Comments on: To file for Bankruptcy or not?

By: john d

john d — Fri, 23 Oct 2009 23:41:31 +0000

There is some useful advice here.

By: Zina D

Zina D — Wed, 21 Oct 2009 16:47:43 +0000

there are different chapters in bankruptcy. You need to read up on the different kinds. I make loans every day with people that have filed bankruptcy at one time or another. For the home owners that I have helped it hasnt effected there rate if the bankruptcy has be discharged.

By: sjeboyce

sjeboyce — Mon, 19 Oct 2009 22:49:52 +0000

try using a debt consolidator…like careonecredit.com they helped me out (32,000 in debt and only pay 485 a month)

By: Joe K

Joe K — Sun, 18 Oct 2009 07:13:03 +0000

Its like this- If you file bankruptcy, you still owe the money. Most times the bad debt is charged off after 3 years or so and usually eliminated completely after 7 years. If you do not file for bankruptcy, you still have half a chance to eventually pay your bills and rebuild your credit. If you file bankruptcy, you are stuck for at least 7 to 10 years before you can get credit again. You are better off just waiting out your creditors before the debt is removed from your credit report.

Bankruptcy is good only if you are in danger of losing your assets or your business. But if you have debts from credit cards, medical bills, etc. then you are better off either trying to pay your bills off one at a time or waiting 7 years for the debt to be forgiven.

By: Flower Girl

Flower Girl — Sat, 17 Oct 2009 05:33:19 +0000

It is the easy way out for people who are mostly irresponsible. You shouldn’t buy what you can’t pay for! The only thing you should put on credit is your house, everything else is cash only! You bought it, now you pay for it! Why should I have to pay extra fees and costs because you and others are to selfish to be responsible for your own deeds? Pay your bills!!!

By: goodday

goodday — Tue, 13 Oct 2009 22:25:38 +0000

I’ve filed bankruptcy AND I’ve worked in the legal field. A lot of people think that the bankruptcy is “gone after 7 years” when in reality and legally, it can stay on your credit report for 10 years or more. There are SO many things that happen with bad credit. I’ll give you a for instance - our scenerio. We needed a new car. We got a high risk car loan. We bought a used car with payments of almost $400.00 a month. It was the only car loan we could get. We had trouble finding an apartment because they check credit. When we did find an apartment, we got sacked with the highest security deposit they could legally charge because of credit. Employers will check your credit too. Some people have said they get requests to sign up for new credit cards after bankruptcy. We probably got some too - but they have a hitch too.
Now, on the other hand, we had taken care of old credit cards and all so that took nasty phone calls away and I didn’t have to worry. But years later, life took another turn and did a double whammy on us. So we are back in the same position (not because of credit cards - we don’t have any) — but just a whole bunch of bad stuff. When bad stuff happens and you have bad credit, you can’t get help. Things get worse and worse. This is how the “poor get poorer.”
If this is your only option, be thankful that it is there and you WILL be relieved in the beginning after the hearing is over. Remember, if you are in that much trouble with debt, your credit is going to be bad anyway - even if you didn’t file bankruptcy. The bankruptcy will take care of all that other stress. I’m sorry you are going through this. I honestly mean that - because I KNOW.

By: Lis

Lis — Sat, 10 Oct 2009 12:41:27 +0000

Depending on how you file bankruptcy will determine how quick you can out from under debt. Chapter 7 will cancel out your debt and Chapter 13 is where you pay back a portion of your debt over a period of time. Both bankruptcies will be on your credit for 7-10 years. Make sure that this is a last resort. It will be hard for you to get credit at some places until the bankruptcy is off your credit. Chapter 7 is an easy way out because you don’t have to pay anything back. But since last year the laws have changed and gotten harder on individuals trying to file. You really need to check with a bankruptcy lawyer. Most of them offer a free first consultation.

By: GI Jo

GI Jo — Fri, 09 Oct 2009 07:55:41 +0000

I don’t know exactly how it works nor can I tell you how long it will ruin you credit. What I can tell you is that it is a bad idea. Don’t do it if you have a choice in the matter. It ruined some of my friends.

By: bugjjo

bugjjo — Tue, 06 Oct 2009 21:09:19 +0000

Try to work with your creditors, I called each of them up and they offered to drop all annual and finace charges to help me pay them off that helped me big time. However once they do that for you they shut down your account so you can not add any additional charges.

By: karo_80

karo_80 — Sat, 03 Oct 2009 12:14:30 +0000

Your credit is pretty much destroyed