. Figure out how you got into this mess and how to get out of it. Call your creditors and learn to negotiate. Read books on the subject. Don't look to people to let you off the hook just because you're 20. You got into this mess, you need to figure out how to get out, not just take the easy way out.
2007-12-15 21:19:58 · answer #5 · answered by Katherine W 7 · 2⤊ 1⤋
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RE Do you think filing Bankruptcy at the age of 20 is bad? And what Happens when you do file Bankruptcy?
My car has been repoed and I have other pass due bills like cell phones and auto insurance. I am trying to come up with the money to get the car back. But it is to damn expensive. Then sometimes I dont want it back because the payments were to hight from the start. Isnt it better to file bankruptcy when your young if you have too, since its off your credit report in 7 years? I dont know what to do! But I dont want my credit to be ****** up. I believe filing for Bankruptcy is my best option.
2014-09-06 05:55:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I filed for bankrupcty 2 years ago, it was the best thing I ever did. You can build your credit back up while you are bankrupt, there are people out there to help. It is the governments way of giving you a fresh start. Make sure you check out every avenue first before filing. I lost my car because it was a secured car loan, but I saved to get a new one.
2007-12-15 21:24:10 · answer #7 · answered by Renaye 2 · 1⤊ 3⤋
Filing bankruptcy at any age is bad!
2007-12-15 21:24:57 · answer #8 · answered by Anonymous · 1⤊ 2⤋
It would be worse if you filed later in life than now because it would be better to learn your lesson now so that you wont make the mistakes in the future .
2007-12-16 01:07:17 · answer #9 · answered by Anonymous · 1⤊ 1⤋
At 20 how about a couple of more jobs and pay things off. Get rid of the cell phone, there is a life without it regardless of what you THINK you need it for, how much is this internet connection costing you.....beginning to get the picture?
2007-12-15 22:04:19 · answer #10 · answered by Anonymous · 2⤊ 3⤋