 Why worry about your credit score? |
The only legitimate thing to borrow money for is a house. Otherwise, you shouldn't buy things if you can't afford them.
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army wife | Should we file bankruptcy if my husband and i are 22,000 in debt. we are 20 and 24, and both have bad credit? |
we bought a 96 jeep grand cherokee 7 months ago and it no longer runs as of last month. payments are 275 a month, they wont work with us and we still owe 4500.00. we are letting it go back i guess and filing bankruptcy. is this a good idea? |
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Credit Guru
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Because of the change in the bankruptcy laws last year you will have to consult a competent bankruptcy attorney to determine if you qualify.
Don't listen to the negative people here. Bankruptcy is not a death sentence and 7 years of hell like other people have said. If you qualify and choose to file Chapter 7 bankruptcy then there are specific strategies you will have to take to clean up and rebuild your credit.
There are lots of lenders that will loan money to bankrupt people because leagally you can't file again for 6 years so they consider you a risk worth taking.
After talking with an Attorney and if you decide to file the post another question and I will try and help.
Good Luck |
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cremedelacreme04
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I would speak to a financial counsellor and sorting out a plan to pay back your debt if possible. You might even be able to speak to the public trustee and having them administer your affairs. If you file for bankruptcy, you will be stuck with the bad reputation for a long time.
While you might have a few years of scrimping, if you sort out a plan to repay debt it will take a lot less time than you think. I was on the verge of bankruptcy in January 2001 and by the end of 2003, I had settled all my debts. Since then I have been able to renovate my unit. |
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writerbynature
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The bankruptcy laws changed last October, so it's not as easy as it used to be.
the average person filing for bankruptcy is 25-30 thousand dollars in debt--mostly credit cards and other unsecured debts. There is a manageable way out. There are steps that you can take to avoid filing for straight out Bankruptcy, known as Chapter 7--even if you are already: behind on the bills, late, and have creditors calling around the clock. The first step that you need to take is to list all of you unsecured and secured debts.
More info at link below: |
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Studly
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There is an awfull lot of bad and uneducated information in the previous answers...too many to go through here at the bottom! :)
First, We don't have enough information to give any good advice yet. How much money do you make? Do you own a home? How much equity? Other savings?
Your first step is to read the link below. It describes the current bankruptcy laws. They recently changed and now many people who want to file for chapter 7 can no longer do so. If you are working and have income, you will be forced into Chapter 13, which requires you to pay a portion of the debt back, based on your income and other factors.
If you don't currently own a home, and you have low income, I would recommend looking at Chapter 7 (based on the situation you just described). But if you make a decent amount of money you probably will not qualify.
Read the link below. If it still sounds like your only option, consult with a bankruptcy attorney. |
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smoothsophie
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Since it seems your credit is already bad it might take you 7 yrs. to clean it up anyway, so I say go for the bankruptcy. I know people who have file for it as soon as you do you can get loans for cars, credit card ect. although I would advise against have alot of credit cards with a high balance. You should get one with no annual fee and keep the balance low with low payments to help rebulid your credit. People give you loans because you can not file for bakruptcy for another 7 yrs. |
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rodswww
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I have to agree with those who recommend against bankruptcy. Maybe you're somewhat overwhelmed about all the debt and the issue with your jeep, but with some financial counseling (get referrals) and the suggestions of others who've responded, you can make the changes needed to get through this rough time. Bankruptcy is not the answer, it will haunt you for a long time in unforeseen ways.
Best regards! |
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GRUMPY
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Well filing bankruptcy is an easy enough solution. But keep in mind that you and he are both FCUKED for the next seven years. I have an aunt who was contemplating filing bankruptcy several years back. She would have been allowed to keep her home. Her vehicle gone. She owned it outright. But she basically would have lost everything by filing. I purchased her home Gave her life tenancy, she moved out a year and a half later and I haven't seen her since. And YES creditors are still chasing her. So think about what you want to do, and either way GOOD LUCK. |
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acsg76
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Hi, I am in the same boat. i have $38k in debt on top of hosing mortgage and a bad credit.
I have not file and will not file. Why? Because I believe this is not the best way. You have to change your spending habits or else it will be back to square one even after all debts is settled.
