BANKRUPTCY

Relax sinsgyrl, it is not like going to the hospital for a life serious illness. Millions and Millions of people file this. It is a bit harder than it use to be, but anyone can still file. I would find a good bankrupcie attorney and if you have NO other way out, go for it. It is a new start.

Bankruptcy 7 will hurt your credit score by a significant amount and will ruin your credit accessibility potential for almost 7 years if not more.

I personally consider debt settlement to be a better alternative to bankruptcy. Debt settlement will also affect your score by a significant amount but will not remain in your credit report for such a long time as bankruptcy. This program can bring down your total debt amount by 40 to 60%.

You can also get free no obligation counseling from a debt consultant through our community or you can also Chat Live with our debt consolidation team.

Actually, filing chapter 7 didn't hurt my score much at all. It was already really bad with collections and such. In fact, right after I filed, my score went up a bit.

Also, you will be offered a ton of credit after you file. Bankruptcy doesn't make it impossible to get credit. Your rates will be higher, but you will still get tons of offers. I know of people that bought a house a couple years after their bk.

I just filed recently, so I can't really say how my daily life will change, except that I am feeling blessed relief from the constantly ringing collection calls.

There are a lot of places that check your credit report, even if you are not actually applying for a credit card or loan. Some examples: potential landlords, car rental agencies, some utility companies or cell phone carriers, and even some potential employers. So there is the possibility that it could affect your daily life in ways that you may not anticipate right now. However, your daily life is also being affected by debt that you are unable to pay.

So my advice would be to realistically evaluate your situation. If you have no choice but to file BK, then just accept that there may be some future consequences that you haven't anticipated, and know that you will deal with them if they happen.

I agree with Goudha....bankruptcy is not as bad as a lot make it out to be. Plan on living on cash for a couple years while rebuilding your credit.

I filed Chapter Seven about 2 years ago and It was such a big relief for me. It was something I thought long and hard about before actually doing it. After two unsuccessful consolidation programs it was the best thing for ME to do. Like mentioned above Bankruptcy is not as bad as people make it to be. I was able to get a car loan less than a year after filing..yes my interest rate was a little high, but after one year of payments I was able to refinance with my credit union for a much lower rate.
Just be careful afterwards because credit offers will be pouring in left and right and not all will be good.
Bankruptcy is something each individual needs to think long and hard about. I had creditors filing judgements against me so bankruptcy was my last option.

I also filed as a result of a divorce and really had no choice since he was going to file. I to was able to get credit one year after discharge. It is a hard decision to make but worth it if you have no other choice!

I filed chapter 7 recently because I just couldnt afford paying the high interest cards. I never missed any payments on anything prior to filing. I had to miss about 3 months of payments prior to filing. I was nervous because I had never missed any payments before and never had creditors calling my house day and night before. Once I filed the weight of the world was lifted off my shoulders. Sure my credit score may have been hurt some but the freedom I enjoy now is worth more than any credit offer. I was working many hours, stressing, just to pay the bills because I didn't want to have to be late on any payment. Bankruptcy is not the end but a new beginning. I had to cancel my cell phone prior to filing because I wanted to cut my expenses, and recently applied for a new phone and got it with no problems. I also applied for a credit card through my credit union, and got it with very good interest rate, actually better than what I had before! I have so much money left over every month now that I don't need a credit card for anything. My suggestion to anyone who is considering bankruptcy is first check your credit score, get a FICO kit. Talk to a bankruptcy lawyer.