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Bankrupcy?

I was just wondering what are the "side effects" of bankrupcy. The only reason we are considering this is because we have thousands and thousands of dollars in medical bills and we can not seem to get any help. We have filed for the state medical helps and we have been denied for every single one, and our last option is bankrupcy. I am just wondering if this a good thing or a bad thing. My credit is already in the pooper so not worried about that, but what else should i worry about with bankrupcy?

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saysha100687

Asked by saysha100687 at 3:23 PM on Nov. 24, 2008 in Money & Work

Level 17 (4,017 Credits)
Answers (7)
  • The first thing you have to do is consult with a bankrupcy attorney who will go over things with you.

    The most important things you need to know are, bankrupcy stays on your credit record for up to 10 years. Every time you want to get a credit care, buy a car, get a mortgage, rent an apartment, apply for a job, your bankrupcy could get in your way. Many, many employers won't or can't hire someone who's gone bankrupt.

    Your bankrupcy will be a matter of public record, forever.

    First, I'd make a serious attemptp to work with my debtors to pay off the debt. Make a payment arrangement you can both agree on. Also, sit down and look at every penny you make and spend. Make a budget and stick to it. Straightening out your credit is like having to lose allot of weight. It takes total dedication and consistency but it CAN be done.

    pugpin

    Answer by pugpin at 3:39 PM on Nov. 24, 2008

  • The downside is it will be really hard to acquire things on loans or credit cards. The up side is you will feel better about not having to worry about the medical bills. It will be hard at the beginning, but sometimes it's the only way out. As for employers checking your credit background and finding out about bankrupcty, that's against the law. That normally does not happen. Good luck!
    passionmom119

    Answer by passionmom119 at 6:40 PM on Nov. 24, 2008

  • If medical bills are you only thing you want to file on then it will not effect you very much. We had to do it. My husband was in a motorcycle accident in May 07 and the ladies auto insurance didn't even put a dent into the bills. The bills totaled up to over 800,000 and we filed only on medical bills. Good Luck and if you need advise or questions just let me know.
    JD08

    Answer by JD08 at 7:56 PM on Nov. 24, 2008

  • **The downside is it will be really hard to acquire things on loans or credit cards. **

    And it should be.
    Anonymous

    Answer by Anonymous at 8:55 PM on Nov. 24, 2008

  • To anonymous 6:55 you must not have done enough research and educated yourself. It depends exactly what you file bankruptcy on!!!! If it is medical only it will not effect your credit as badly, if not at all, compared to if you file on everything such as house, cars, credit cards, etc. Get your facts straight before you answer a question.
    Anonymous

    Answer by Anonymous at 9:33 PM on Nov. 24, 2008

  • Employers can and do run background checks. They should have you sign forms giving them permission to do so but many don't. I've worked in the hiring/firing division of a few healthcare companies. They don't have to check your credit report to find a bankrupcy. Any background check service will find a bankrupcy as part of the package. That's NOT because they check your credit report, it's because it's public record. If it's a public record, the general public can have access to it.

    There are some jobs that you can't even have if you have filed for bankrupcy. The main one that comes to mind is a Stockbroker, Financial Consultant, you can check their website for that information, www.finra.org

    Please, consult with a bankrupcy attorney about all of these concerns. Make sure you really think about this. It's a big step.
    Anonymous

    Answer by Anonymous at 7:19 AM on Nov. 25, 2008

  • Hope this helps.Free forms and complete pros and cons of bankruptcy http://www.allsolutionsnetwork.com/cgi-bin/d.cgi/CC1231/Bankruptcy.htm

    JoseyNP

    Answer by JoseyNP at 3:30 PM on Dec. 3, 2008

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