For myself, I have worked out with the banks on term loans and lower interest for my credit card bills. I save and pay a bit more for each account until settled. here is a way:
List out all debts.
work out the minimum payment and the period it will take to repay based on minimum payment.
teaget on the highest interest.
pay a bit more like $50 or $100 more for that account, the rest minimum payment until clear.
snowball that amount on top of the minimum payment for the second account until clear.
repeat for the third and so on. it will be quite fast.
Good luck to u. I am on the way already. |
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TheSafetyDude1079
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Get a good lawyer!
He will explain the entire process to you. The consultation should be free. Explain all your concerns and such! If you don't get the answers you like then move on to something else.
Consumer Credit Counseling Services are a good place to start also. They may be able to help you out without bankruptcy.
Either way you are going to pay the money, its just a matter of how and when.
Good luck. It is a tough decision. I would not delay though. Once you are in with a lawyer or CCCS, you should not be contacted by creditors any longer. |
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Eddie
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yes and then start saving for a house you goy 7 years until you are good credit again so dont mess itup WANNA SELL ME THE JEEP WHAT STATE YA IN ? |
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mexlover80
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Actually the myths about not being able to get a house after bankruptcy are untrue. We talked to CP Morgan six months after ours was discharged and they were willing to work with us to build a house. We also recently got a new vehicle through a company that works with people who have bad credit or have filed bankruptcy. Once we pay off our short car loan, the same company will help us get financing for a house. We filed Chapter 7 and the only thing I had to do was send in copies of the paperwork to the three major credit agencies so they could take everything off of our credit. If you get someone to do it right, then I would say yes. We filed on 65k worth of bills though because everything my hubby owned had his ex wife's name on it and nobody would refinance. As far as the car goes, we filed on three of them. They repoed them, sold them, and we filed on the difference. Only problem I'm having right now is getting one of the banks to put the car loan as bankrupt. They say because it was a joint loan, until his ex files it goes against us. My lawyer said that's agains the law. So we'll see what happens. |
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jibbers4204
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NO filing for bankruptcy isnt always the immediate answer! It can ruin your credit and keep you from getting loans and credit cards, even housing! U are too young to be in that kind of debt. STOP spending on things you really dont need and only buy what is neccessary. Like food,clothing when u got holes in them...u get the idea. U might want to try a credit councelling place where they can help u manage your debts! U pay it all back for cheaper but the debt you will have to pay back at some point. The thing about bankruptcy is that it closes alot of doors when u need money and some jobs will not hire u because of your debts. Bankruptcy can follow you around for about 7-10 years where no one will touch you finacially. weigh your options and see what works best for you! Good luck!!! |
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xw3t
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First you have to ask yourselves how large are interest payments compared to your income. If you find that there is no way that even reducing your expenses at the bearable minimum you would be able to pay those charges then the option is clear, but first you should talk with your creditors in order to get lower rates under a payment schedule. They would prefer this instead of you filing bankruptcy. Try to sell assets, even a couple of hundreds could help you in reducing your debt. Bankruptcy should be the last resort. |
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springo88
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Take the credit cards out of your wallets and chop them into tiny little pieces!!credit cards sux if you take them for granted!!! well look whats happened to you and your bf! get a night job and stop spending money on **** you don't need! buy what u need not what u want. maybe ask a relative for a loan !! At least you can pay them what u can afford and theres no interest |
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laetusatheos
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My sister is 22 and recently had to file for bankruptcy after racking up 30 grand in debt. For her, it was a good choice because she saw no end in sight and was considering suicide. If any of your debt is college loans, that won't go away with the bankruptcy. I'd say the choice depends on how likely you think it is that you'll be able to pay off the debt in a few years and also what you would lose in the bankruptcy process. Maybe you should try loan-consolidation which is more like bankruptcy-light. |
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cohuttafoxman
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Don't do it! get some credit cunceling, you will do better . bankrupty is just a quick fix for a short time . |
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FASHIONISTAMOM
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Bankrupcy is a very good idea, if you are committed to it for 7 years. It is better than being overwhelmed by debt and stressed out. You won't have credit for 7 years but you will have peace of mind and after tha you're good to go! |
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dgreenin408
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Don't do it!! I went through a similar situation myself, but I was 33,000 in credit card debt. It is not worth it. Bankruptcy is different now and you still have to pay all that money back. Besides, it wont get you anywhere with a secured loan like a vehicle. Have you called the bank that lent you the money for the Jeep? 4500 is not much compared to what a bankruptcy does for you. |
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