Filing Bankruptcy - Consider the Alternatives

Date: Tue, 09/04/2007 - 07:29
Submitted by lisaawilliamson on Tue, 09/04/2007 - 07:29
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I put all of my information in at the beginning and it came back with my best option being bankruptcy. This is not an option for me. I know it figures this because for the next best scenario, I would have to be able to pay 55% of it off in 60 months or less. I don't care if it's 120 months as long as I can afford it monthly and there is an end in sight. Would that be considered? If I wanted to do debt settlement? Or would I be required to stick to the 60 months?


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


Submitted by Bossy4455 on Tue, 09/04/2007 - 07:40

Bossy4455

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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.


Submitted by Johnson4485 on Tue, 09/04/2007 - 07:54

Johnson4485

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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.


Submitted by Morningstar on Wed, 09/05/2007 - 03:02

Morningstar

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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!


Submitted by on Sun, 09/09/2007 - 12:34

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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.


Submitted by pokogeo on Mon, 09/10/2007 - 16:24

pokogeo

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