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Additional Details
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Sydney | Is it a bad idea to go bankrupt? |
What is the process, will i never be able to get credit again? will i ever have a mortgage?
All answers much welcome.xx |
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andrewpinto3
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Depends on what your situation is. If you have too much debt especially secured debt like a house or car and you are unable to make your payments, bankruptcy can help you keep some of the assets. The court, depending on which chapter you file, will give you a workout plan.
The downside - in the states, you cannot file again for the next 8 or 10 years, difficult to get credit and you'll have to start from scratch, the bankruptcy will be on record for 8 years.
So think very carefully.
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Lewisthelab
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Very much a last resort. You will struggle to get credit with anyone for years, let alone get a mortgage. It's only worth doing if you owe a stupid amount of personal debt that cannot ever be repaid |
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S3xy S4r4h
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I think the process itself would not be so simple, more stressful, could you not check what the process is with your local CAB? |
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bekkahh
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short answer- yes |
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H
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first thing to do is contact the Citizens Advice Bureau, it's a free service, they will want all your details, income, expenses, debts etc to be able to advise you on the best thing to do in your situation. Tell those you owe money to that you are in contact with CAB and they are advising, they will contact your debts. They are very busy due to recent financial problems of many people. bankruptsy may not be the best thing to do, make an appointment with them asap. in UK |
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Kee A.
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i do believe it is a bad idea. u see how all commercialsmake it seem as thought going bankrupt is the easy way out, but its not. once you file for bankruptcy its on ur credit for 6 years or more. even afterwards, it will hurt you. the best thing to do is to seek other resources before making the ultimate decision of bankruptcy. |
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rhsaunders
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Yes -- but it is sometimes necessary. Your credit will be impaired for as much as seven years afterwards, but it can be rebuilt. |
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PIRATE-PETE
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it will still with you on your credit for 5 to 6 years |
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Jeremy Clarkson
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It's not exactly something to have a party over. |
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FredfromCBS
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Call a bankruptcy trustee. I think it is a law that you get a free advice meeting. In Canada, it takes six yrs for a bankruptcy to fall off your credit score. In many cases you don't need to lose your house or even your furnishings/TV and car. If you are working and you can request an "orderly payment of debts" that is also a way to avoid bankruptcy. Once again, call around to the trustees and ask for a free advice appointment and how much it will cost for that trustee to do your bankruptcy.
Good luck, it's not the end of the world! |
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lily_evie
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UK ANSWER - It all depends on how much debt you are in and if you can ever see yourself being able to pay it off yourself? If the answer to this is no then bankruptcy is an option. All you need to do is go to your local county court and collect a form - you fill it in and pay (can't remember if its £350 or £500). They then appoint a person to look after your case and they assess everything. If you own your own home they could look at that but if you rent and don't own anything of particular value then you should be okay. Bankruptcy stays on your record for 6 years when your credit file if wiped clear.
With regards to getting a mortgage then who knows - it all depends on what lending is like at the time. if we are out of this looming recession then yes there is a great possibility but if not then who knows. I think on mortgage applications they ask if you've ever been declared bankrupt.
Another option would be an Administration Order, think you can do this if your total debts are under £15,000. Basically you get a form from the court, fill it in with details of all your debts and income and expenditure - they then decide how much spare money you have to pay these and you then pay this amount to the court every month and they distribute it for you.
Oh - i forgot, another thing with bankruptcy is they declare it in the local newspaper, its normally quite small near the back. But quite embarrassing if you know someone who reads the paper from cover to cover!
Hope this helps. I haven't actually done either of these but these were the options i was told about by a bailiff. |
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Just Her...
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Go to a fiancial advisor! Let him professionally view your assets etc to determine the best option. I would heavily discourage you from bankrupcy!! |
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deja1436
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You may be able to avoid this. Your credit card and personal loan agreements may be unenforceable, saving you a lot of money. Check out the website. |
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