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ann_nuhgee | Is filing for bankruptcy a good idea? |
I am in college now and I have run into bad credit from credit card debt that has been sent to collections. I want to be able to repair my credit, get a fresh start so that I will be able to buy a car when I graduate and still be able to get a house, etc. I heard that filing for bankruptcy is a bad idea and that you shouldn't do it. Is chapter 13 a good idea? Is there any other way I can repair my credit without having to file bankruptcy? Will it effect me getting a job once I graduate?! Please help! |
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lorettababygirl
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It depends on how much debt you are talking about. There is more than one type of bankruptcy chapter, so look into them all. Another option is to check with a local credit counseling service (these are usually free) in your area to get more information. As the previous responses have already said, yes it stays on your credit report for 7-10 years. And yes, it may affect you when applying for an apartment, or even a job. Try to work with the collecting agencies on a payment plan. Once I paid off my creditors, I was able to get a house. You may also want to check with experts in this area. Since you're in college, try some books (for free) from the library. And I also agree with the previous comment: you have got to get a grip on your finances. Read Suze Orman when you have time. You may have to look into doing things like moving in with parents to help you save money and pay off creditors. Some bankruptcy chapters involve you making payments, not getting the slate wiped clean. Look into all options and just don't view a "13" as an easy way out. Godspeed and God bless you. |
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Jeff
 |
Your credit report is your reputation, financially.
To file bankruptcy means: "I ran up so much in debts that I had to go to court to get a judge to tell the credit card companies 'No, you're not getting your money back' ".
If you do that, why should anyone want to loan you money again? I.e., That's as bad a credit report as you can have.
If you're in college right now, are you working part time (or working full time and going to college part time) to try to keep up with the minimums?
Have you looked into picking up grants or scholarships?
LIFE LESSON FOR EVERYONE:
COLLEGE STUDENTS SHOULD NOT GET CREDIT CARDS. |
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baserunner316
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it will be on your record 7-10 years depending on what you file. SOME employers will consider it in your applications, landlords will be able to check it and so will car dealers. you might want to put your plastic with a good consolidation company. you will have just ONE payment to make ( and make it with money orders so you have the receipt to back you up) and you will keep your credit rating. trust me, I filed ten years ago and it's off my record this month, now I have NO DEBT and it's staying that way. also, you need to start becoming financially responsible. get a debit account with a limit. do NOT go below the limit. pay the overdraft protection fee. keep track of it on your website. pay your bills on time with online bill paying. after a year or so your credit will be more solid. peace! |
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General Custer
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Filing bankruptcy for debts made within your control is a negative character clue.
Call your creditors and ask them to work something out with you. |
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Greg S
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Don't file for bankruptcy, get a job doing anything, heck get two jobs until you find one in your field. Reduce every bill you can (remove the home phone line if you have a cell) It's time to become super frugal and start paying off all of this stuff, after all you are going to have some student loans coming up that you will have to pay on as well soon. Bankruptcy won't do you any good, especially if you want to own a house in the next 10 years. |
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rhonda c
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Bankruptcy is never good. Pay your bills! It could effect your employment, a lot of companies do credit checks. If you can't keep your affairs in order, they don't trust you with theirs. Pay your bills, it's the right thing to do. |
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Laura
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Please check out https://parker.fixcreditbiz.com before you do anything else. This company saved my husband's credit. He had a 410 after closing our restaurant and now he has a 770 after only 10 months with this company. He has had 36 derogatories removed. This company is absolutely amazing. I can't say enough good things about it. |
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Iris R
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Filing for Bankruptcy:
1) bad credit for 7 years
2) can't get any credit cards
3) effects your job search
4) cause higher interest rate when applying for mortgage or other loans
5) harder to get apartment (everyone runs credit checks)
Before you go that route call all your credit card companies
and see if they can lower your interest rates and put you on a payment plan. Then stop using your credit cards and start working on paying them off. If you think filing for bankruptcy is an easy way out you might get a rude awakening. For at least 7 years you will have that on your record. Many companies hiring check your credit. They consider you a high risk if you have a bankruptcy on you credit report. However if you start paying timely that bad credit can turn around much sooner and will reflect your credit rating. If you feel you are in too deep check if your parents will help you pay of your cards and then make a payment plan with your parents to repay them. You should pay them back the money with some interest added as you would be paying that to the credit card companies. Put it all in writing so your parents know you mean it and are more willing to help you out. Make sure just like your normal credit cards to pay your parents on a timely scheduled. This will help you to learn how to budget and manage credit in the future. But also stop using your cards and work with the cash you have. You would have to do that any ways if you filed bankruptcy as you would not be able to get any credit for 7 years.
Good Luck |
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Mr Lizard
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Great idea. Then you will have an excuse for not being able to find a job, and living in your parents basement. |
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Courtney
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well i didnt think it is a good idea and plus there are ways of getting your credit back you just got to find the right one. or just pray to god that he will help to you out. |
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cree110
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You are so much better off just slowly paying the debt off than filing bankruptcy.
As you pay accounts off, your credit score will improve immediately. If you file bankruptcy, that will affect you much much longer. |
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