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Filing Bankruptcy

We've reached the point where we just can't keep up or catch up. Any advice on this topic? I feel so terrible cuz I always thought it was moraly wrong, but have no other options right now. Anyone been there done that?

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Anonymous

Asked by Anonymous at 10:47 PM on Jul. 2, 2010 in Just for Fun

Answers (7)
  • My ex and I had to file. We came out of it okay. There are different levels of bankruptcy. You can do a chapter 13 that is like bill modification. Takes all your bills that are delinquent and helps you come up with a repayment plan to pay everything back in full over time. There are others that will also repossess or sell off your assets to help pay off your debts. Depends on what you owe and what you need to do to get back on your feet. Good luck. It happens to the best of us sometimes. Have faith and you will get through it.
    hlevesque1976

    Answer by hlevesque1976 at 10:49 PM on Jul. 2, 2010

  • Do what you gotta do. I did in 2005 and have no regrets. Nobody came and took my belongings, kicked me out of my house, or liquidated my assets. I kept my car and was debt free. A year or so after, I got my first credit card from Orchard Bank and seldom use it. Once you have the process over and done with and find out it's not the end of the world, you will feel so much better.
    Izsarejman

    Answer by Izsarejman at 10:50 PM on Jul. 2, 2010

  • Not yet, but for the first time in our lives we are seriously considering it. We have narrowed it down to a couple decent attorneys that we will talk to about our options. Idk if we will do it or not, but tough times just hit us too hard the past three years and it seems never ending. I think people just have to do what's best for them. As long as you learn from your mistakes and remain debt-free afterward, I think it's fine. If you've tried everything you could to pay and you just can't do it anymore, bankruptcy isn't a terrible thing. Good luck.
    anime_mom619

    Answer by anime_mom619 at 10:54 PM on Jul. 2, 2010

  • op-You guys are great! Thank you so much. I've never judged ANYONE for filing bankruptcy, but for me personally I felt like I borrowed the money, and had a moral obligation to pay it back. We just can't always know what's going to happen in the future, and things do happen and times are tough right now. Thanks for the support and love, you ladies warmed my heart;)
    JackieGirl007

    Answer by JackieGirl007 at 11:01 PM on Jul. 2, 2010

  • I have filed with no regrets as well! One thing I would like to point out. My close friend filed a few years before me and it really helped them to get back on track. They never learned from it and eventually got back in debt. In fact the interest rates were of course HIGHER because of the previous bad credit. And since they already filed they were not able to file again. So they are so buried they can not get out. So if you do, learn from it.

    As for me, I felt so guilty for the longest time. But the banks refused to work with me. One of my friends going through something similar called the banks/credit cards and said I am about to claim bancruptcy and the banks settled for a significant amount less and my friend is back on track. You can try that route first!
    AmyLynn5398

    Answer by AmyLynn5398 at 11:13 PM on Jul. 2, 2010

  • Try everything else first if you haven't already. We were a week away from filing, and when I told my parents they offered to let us stay in their basement until we got back on track. We were able to pay everything off after a year. Not a fun year, but we did it. A lot of companies will take less than the full amount. I'm so glad we didn't have to. You can't buy a house for a long time, and even now, our credit is still poor, and we will be renting for a while longer, which is such a waste of money. Don't feel guilty if you do end up having to, it's definitely not the worst thing, but try everything else first.
    crystalhuskey

    Answer by crystalhuskey at 11:41 PM on Jul. 2, 2010

  • I am in the process now of doing this..and it is so hard
    JennyMarie

    Answer by JennyMarie at 12:06 AM on Jul. 3, 2010

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