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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

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.

    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.

    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.

    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.

    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.

    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.

    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.!

    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

    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

    Hope this helps! :)

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

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