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Would you declare bankruptcy?

A few years ago we had to declare bankruptcy. It sucked big time but due to me working part-time, my husband not having steady work, and having to move into a house(renting is just as expensive as a mortgage and goes up yearly) we feel behind on credit card bills.
It was horrible having our lives scrutinized by others and even thouh we were pardoned our credit took a nose dive.
any way we know have friends who are going through tough times(although they still go to disney and take 2 weeks vacation every year) they are thinking of declaring bankcruptcy and abodining their home. would you do that? They say the have no choice my friend does mortgages and gets commission and my other friend stays home(it would be possible for her to work part-time but she doesn't)

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Asked by Anonymous at 4:03 PM on May. 9, 2009 in Home & Garden

Answers (6)
  • I wouldn't want to mess up our credit by doing bankruptcy. Your credit is messed up for around 7 to 10 years.


    Answer by louise2 at 4:10 PM on May. 9, 2009

  • I would do everything possible to avoid it.

    Answer by ryras_mommy at 4:13 PM on May. 9, 2009

  • We have tried to file twice in the last two years. Both times we were told that we did have enough income to declare bankruptcy. Yes, you read that correctly. Such are the laws that our vice-president helped the credit card companies create.

    Answer by Anonymous at 4:17 PM on May. 9, 2009

  • We did, years ago. Over 10 years ago. We wouldn't do it if we were them. Not with them taking those vacations. They could be saving all that money. I can only imagine how much they spend. But, we have never taken a vaca. Not unless you consider going to the inlaws a vaca. I'm getting sidetracked. I think it's unfair for them to live as they are, not cut back, just decide to file. They may not even be able to file. It wasn't hard to do it when we did. But the laws are much stricter now.

    Answer by Buffie95 at 4:44 PM on May. 9, 2009

  • I'm in that boat right now.. going to set up an appointment next week to talk to a lawyer. I'm undecided personally. It depends on what I'm allowed to do or not. With the laws the way they are.. I may end up having to pay more filing bankruptcy than I will if I don't. Hence talking to a lawyer. Thankfully he's a family friend and is doing this part of it for free.. but we will see.

    Answer by xxhazeldovexx at 8:54 PM on May. 9, 2009

  • oh it cost a lot to file too and that's for the lawer i think the court can still deny you
    oh and my friend just got a new computer

    Answer by Anonymous at 11:42 PM on May. 9, 2009

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