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Hello got a question for yall for the ones who have filed bankruptcy was it worth it or not worth it i would like to know the pros and cons of it thank you

Answer Question

Asked by Welch41407 at 10:15 AM on Jun. 24, 2010 in Money & Work

Level 4 (32 Credits)
Answers (6)
  • I did about 12 years ago. I didn't have any choice. It doesn't go all the way away after 7 or 10 years. It still shows up. I have an OK credit score now. I couldn't buy a car or a house but I have credit cards.

    Answer by Anonymous at 10:20 AM on Jun. 24, 2010

  • I have two friends who've filed. One filed Chapter 13 where she had five years to pay back the amounts, and one who file a Chapter 7, where all of their assets were lost and their debt "forgiven".

    If I were in really, really bad shape finiacially I would probably consider filing a Chapter 13, because you can rebuild your credit starting day one, as you're paying the money back. With a Chapter 7, your credit score drops dramatically and it takes a while to build it up again. The friend who filed Chapter 7 did it two years ago and still cannot get approved for a credit card and they make $90,000/year.

    Answer by Anonymous at 10:22 AM on Jun. 24, 2010

  • I just filed a chapter 7. honestly all my debt was just bad choice from a young age, loosing my job and having kids I couldn't pay it back. But I have been getting lots of offers for opening up credit accounts. I can still keep my car which will be paid off in August and that will show as good standing on my credit. Once my BR closes My credit will drop it 510 but should go up when I start building my credit again. I don't mind that it will be on there for the next 7 years, Cause I was so far in debt that I would have never been able to pay it off.

    Answer by Anonymous at 11:00 AM on Jun. 24, 2010

  • I filed after I went through a divorce about 11 years ago. Yes it was totally worth it for me. I was able to get a car loan about 6 months later, a home again and I started received credit card offers after about two years. It's not that it's totally shameful, it's there for people that need it. Yes, I would totally recommend it.

    Answer by m-avi at 11:25 AM on Jun. 24, 2010

  • From what i understand, if you have money to pay for bankruptcy costs, then you have money to pay your bills.

    Take a visit to the Dave Ramsey group here on cafemom.

    Answer by IraqiVetWife at 11:25 AM on Jun. 24, 2010

  • well our situation is we have a 2 door vehicle Colorado truck with no backseat and we have a 2 year old and one due in September so we have 3 months we have tried to finance a vehicle but every bank has turned as down bc of our credit and we don't have the money to save up in 3 months for another vehicle so that's our situation my husband talked to me about this last night were not sure if were going to do it or no not i dont know much about it that's why i got on here to ask you guys about it. i spoke with one friend she said we wouldn be able to finance a new vehicle for years or a home and my dad has always told me that it is a horrible thing to do i just want to do whats best for our family and all and my husband told me if we did this we would be able to save the money for a used car by september i fele this is the only way any advice would be great

    Comment by Welch41407 (original poster) at 12:54 PM on Jun. 24, 2010

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