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3 Bumps

Bankrupcy? Anyone come out of it better??

Well due to the recession my husband and I are really considering filing bankrucy ..We have been puting it off but can not help that he lost his job no fault of his own. Have anyone done this? Can you come out of it better in the long run? I know that is stays on your report for ten yrs

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Asked by Anonymous at 11:52 PM on Jun. 24, 2010 in Money & Work

Answers (4)
  • I did it years ago because my husband died and I was just overwhelmed. I would have had to work 7 days a week for ten years just to break even so I reluctantly filed and it helped me to totally start my life over. If you're feeling guilty just remember that Donald Trump has filed twice, Burt Reynolds has filed, Elton John too... the list is very long.

    Answer by Blabbermouth at 11:54 PM on Jun. 24, 2010

  • I really want to know the answer too, because I'm considering it also. Bumping the question for you.

    Answer by AprilDJC at 12:04 AM on Jun. 25, 2010

  • It is not worth it if you can at all avoid it. It is to your benefit to contact all of your creditors, work out a payment plan and close out the accounts. It CAN stay on your credit report for up to 10 years, but generally after 7 years it is considered 'discharged' and falls off. It will damage your credit right now for settling with the companies, but it will better your credit in the long run by not having a bankruptcy on your permanent credit report.

    Answer by RutterMama at 10:32 AM on Jun. 25, 2010

  • I filed in 2005 for reasons I will not discuss and have been doing just fine. I was able to keep my car as long as I made payments on it. Nobody came in and liquidated all of my belongings, took my jewelry, or evicted me. I've been able to get a credit card from Capital One and Orchard bank that I seldom use. At the time, it was the best decision I made for myself and I do not regret it one bit. My car is now paid off and my debt is minimal. If I had to do it again, I would not do anything different. It's not the end of the world.

    Answer by Izsarejman at 12:59 PM on Jun. 25, 2010

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