What are the reasons to file for bankruptcy?


Asked by Anonymous at 11:20 AM on Oct. 30, 2008 in Money & Work

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Answers (4)
  • It depends on your situation... If you feel that you are overwhelmed with debt burden and your life is constantly being interrupted by creditors calling, or you have no other way out.. do what you feel you have to... It's your life, only you can make that call...DO NOT let anyone judge you...

    Answer by pupmom at 11:24 AM on Oct. 30, 2008

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  • Protection from creditors so you can keep your assets. It is much harder to file bankruptcy nowadays than years ago; the laws are much more stringent.

    Answer by Anonymous at 1:44 PM on Oct. 30, 2008

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  • That is a really bad decision to be filing bank ruptcy. I wouldn't do that if I was you. No matter how far in debt you really are. That is a bad mistake. It needs paid regardless. What ever you owe on see if you can make payment arrangement with them and if they accept it good for you and them too if not then bad for both. But nine times out of ten if you tell them with what you are able to pay they have to accept it. They can't get blood from a turnip unless they garnish you're wages then yes they can get blood from a turnip. But that is my best advice for you. Hope that helps.

    Answer by snickers1201 at 10:40 PM on Oct. 30, 2008

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  • I'd seek advice from an attorney!!
    Bankruptcy isn't as bad as people make it out to be!
    If you are so deep and you cannot foresee a way out, then it may be your best option!
    Good Luck!

    Answer by Anonymous at 10:12 PM on Oct. 31, 2008

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