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have you ever filed

im thinking of filing for bankruptcy because im in so much debt and i just cant keep up with the bills im barely making min payments on anyof them and its not even credit card debt but a variety of things has anyone ever filed for bankrupcty and if you have what is your experience with it

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Asked by Anonymous at 10:53 AM on Jan. 5, 2009 in Money & Work

Answers (4)
  • No, I personally haven't but do be aware that the bankruptcy laws have changed in recent years and it is much harder to do than years ago. You can look up the bankrupty laws in your state to see if you think this might be an option for you. I know, for instance, that in our state, you now have to go through 6 months of mandatory credit counseling before you are allowed to file. Also, not all your debt gets wiped out; certain obligations follow you for life. Research your options and talk to an attorney.

    Answer by Anonymous at 11:10 AM on Jan. 5, 2009

  • It's the best thing you can do. In less then 2years you'll have credit card offers much better than most of your friends who have perfect credit. You won't lose your home or anything else, those are just rumors that credit agencies tell you so you won't file - because they make money "helping" you.
    The 10 year myth is a myth, I've never known anyone who didn't have a new home, more credit cards and new cell phones less then 2 years later.

    Answer by at 1:06 PM on Jan. 5, 2009

  • the first poster is correct. The other thing is with the state of the housing industry they have changed the laws in regards to being able to purchase with a BK within two years on your credit. Good luck

    Answer by mamakirs at 1:42 PM on Jan. 5, 2009

  • Yes due to hundreds of thousand in unexpected medical bills. It will be going through sometime this month.

    The part about keeping your house and car is somewhat of a myth. You can keep them if you meet certain criteria. There are limits on how much equity you can have in either. AND if the judge thinks your payments are too high on either, he/she will force you to get rid of them. I would say consult with an attorney and make sure it is your only option.

    There are also income limits now. You have to fall under an income guideline that varies in different areas.

    Answer by sammygrl77 at 6:52 PM on Jan. 5, 2009

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