How bad do things have to get before you file bankruptcy?

7:00 am on November 8, 2009 | 7 Permalink | Reply
Tags: bankrupt (3,617), Credit (1,519), credit counseling (80)

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  Cindy 7:00 am on November 8, 2009 Permalink | Reply
  

  When you think it is your last option.

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  C J 7:00 am on November 8, 2009 Permalink | Reply
  

  You have to make under $40,000 anually, your late bills should be over 50% of your income. You have no credit left and you feel crappy because you tried debt management and can’t pay anymore.

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  Xanon 7:00 am on November 8, 2009 Permalink | Reply
  

  I’d say that would all depend on your income level and how much debt you’re in. If your making 50,000 a year and in about 100,000 debt, you could avoid bankruptcy. But if your making say…10,000 a year with a 100,000 debt, then your pretty much in bad shape.

  Also, can you pay your bills or can’t you? If you legitimatly can’t pay them, then you probably won’t have much of a choice.

  I’ve filed bankruptcy myself, and it sucks to ever try to get a loan after that, cause it ruins your credit, and takes some time to rebuild. And i’m not saying that from something I read, but something that i’ve done myself. Many many lenders will automatically decline you for that, even if you’re making a lot more money six years later, like myself. But four more years for me and it’s off my record.

  My advice, avoid it if you can consolidate and afford to pay a reasonable amount per month. If your totally screwed, in a ton of debt with a low income, absolutely can’t pay (not can pay, but just don’t want to) the credit card bills, loans, whatever….then it may be best to do bankruptcy. Just don’t expect to get any loans easy in the following 10 years.

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  biskio 7:00 am on November 8, 2009 Permalink | Reply
  

  If your crdit is too high and you are unable to repay and there is no other way out, then you can go for it:
  http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html

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  *Cherries* 7:00 am on November 8, 2009 Permalink | Reply
  

  well, filing bankruptcy can help and it’s not always a bad thing to do, but coming from a credit counseling agency, the best thing to do is to try to consolidate your bills into one monthly payment if you can so that you don’t have to file for bankruptcy. Usually, credit counseling agencies try their hardest to help you pay off your debt(s) without filing. You’ll just have to make an appointment to see weather or not you’ll be able to make a monthly payment to all your debts.
  Or simply pay off one at a time, no matter how long it takes, while you’re paying off your debts, it looks SOOO good on your credit, it shows your efforts and willingness!

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  lisalee 7:00 am on November 8, 2009 Permalink | Reply
  

  well depending what country or state you live in, you need to be at least 4 months of none payment to file for bk.

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  Unterreinerj 7:00 am on November 8, 2009 Permalink | Reply
  

  Depending on the type of bankruptcy, there are different requirements that you need to meet to be eligible. Also worth noting is that some debts are exempt and rarely discharged in bankruptcy. Link below may be of interest to you.

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