If i a file for bankruptcy because i can not pay my credit cards what are the consequences?
I am 24 fresh out of college and i found myself in a huge amount of debt with credit cards ( 22K) to top it off i lost my job and i can not pay my credit cards. if i file for bankruptcy what are the consequences and what happenes next? do i still have to pay that amount ? how long is this going to haunt me for?
Posted October 9th, 2009 in File Bankruptcy Yourself. Tagged: bankruptcy, consequences, credit cards, job.
There are two different kinds of bankruptcy, Chapter 13, where they consolidate your debts and set up a payment plan, and Chapter 7, where your debts are forgiven, with some exceptions, student loans being one of them. Thanks to the Credit Card companies, it’s a lot harder to file for Chapter 7, but you can still do it.
The last information I got on Chapter 7 is that you can file every 3 years, but the filing will stay on your credit report for 10 years.
The law may have changed, so your best bet is to consult with a bankruptcy attorney to find out the latest information.
October 9th, 2009 at 2:14 amIf the Bankruptcy is approved, it will stay on your credit report for 10 years.
October 9th, 2009 at 2:14 amCaspper,
October 9th, 2009 at 2:14 amYou have your whole life ahead of you. Before you make your decision check out the link Im giving you. This is information that I was not aware of and I almost declared bankruptcy. I went for this instead and couldn’t be happier. Good Luck! http://www.mystory.thehelpster.com/debt-reduction-services/?id=Jfrench
It sounds like you’d be eligible for a chapter 7 bankruptcy. If your debts are strictly credit cards (no student loans) then they can be wiped out completely. A chapter 7 does stay on your credit report for 10 years, though you should be able to work on rebuilding your credit in the meantime.
October 9th, 2009 at 2:14 am