(Closed) Bankruptcy??

posted 7 years ago in Money
Post # 3
Member
963 posts
Busy bee
  • Wedding: April 2011

I would see a lawyer to talk about it.

Post # 4
Member
450 posts
Helper bee
  • Wedding: March 2012

Positives, you get of most debt. most because tax debts and student loans as well as judgements are not discharged.

Con, at minimum 7 years of hell why trying to learn how to only purchase what you can afford; and paying super high interest rates should you have to get credit for something.

Post # 6
Member
1326 posts
Bumble bee
  • Wedding: October 2011 - Tre Bella, Mesa, AZ

My friend is actually going through this right now. It’s actually costing her between $1k-$2k to file for bankruptcy through the lawyer, so you actually need money to do it (which seems weird to me) & not all of her debt is going away. Personally, unless you are $30k+ in debt, I would look into someone to help with consolidating debt and planning payments vs. going bankrupt. Also, my step-father declared bankruptcy in his 20s, and he and my mom had problems over 20 years later with larger loans (car, house, etc.), so it doesn’t just clear after 7 years.

Post # 7
Member
5110 posts
Bee Keeper
  • Wedding: November 2011

hmm idk

Post # 8
Member
2018 posts
Buzzing bee
  • Wedding: December 2010

If you have absolutely no assets and no student loans and you are in pretty deep, just declare bankruptcy and be done with it.  The debt consolidation will ruin your credit almost as much and you’ll still have the debt to pay off. 

At least with bankruptcy, you can start all over with a clean slate.  I might get a lot of crap for saying this, but it’s not as big a deal as people think.  Lots of really successful people have had to declare bankruptcy at least once. Used properly, it can be a really good thing. Good luck with whatever you decide.

Post # 10
Member
2018 posts
Buzzing bee
  • Wedding: December 2010

I only said the student loans because they aren’t discharged.  They will follow you to the grave! lol  But of course, if that’s all that’s left afterward and you can handle them, do it.  It’s just easier if you have no home (they won’t take your primary residence), art, jewelry, stocks, savings, etc.  They will go through every single thing of value that you might have and make you liquidate.

But if there’s nothing there, then definitely proceed with filing.  It will be a huge relief. Oh, and if you do file for bankruptcy, make sure you are VERY careful to list all of your debtors, besides the obvious ones.  Just take a little time to think because it’s a one-shot deal and if you forget you owe someone and they aren’t notified, you will still be on the hook.

Post # 11
Member
3461 posts
Sugar bee
  • Wedding: May 2012

FYI, it depends on state for what assets you can protect.  I vaguely recall from bankruptcy class that Texas (and maybe Florida?) was the place to be – it exempt something crazy like $2 million (or more?) in a house, plus random things like 2 guns, a saddle, etc.

Post # 12
Member
682 posts
Busy bee
  • Wedding: November 2011

It sucks to be underwater but you can get out, and pay your debts. Dave Ramsey is a good start.

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