If I file bankruptcy, how long does it take to pay off my debt?
I have loans and I wanted to know does the bankruptcy eliminate a portion of the loans? How does Chapter 7 work? How long will this remain on my credit?
I want to pay off my debt, but I have had a hard time finding work that pays well.
I owe about 35,000 in debt and I only make 18,000. I have not been able to find a job that pays more and I have been searching for a year.
Credit gets dinged for 7 years plus. It will always be know that you have filed for bankruptcy. It can be asked on official documents and employment papers.
The debt is NOT paid-ed off, it is written off. A big difference. As in where you to win the lottery they could in theory still come after you.
July 4th, 2010 at 5:14 pmprobably 1 to 5 years, you better play the lottery! Try winning $40-300 million b-tch.
July 4th, 2010 at 5:14 pmA chapter 7 is a total liquidation bankruptcy. A chapter 13 bankruptcy allows you to set up a payment plan to repay your debts. Both will stay on your credit report for 7 years.
In 2005 the bankruptcy laws were dramatically changed and are different for each state. You need to do some research for you specific state.
If you want to repay your debts without filing bankruptcy I would recommend getting on a strict budget and put together a plan that will allow you to get back in control of your finances. Bankruptcy is almost never a good idea.
Check out my blog for more information regarding budgeting and saving.
July 4th, 2010 at 5:14 pmhttp://myblog.livingfinanciallyfreeministries.com/