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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

Is filing bankruptcy a good solution if I have 5 loans and can't pay the last installment loan on next payday?

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I have 5 loans out. 1 is an installment loan. I can't pay them on my next payday. What do I do? I was thinking of filing bankruptcy, is this a good solution?




Bankruptcy will hurt your credit score immensely, try to avoid it. You can rather contact your creditors and request them to extend the payment cycle.

Sub: #1 posted on Tue, 06/06/2017 - 07:00

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.57)

Dear, bankruptcy should be the last resort to get rid of debt trouble. If you are going through a financial hardship, then request to the lender for a reduced amount or reduced interest rate.

Also, revisit your budget to eliminate every unnecessary expense to save as much as possible.

You can also sell your car or rent a portion of your house to get a good amount at a time. Thus you can pay off a major part pf your debt.

Sub: #2 posted on Wed, 06/07/2017 - 04:01

sanderspatricia29 sanderspatricia29

(Posts: 724 | Credits: 75.57)

It is true that bankruptcy helps you to make a fresh financial start; but, at the same time, it usually makes your credit score drop to some extent. If required, talk to a financial adviser to decide whether to file bankruptcy or to try other debt relief options first.

Sub: #3 posted on Fri, 06/09/2017 - 04:50

Good Nelly Good Nelly
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(Posts: 2670 | Credits: 533.36)

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