did anyone go bankrupt ?

[Greatercow]

im asking cuz sadly thats the point i may have to resolve to...personal bankrupt...ive got so many debts and am fairly young 23 and starting university i cant make the payments ...

i met with an accountant and he said it mught be my best solution since im young and have the time to renew my credit ..

did anyone go trough with this? what did you lose ?looking back are you hapy you did so ?

 

[javaguru]

I haven't but some very wealthy people have....it might be a benchmark and do it better next time.

 

[bigmann245]

they changed the rules so its not so easy to get rid of everything. you dont lose anything really. you can get a car loan the very next day. maybe not the greatest rate but none the less you can get one. and after a year or so you can get a house as well. the reason is you cant go bankrupt again until 10 years later. banks want money now and will take advantage of your situation.

 

[Megalomaniac]

I did over ten years ago. I was 23 when I did also. the rules were different then also but basically the same effect because when they changed them people didn't get grandfathered.(that was BS) They changed the rules in my 6.5 year mark and I had to wait another 3 to get it off my record when it should have been off in 6 more months.

Anyway make sure you have some outs. I had my father, when I needed credit he would borrow for me and then I would pay him back. With this system the file didn't hurt me but if I wouldn't have had any outs then it might have effected me more. I don't regret it but just laugh at the fact that I was so dumb at the time I couldn't make the petty cash I needed to climb out. I spend more in one year on junk these days then I filed for then. That is what drugs will do for you.

Anyway just make sure it is the route you need to go and not an easy fix, if so then you will figure a way through it.

 

[MichaelScott]

i know a guy who is much better off now he went bankrupt running up more debt

 

[miplank]

they changed the rules so its not so easy to get rid of everything. you dont lose anything really. you can get a car loan the very next day. maybe not the greatest rate but none the less you can get one. and after a year or so you can get a house as well. the reason is you cant go bankrupt again until 10 years later. banks want money now and will take advantage of your situation.

Its going to be very difficult to get a car loan, or any other loan immediatly after a BK, its doable as their are some banks that cater to that situation, but expect to pay extremely high interest, and don't plan picking out the car you want. They're basically going to tell you the car you can have. Also, save your cash as borrowing anything w/o a large chunk of change isn't going to happen.

BK isn't the end of the world, but I would do everything possible to avoid it before going down that path.

 

[Dial_tone]

how much debt can you have at 23? Also his BK laws are different if he's in Canada.

 

[Greatercow]

how much debt can you have at 23? Also his BK laws are different if he's in Canada.

lets just say i got screwed by my parents real bad over 20 000$..

 

[drsketch]

I never went bankrupt but I let a car go to repossession and some other minor thing happen when I was young/dumb 18 years old.. I never claimed bankrupt though as I never needed any credit nor did I pay taxes until well after the 7 year mark from all that and then when I got back in the game my shit was clear... I still get calls from shit older than 7 years ago though, its not on my report and I tell them to blow me.