Filing Bankruptcy - Consider the Alternatives

Welcome to the Community :D I am assuming you are talking about filling out the forms on this site.

You would have to talk with them and find out exactly what their terms are as far as how long you have to pay this off. Ask them any and all questions you can think of beore you decide which option, if any, is best for you.

Feel free to ask question, we are here to help and guide you through this process..KAren

Based on the information that you have filled in the form, bankruptcy is suggested as a suitable option. But you can go for any other plan if you are not interested in filing bankruptcy. A consultant in your area will be calling for the free counseling and discuss your options. You can inquire about the debt settlement plan and get the contract ready.

You are not obligated to go with any company. Get several opinions from the rated companies on this site.

While there are sure to be things we cannot account for based on the limited info you posted, I would like to offer this:

120 months = 10 years...the amount of time a BK 7 stays on your credit...

Surely, it isn't the most appealing option, but for some people, it can be the best one.

Good luck, no matter what option you go with.

I filed bankruptcy about 3 years ago, I can buy a new car, I can buy a house, I have 2 credit cards.... If you absolutely are drowning in debt, no since in staying stressed and depressed.... Do it!!! It only affects you for about a year at least in my situation. I kept my house and my car and of course the stupid school loans which you can't file on those anyway. But you can come back!!! After your bankruptcy is discharged, and you can obtain credit (if you don't already have debts you assumed) sometime after the first year, make sure you make your payments on time every month, took me a year and I was able to get credit again. Just don't get yourself in that position again!!! I called it my relief! Good Luck!

Bankruptcy should be your last resort. Try opting for debt settlement or debt management and if it does not work then I think filing for bankruptcy can give you a fresh financial start.

I ended up in bankruptcy as a result of what I was told in my debt consolidation consultation. I'm not sure it was the best thing for me as I'm back in debt again (although this time it is not completely my fault). Only this time I'm forced to deal with it, learn to live frugally and go without frivolous things (which is a hard habit to break). I think I'll come out better in the end then I did with the bankruptcy. But Guest is right, you can still get credit, but most of it you don't want because the rates are so high, but if you're in debt and your credit is bad, you'll get similar rates anyway. But like with me, that easy credit after bankruptcy ruined me, you'd probably be better off working to settle your debt without it.

But again, it is your decision, and a tough one it certainly is.