Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Have you ever filed for bankruptcy?

If so, do you still feel you made the right decision?

Just trying to weigh our options. Between DH and I we have a little less than $10,000.

Answer Question
 
jmpeskie

Asked by jmpeskie at 11:01 PM on Mar. 25, 2010 in Money & Work

Level 7 (175 Credits)
Answers (9)
  • It worked for me. I was going through a divorce and had three kids. I couldn't take on the debt too.
    admckenzie

    Answer by admckenzie at 11:03 PM on Mar. 25, 2010

  • I hear it costs $1,500 to file (including attorney fees) so don't forget that.
    Anonymous

    Answer by Anonymous at 11:04 PM on Mar. 25, 2010

  • Just filed our debt snowballed after hubby lost hours, we surrendered all our assets and it costs us 1,200 but it was worth it for me.I filed chapter 7 we had over 120 grand debt.
    my3boys886

    Answer by my3boys886 at 11:11 PM on Mar. 25, 2010

  • OP here-I think I'd rather just pay the cost to file bankruptcy and be done with the collection calls and weight on our shoulders and try to start fresh.
    jmpeskie

    Answer by jmpeskie at 11:19 PM on Mar. 25, 2010

  • Yes, my husband and I had to declare bankruptcy after the collapse of his business in this economy. He owned that business successfully for the 26 years prior, but it all went to hell very quickly. We were able to keep our cars (both paid for, although not luxurious by any stretch) and our home. The legal fees were $1500, but were very worth it. Federal court was a wee bit nerve racking, but only one appearance required here, so once it was done, it was done. I would say overall it was very worth it for the fresh start that we obtained. I am looking forward to rebuilding positive credit, although I know that it is a long road ahead.
    Anonymous

    Answer by Anonymous at 8:44 AM on Mar. 26, 2010

  • Yep..I did that when I lost my job. It was a smart thing to do. People will tell you that someone is going to come in and liquidate all of your belongings like take your car, furniture, jewelry, electronics, etc. That's not at all true. I was able to keep my car as long as I made payments on it. A few years later, I applied for an Orchard Bank credit card to help rebuild my credit and was able to get one.
    Anonymous

    Answer by Anonymous at 9:41 AM on Mar. 26, 2010

  • Thank you for all the answers, I think I know what we're going to do.!
    jmpeskie

    Answer by jmpeskie at 7:51 PM on Mar. 26, 2010

  • we tried twice. both times we were told that our income was too low
    Anonymous

    Answer by Anonymous at 8:15 AM on Mar. 27, 2010

  • I can offer you an alternative to bankruptcy! If you are interested in discussing it further you can message me here or contact me @ 877-642-4812 or visit my website dynastyfinancialservices.com

    Hope this helps! :)
    DFSNIKKI

    Answer by DFSNIKKI at 11:19 AM on Apr. 7, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN