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Have you filed for Chaper 7 bankruptcy?

My husband and I have accumulated over $25,000 in debt ranging from credit cards, to motorcycle loan, to hospital bills and ect. I conculted with a bankruptcy attorney yesterday on filing for Chapter 7 bankruptcy. My question is: Have you or someone you know filed for bankruptcy if so was it worth it?

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Anonymous

Asked by Anonymous at 10:47 AM on Feb. 13, 2009 in Money & Work

Answers (3)
  • I had to , and I still suffer for it. My DH at the time had used my credit cards (without my knowledge) to rack up a bunch of debt for a business that went under. We had to file, and I left him not long after that. In that time I had to bust my ass to re-build my credit. It's still hard for me to get student loans, I have to have someone co-sign. It's true you still get credit apps, but they suck.
    I suffered while my ex bought a house and two new cars. I wish we had just paid our debts. Many jobs check credit reports. I'm in school now learning finance and economics. You really don't have that much debt, it just seems like it. have you heard of Dave Ramsey? Go to daveramsey.com and listen to his radio show. With his help my Dh and I were able to pay off $8000 worth of debt in a year. Better yet join the Dave Ramsey group here on cafemom. There are other moms who have more debt that you but use Dave's plan to become debt free
    Anonymous

    Answer by Anonymous at 11:25 AM on Feb. 13, 2009

  • we filed bankruptcy but with the house included it would be 150K+. If we had just the medical debt of 25K then we would have worked through it. The house was crippling us. So first take a moment and really look at your budget. Also check out daveramsey.com and the group on here like the other poster said. He is why we will never be in bankruptcy again. While we watch several friends file and I can see them being back there in 8 years or whatever the time frame is.

    It is not cheap you will need to come up with 1-5K depending on where you live for attorney and court costs. The paperwork is extensive so you maybe better off with CCCS which if you go to the right one is usually free.

    If you do file don't worry about getting credit in the future you don't need it. Debt is not a tool it is a curse. I enjoy being cash only now.
    Anonymous

    Answer by Anonymous at 8:50 PM on Feb. 13, 2009

  • YES I DID WE HAD ABOUT 20,000 TO CLEAR UP IT WAS THE BEST THING TO DO I MIGHT HAVE TO DO IT AGAIN I HOPE NOT JUST A LOT OF MEDICAL THIS TIME THE ONLY BAD PART IS TRYING TO BUY A HOUSE ! IT ONLY COST US $ 800.00 TO GET IT DONE BACK IN 2004 !!!
    Anonymous

    Answer by Anonymous at 1:06 AM on Feb. 15, 2009

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