Bankruptcy Help

FZA · Feb 12, 2010

Considering filing for bankruptcy. I owe close to 35k in credit card debt and have been out of work the past 6 months. I was talking with a friend of mine and he told me instead of trying to settle on my credit cards (which I havent not any payments on since I lost my job) that I should file for bankruptcy because it will be on my credit for only 2 years now? I always thought it was 7 years?

but how much would it be to file for bankruptcy? and would it be worth it?

bigbet1234 · Feb 12, 2010

Pay your debts bish

DrunkenHorseplayer · Feb 12, 2010

Bankruptcy stays on your credit report for seven or ten years, depending on the type of bankruptcy.

WorldNumberOne · Feb 12, 2010

it will cost you about $ 1800 for the lawyer.

then you will have to buy back a portion of whatever assets you have.

lets say you have $ 15,000 worth of stuff , car , furniture , stuff , money on hand .

you get to deduct some of that but will have to make payments on whatever amount it ends up being. usually 6 monthly payments.

could be pushed out to 10 months.

what do you own ? how much money in the bank ?

FZA · Feb 12, 2010

bigbet1234 said:
Pay your debts bish

exactly what my friend told me, i mean exactly "bish" and all :lolBIG:

FZA · Feb 12, 2010

World Number One said:
it will cost you about $ 1800 for the lawyer.

then you will have to buy back a portion of whatever assets you have.

lets say you have $ 15,000 worth of stuff , car , furniture , stuff , money on hand .

you get to deduct some of that but will have to make payments on whatever amount it ends up being. usually 6 monthly payments.

could be pushed out to 10 months.

what do you own ? how much money in the bank ?

I do not have much, absolutely no money in the bank, less than $100. I have been selling most of my possessions over the years, my biggest asset would be my car which is paid off but only worth about 6k now. Times were really good 5 years ago and lately it has been a struggle. From a financial stand point if the 2 year mark on your credit for bankruptcy was true it seems it would make more sense taking that route vs paying the fees and crazy interest rates while trying to pay off the cards. Just trying to consider all options.

thank you for all your responses so far

WorldNumberOne · Feb 12, 2010

if you see no way over the next several years of paying that off and you dont plan on buying anything , go ahead and file.

that 35k will probably end up costing you about 100 grand if you end up making small monthly payments.

Buster · Feb 12, 2010

http://www.overstock.com/Home-Garden/Hug-Me-Pillow/1676854/product.html

OnWisconsin · Feb 12, 2010

i feel your pain. i went through the house today after reading about a nintendo that sold for 13k to see what i could find. i have some heinz ketchup packets that might be worth something (unopened) once they release the new design@)

barman · Feb 12, 2010

Sure seems like combining the households of e-loco and soonerdawg could be a Marriage made in Heaven.

OnWisconsin · Feb 12, 2010

doubledeuce22 · Feb 12, 2010

E-loco said:
Considering filing for bankruptcy. I owe close to 35k in credit card debt and have been out of work the past 6 months. I was talking with a friend of mine and he told me instead of trying to settle on my credit cards (which I havent not any payments on since I lost my job) that I should file for bankruptcy because it will be on my credit for only 2 years now? I always thought it was 7 years?

but how much would it be to file for bankruptcy? and would it be worth it?

definitely worth it, IMO. you honestly have no chance of ever paying the debt off, so realistically you will bleed yourself every month to pay minimums and get nowhere.

with the way credit reports are today, paying off your loans but being WAY overextended does you no good. you are actually better off going bankrupt through chapter 7 if you are WAY overextended.

personally, i don't think going bankrupt is as bad as it sounds if you are in this type of jam. re-establishing your credit is doable, since many lenders look at your ability to repay a loan. you probably would have a better chance at getting a loan if you were to file as opposed to carrying all of this debt.

D2bets · Feb 12, 2010

No job, no money....do you have a home and food, I hope?

Sammy439 · Feb 12, 2010

Make sure you get a job first. Very hard to get a job, or anything for that matter, after you file for bankruptcy. And chapter 7 stays on your record for 10 years.

Dante · Feb 12, 2010

hopefully your not gambling ... try to pay it down avoid bankruptcy live on ramen noddles until you can pay it down

bellyputter · Feb 13, 2010

Quit borrowing money! Forever!

punter · Feb 13, 2010

Bankruptcy was designed to give people a new start. The Republicans under Bush took millions from the credit card bankers and near gutted it but it still exist. Talk to a lawyer (its free) and see what they can do for you.

Iona · Feb 13, 2010

punter said:
Bankruptcy was designed to give people a new start. The Republicans under Bush took millions from the credit card bankers and near gutted it but it still exist. Talk to a lawyer (its free) and see what they can do for you.

I think the law was changed under Bush; credit card debt is not discharged under bankruptcy. Yes, you should speak with a lawyer.

harrington · Feb 13, 2010

You will never be able to pay this off in your current status. Go ahead and file and please take any job you can find even if it seems beneath you. And please do not place a bet of any kind. Hell go get two jobs 80 hours a week if you have too. And how in gods name could you run up that amount knowing that you didn't have any money. I worked for everything I have and never ever paid one penny of interest in my life. Food, shelter, and basic utilities should be it for you.

BossTown · Feb 13, 2010

E-loco said:
I do not have much, absolutely no money in the bank, less than $100. I have been selling most of my possessions over the years, my biggest asset would be my car which is paid off but only worth about 6k now. Times were really good 5 years ago and lately it has been a struggle. From a financial stand point if the 2 year mark on your credit for bankruptcy was true it seems it would make more sense taking that route vs paying the fees and crazy interest rates while trying to pay off the cards. Just trying to consider all options.

thank you for all your responses so far

File. Credit can be repaired fairly quickly but worry about that later.

Bankruptcy Help

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