I only have about 5-7k worth of debt should I file bankruptcy?
I’m 23 bills include BofA credit card which they are taking me to court for..Personal Loans…Medical etc..
Some people say its to little other people say start clean what do you think?
BTW because the debt is so little I was gonna have a paralegal/typist do all the forms for me at 5 im worried when I get a job they are gonna garnish my wages
Posted March 8th, 2010 in Bankruptcy Q And A. Tagged: bofa, credit card, job, paralegal, personal loans, wages.
You can go for debt settlement / debt consolidation as it reduces your debt levels and is far better than filing bankruptcy. Bankruptcy should be a last resort and it will have a long-term damage on your credit. Bankruptcy stays in your credit report for years.
And you may find yourself unable to get credit when you really need it with a bankruptcy on your record.
March 8th, 2010 at 4:40 pmYou should never file bankruptcy unless you are desperately unable to pay.
March 8th, 2010 at 4:40 pmIt is a HUGE black mark on your credit report, and you will suffer for 7 years. You won’t be able to get a decent loan for a car, house, or school until you are THIRTY!
Don’t do it. Work out a payment schedule with the creditors, get a second job, and cut up all your credit cards. They are a fast way into financial ruin.
Don’t go for bankruptcy. With bankruptcy, it will take you yearssss to rebuild your credit history but whatever situation you have right now, will only take few years to resolve and start over. Work with your creditors to work out a payment plan to pay those debts. Once you pay off those debts, then rebuild your credit history by being responsible.
March 8th, 2010 at 4:40 pmYou have to balance the cost of the bankruptcy against the benefits you will gain. In actual cost, a Chapter 7 bankruptcy will run you about $2000. After the bankruptcy, your credit report will list that bankruptcy for 10 years. I might, therefore, suggest that your $2000 would be better spent negotiating a settlement with your creditors.
March 8th, 2010 at 4:40 pmNever file bankrupcy
March 8th, 2010 at 4:40 pmAbsolutely not…Take the $2,000 you’d have to pay to file Chapter 7 and offer 50% settlements on your debt and you’ll be close to being debt free.
March 8th, 2010 at 4:40 pmWith that small a total debt, don’t file bankruptcy. And by the way, filing doesn’t mean all your debts are automatically erased, that’s only if it looks like you wouldn’t be able to pay them in any reasonable time. You might not even qualify…..
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March 8th, 2010 at 4:40 pmHi,
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