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Bankruptcy now... or never???
fredster:
I'm sorry to hear that Mr.C.
It's a tough decision. Both my brother and sister went Bankrupt, and recently two of my good friends.
They might have pulled out of it with better advice.
ChadTower:
Have you looked into Credit Counseling? It helped my wife and I climb out of nearly crushing debt after college and didn't destroy our credit in the process. Plus it's free.
DrewKaree:
Hey C....wait, I mean HiC!
First, if it's something you fear you may have to consider in the future, you're best to do it NOW, because from what I understand, the bill will make it so that NOT NECESSARILY will all your debts (including credit card-type stuff!) be wiped off your slate.
This bill is being heavily lobbied by the credit card companies, and there's a few more provisions I'm not positive on.
Here's a website to check out - I believe he addresses bankruptcy - ramifications/processes/when/why you'd want to, etc.
IIRC, bankruptcy only stays with you for 10 years, although it used to be for 7....still, no matter how you look at it, it'll stay with you for a while.
The GOOD thing about you not moving to Canada ;) is that there are ways around obtaining credit even IF you've filed for bankruptcy.
The website: www.clarkhoward.com
You'll get some pretty sound advice there, as well.
Thenasty:
how about a dollar donation for each BYOAC members, then my turn next ;) who goes third ?
CCM:
--- Quote from: missioncontrol on March 09, 2005, 02:42:03 pm ---Just remember it takes 14 years to rebuild your credit after filing bankruptcy....
There are also differkinds of bankruptcy:
Chap: 11
Chap: 13
Your best bet is to talk with a lawyer about your options.....
--- End quote ---
I always thought it took 7 years, not 14....
Also, with one of the types of bankruptcy, I'm pretty sure you can leave certain assets out, like a car for example.