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have you ever done debt consolidation? or filed for bankruptcy?

can you please give me your experience?

If you file bankruptcy, do they take your cars or anything worth a lot of money (flat screen tv's, jewelry, etc- even if its paid off?)

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Asked by Anonymous at 10:15 PM on Nov. 11, 2010 in Money & Work

Answers (6)
  • We declared bankruptcy in 2009.  We got to keep our car as long as we continued to make payments on it (we had yet to miss any at the time) and all our possessions.  We didn't own a house so that made things easy.  We actually started the process in 07 but it took us until early 09 to pay off the lawyer so he would actually file for us.  Then it took a few months to get through the courts.  We were finally discharged last September.


    Answer by justanotherjen at 10:23 PM on Nov. 11, 2010

  • thanks! how long does it stay on your credit report? can you buy anything new after you filed? can you get credit cards? what about buying a house?

    Comment by Anonymous (original poster) at 10:34 PM on Nov. 11, 2010

  • A bankruptcy will stay on your credit for at least 7 years. A chapter 7 bankruptcy is where you let every thing go and you don't pay any thing. You just give up your house, cars, and whatever else is included. A chapter 13 is like a debt consolidation. You keep all your things and you make one low monthly payment for old credit cards, etc. However, in some states, your house isn't included and you have to make your regular house payments on top of your monthly bankruptcy payments. Make sure you check all that out before you sign up for anything.

    Answer by Mrs.B3 at 12:43 AM on Nov. 12, 2010

  • no never have , but i have a family member who has filed and they were able to keep everything and it was on there credit for 7 years, and they did buy another house, not sure about credit cards or new car, sorry.

    Answer by L.Makakoa at 12:43 AM on Nov. 12, 2010

  • Nope - hire a good bankruptcy attorney.

    Answer by tasches at 2:56 PM on Nov. 12, 2010

  • You can get a credit card, but it will have a low max, high interest rate, and may require a deposit. You won't be able to buy a house for 7 years. Doubtful on a new car.

    Answer by Candi1024 at 3:13 PM on Nov. 12, 2010

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