Bankruptcy

[nannycoe1]

Is it a terrible thing to file bankruptcy?

[freedomcash11]

I heard their are problems with filing like with work and stuff,but I forget the specifics. I'll try to get back too you if I can. I have a great book by Dave Ramsey about money which talks about it and see what is in there.

[lywb2168]

I did it about 5 years ago, it is not a decision to be taken lithely if you are considering please consult a lawyer.  It affects your credit reports, but if you are really bad and struggling to pay your credit might be bad anyways, some employers might not hire you if you have filed bankruptcy and lenders look the other way, but the longer the bankruptcy is the better things get.  Like I said think about it seriously and if it is your only solution then consult a lawyer and see which option is the best for you.  Best of luck

[countrygirl12]

Is it a terrible thing to file bankruptcy?

It depends on why you file. If you charged a ton of credit cards to the max and just don't want to pay for them so you file bankruptcy and keep all your cool stuff then yes it is bad.  if you are a victim of the economy and are struggling and just trying to survive and keep your home and you do not waste money then no it is not a bad thing.

[bowrunner]

I have a son that has filed for bankruptcy twice and it never seems to be a problem for him and his credit is good whereas my credit is not good and I have never filed for bankruptcy.

[southernhorizons]

Is it a terrible thing to file bankruptcy?

It depends on why you file. If you charged a ton of credit cards to the max and just don't want to pay for them so you file bankruptcy and keep all your cool stuff then yes it is bad.  if you are a victim of the economy and are struggling and just trying to survive and keep your home and you do not waste money then no it is not a bad thing.

Yes, there are some dishonest people like that, and it would be good if they found a way to filter out those people so that they can't file bankrupcy without giving back the stuff.  However, there are many things that can happen no matter how frugal you are, like a long illness, loss of a job, major catastrophe, etc. So it's a good thing it is available for those who really need help.

[camellia0]

I've worked in a bankruptcy firm for 5 years. The answer, in my  opinion is yes and no. If you are behind on your bills, you have bad credit and your credit is bad when you file bankruptcy BUT if you filed a ch 7 and it wiped your debts out, you will be getting a fresh start and you can rebuild your credit and raise your score. Some people need a fresh start and there are others who can eventually catch up on their delinquent bills. But bad credit is bad credit.

[melissaotto1982]

Ive heard of people having problems years later that its not something I would do unless I have no choice.

[dancer139]

i have never had to file  for either one but my brother has just because he is an idiot.   Now his credit is so bad he has to pay everthing with cash.  he can't even get a checking account. Which is good cause he would just write bad checks.

for people that really care what they are doing one or the other would really be ok.  if they don't care about anything they will just loose big time.

[Freebase]

well it can be bad or good just like what others say. I myself want to go for bankruptcy but not just yet i have a plan to get my life back on track 1st and for most before i consider paying my depts that my family put me in. (& i do mean they did & if they just pay me back the $ they owe then my life wouldn't be so bla)

[demaina]

I don't know the specifics, but it's not something to do unless you absolutely have to.

[countrygirl12]

You know it is interesting because I heard a co-worker say the other day she has filed bankruptcy (and her mortgage company is contesting it trying to make her still pay the money she owes them) and I am thinking if you don't have it and are bankrupt then how can you pay it.  But then later in the conversation I find out she has just bought a new house that is 5 bedrooms and 2 baths.  And then I am like "oh so now I see why the other mortgage company is contesting it".  There are times when there is no other choice but there are a lot of people who take advantage of it.  And these days it does not effect you negatively like it use to.  Use to if you filed bankruptcy you were done as far as credit. Nowadays you can file bankruptcy and go buy another new car the next day.

[makeblessed]

I guess it depends on the circumstances, I know some people do in order to keep their home but I think regardless of reason it's best to work with an lawyer to understand the pros and cons and the different types of bankruptcy. Hope this helps.