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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

Is bankruptcy a good option in the long run?

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Is bankruptcy a good option in the long run?

Tough to answer this question. If you're talking about Chapter 13 bankruptcy, then what I can tell you is, you have to manage finances really well. Chapter 13 bankruptcy lasts for 3 to 5 years. It's a long time. You can't have an emergency fund during that period. You have to make monthly payments and cover emergency expenses no matter what is your current financial situation.

Sub: #1 posted on Fri, 01/11/2019 - 01:33

Nick Jonas Nick Jonas

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It can't be a good option in the long run since it stays on your credit report for 10 years.

Sub: #2 posted on Mon, 01/14/2019 - 19:09

David Martin David Martin

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Bankruptcy should be the last option for a debtor. If you can't repay your debts and you have no or less income, then you can file bankruptcy. Since it hurts credit score, you should consider it as a last resort.

Sub: #3 posted on Thu, 01/17/2019 - 23:30

Sanders Patricia Sanders Patricia

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