Filing for bankruptcy

[Stangfriik]

Well I'm starting to really think about this option. We're almost 20k in debt and we only make a combined income of about 55k a year. I don't see either of us getting some high paying job anytime soon so I don't know where to go from here. Debt consolidation won't do anything but lower our monthly payments but we'll still be paying more in the end. We can make the monthly payments fine but I don't see us getting any closer to being out of debt. Has anyone done this? Any advise is helpful. Please hold the "you should have managed your money right: stuff. I'm stricly looking for advise.

 

[big_bad_buff]

do not file bankruptcy. anything else, make your wife stand on the street corner if it will keep you from this, beg family and or friends for money. this will screw your life up in a very big way

 

[DcupSheepNipples]

20k that's it! You must be joking! I don't know how I could help someone trying to file for bankruptcy with only 20k in debts!

 

[fogg88]

As a flip-side to triple-B's reply...

once you've had a chapter 7 discharge, you can't file another for like 7 more years... therefore, you are even more attractive to lenders, since you don't have a way out of your liability to them. Bear in mind though that you will be paying very high interest rates for quite some time on any consumer credit. Also... most employers now routinely pull a credit report when looking at prospective hires, so if you work in any kind of finacial field, this could hurt you.

 

[2Thick]

You should take out a 2nd mortgage on your house.

If you do not own a house, then find a studio apartment where you pay next to nothing in rent, then only buy food in bulk and eat lots of cheap food. Cut everything you do not need in your life. After a year or two, you should be out of debt.

 

[DcupSheepNipples]

You should take out a 2nd mortgage on your house.

If you do not own a house, then find a studio apartment where you pay next to nothing in rent, then only buy food in bulk and eat lots of cheap food. Cut everything you do not need in your life. After a year or two, you should be out of debt.

Bare bone it for a few but In my opinion you would be crazy to file with just the 20k in debt!

 

[ajtomasi]

If you can make the payments just find, then enrol in a debt program that reduces your payments and interest and just make your normal "large" payments and you'll be out in five years.

 

[big_bad_buff]

True, but my parents filed B, they couldnt get a creadit card for 4 1/2 years, and nothing under 20%

As a flip-side to triple-B's reply...

once you've had a chapter 7 discharge, you can't file another for like 7 more years... therefore, you are even more attractive to lenders, since you don't have a way out of your liability to them. Bear in mind though that you will be paying very high interest rates for quite some time on any consumer credit. Also... most employers now routinely pull a credit report when looking at prospective hires, so if you work in any kind of finacial field, this could hurt you.

 

[plornive]

If you can move out of the US and join the underground economy, filing for bankruptcy will be a good idea.

 

[plornive]

20k?

that's like buying a 25k car and making monthly payments on it. What difference does it make? Just keep making payments.

unless u already got a car payment.

-= nav =-

Yeah it's not much at all.