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EAZY | What will happen if I file bankruptcy? |
I've been thiniking about it. how would it work I have about 3,500.00 in debt that I would like to eliminate also I keep getting turned down for credit and I have been trying to repair my credit. Please help |
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NotASlutBucket
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That's what my sis did a while back and it helped her out but I heard that your really cant do that so much now a days and if you do I'm sure you will have to have an excessive amount of debt. |
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Studly
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Filing BK for a debt of $3500 is not practical.
If you file for Chapter 7 (which completely eliminates the debt) you pay $1500-2000 (or more) in court costs, legal fees, and counseling.
Chapter 13 costs about half that, but you still pay back a portion of the debt.
Try contacting a non-profit debt counseling agency and get some advice. I don't have near enough info to guide you on what to do.
Generally, start by contacting the creditor(s) and see if they will excuse a portion of the debt and/or lower the interest rate.
Then work from the other side....make a strict budget and stay with it. |
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Dom
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$3500 debt is not bad but if you really want to ruin your future, then file for bankruptcy. Pay off the card you have now at the higher rate. You don't need any more cards |
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Billie
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Why not simply pay the $3500? Seems like a small amount over which to trash your credit standing. |
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L*star*
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A lot of these answers are retarded. I just filed for Chapter 7 bankruptcy, but I also had $26,000 worth of debt. Honestly, filing with only $3500 is pretty dumb. You will be charged around $1500-$2000. I would contact a Consumer Credit Counseling Agency. I did that first to see if I could go without filing bankruptcy and there was no way around it. But they may be able to help you with your situation. |
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Mike Jones
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You should try to avoid Bankruptcy at all costs. One of the easiest and most cost effective ways to reduce your debt is to decrease the amount that you’re paying towards interest each month. To do that, you’d like to pay off all of your credit cards, student loans, car loans, etc. as soon as possible. A good start would be by paying as much as possible toward the debt that you have the highest interest rate on.
An alternative is to consolidate all of your high interest debt into one lower, fixed rate loan. When you borrow money at a low rate to pay off debt at higher rates, you may be able to save a considerable amount of money. What’s more, you’ll also be able to pay off your debt faster since more of your money will be going towards the principal balance each month.
I would suggest you to consolidate your debt into one lower, fixed rate loan. Person to person loan is the best alternative for debt consolidation. You can get this loan by joining a society lending network. This is a place where people can transact direct loans among themselves. Because these online loans are being funded by individuals like you, you can borrow money at a low interest rate—one that's lower than what you would get from a bank (in lendingclub.com the rate start from 7.88%). Check also to another lending network for comparison and be careful with scammers.
It’s also important to remember that while debt consolidation is a great way to get your debt under control, it’s only the first step. Proper planning and further self control are also necessary for consolidation to have the desired effect on your finances. Changes in spending habits and understanding the reasons for getting into debt in the first place are required as well.
Good Luck! |
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Ervin
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$3500 is too small of a amount to file bankruptcy. If you are not able to manage to pay your debts you can contact a debt consolidation company. They can help you out planning your debts and paying it out. Here is the source of a debt consolidation company http://ezconsolidation.com for your reference.
As having filed for bankruptcy, results in a 160-220 point deduction on their credit score and in addition to that it will remain on a credit score for 7-10 years. And if a delinquent account is added to the individuals credit file, 70-120 points are subtracted. |
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hotspags22
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Based on my knowledge in australia if you go bankrupt you cannot leave the country for 3 years, cannot buy a house (get a mortgage) If you come into alot of money they will take it, you cannot own a car of over $7000 value and it will stay on your credit file for life! 3.500.00 is not a great amount of debt, if you make a payment arrangement of say $30 per wk or fortnight a paid default looks better than bankrupt. Also if you do nothing after 5 years from your last debt they will not show on your credit report anymore |
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Momma G
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$3500 is NOT a lot of debt!!!
Bankruptcy is not really there so you can rack up debt and then eliminate it! Bankruptcy is for people in very tough financial situations that have no way of getting themselves out of it!! It's a life changing experience that no one should want to go through. You will be denied credit for about 7 years. You will have to rebuild your credit rating which will NEVER be the same cause it will be tainted with a bankruptcy. Good financial institutions will most likely deny you most services because they won't want to take a chance on you!
The best thing for you to do with only $3500 in debt is to pay it off! |
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dont hate
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your whole life will mess up and everything will get taken away from you. |
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Jester
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It might be worth knowing that voluntary bankruptcy CAN cost you (some times a lots) and it takes a bit of time to get going. It can be months before its done, within this time you still have to keep paying the people back. Once you to go through it or even the IVA etc a bad debit will be registered on your credit file, you are basically saying that when you signed the CCA's ( customer/consumer credit agreement) to pay back a minimum amount each month, you could not do it, so your history shows you could not do it with these people so other company's might not want to take the risk.
before you try have you actually seen your credit file
it picks up all information about you, this can some times include known associate and family members.
you might be declined due to a low credit score (each place has a different score that you need to meet)
other then just a bad credit file ( i.e. other missed payments, CCJ's etc)
have a look, if something does not look right check it out, if something is on your file that should not be you can look into a "notice of correction" to have it take away, also you can try and disassociate from the other people.
look at your file first if your in the uk the top 3 are
Call Credit
Experain
Equifax - ( this one is easier to read and deal with - personal choice)
Some are free, other do deals. Ask your bank, with the ID theft thing going around some banks offer a free credit file check as part of another package. |
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sweetpea111881
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If you are trying to repair your credit, bankruptcy is not the way to go. It is the worst thing you can do to your credit. If you are really looking to eliminate the debt, try a Debt Management Program, such as at Greenpath Debt Solutions. They are a non-profit certified credit counseling agency. They will try to work with your creditors to get your interest rates and payments lowered so you can pay the debts back over the next 5 yrs or so. Good Luck! |
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