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I am about to take out bankruptcy, it's killing me. What do you all think??

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Asked by Anonymous at 5:52 AM on Jul. 18, 2010 in Money & Work

Answers (4)
  • You do what you have to do. We declared bankruptcy (started the process in 2007 and was just discharged last September. It was the best decision we ever made for our family. We have a fresh start and can actually have a future now. It was hard at first to let it go. I had tried so hard for so long to pay all our debt down on our own but we just couldn't manage. We plan to never go back to that way of life. We haven't had credit cards in almost 3 years and pay cash for everything now. It sucks sometimes when you need things and there is no money (like now with a new baby who has no clothes and we're in the process of moving so money is tight). We also ran into problems renting with a new bankruptcy and no credit and we need a new car but have no credit or money so can't get one. But we're determined to be debt free (until we buy our first home).

    Answer by justanotherjen at 6:12 AM on Jul. 18, 2010

  • I'd avoid it if there's any way around it. It sucks, but it's pretty common these days.

    Answer by the_kimmers at 6:48 AM on Jul. 18, 2010

  • I too would avoid it if possible, for 2 major reasons..1 its not cheap somewhere between 500./1000. bucks I think and #2 it remains with you for 7 years...right now with this economy that is going to be HARD!

    Answer by Happymom2-2 at 8:48 AM on Jul. 18, 2010

  • It actually stays with you for 10 years, not seven. And people can still ask you if you've ever filed for bankruptcy and you have to say yes, even if it's been over ten years. (Things like cell phones, landlords, etc. will sometimes ask).

    If it were me, I would first try everything else I could before filing for bankruptcy. I would also check out and his book Total Money Makeover. If you can turn this around it would be better for you and your family.

    GOOD LUCK, and sorry you are going through this.

    Answer by Erica_Smerica at 8:37 PM on Jul. 18, 2010

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