lemon_sky40
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I recently filed for bankruptcy, and don't regret it at all.
In Australia at least, when financial institutions look up your details, say when you're applying for a loan, bad credit details would last for as long as bankruptcy details. But once those five years or so have past, the bankruptcy details are permanently listed against your name for the rest of your natural life, UNLESS you pay the money back at some point. Where as the bad credit records would be taken off your personal financial history forever. After the five year period (sometimes it's seven), your bankruptcy record won't be listed on your credit history that the financial institutions gain access to, so you'll be able to get a credit card/loan or whatever again. The financial institutions can seek out tne permanent records where your bankruptcy details are listed, but I don't know under what circumstances they would do that.
I worried about my financial problem for several years before making the big step into bankruptcy, and now three months later, I still feel incredible relieved. With me though, it wasn't so bad because it was credit card debt, and because I had few possessions, I didn't lose any thing. If you own a number of possessions that are worth alot of money (car, house,antiques), I would go with the bad credit option rather than lose all or most of your stuff. Anyway, the thing to do, is to see a financial counselor (your government may provide a free one), and they will help you make the right decision. |
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