Bankrupcy?

Question

i want to go bankrupt, does anyone know the bad things about it or how does it work and how does it affect me in the future?

Answer 1

it will stay on your record for 10 years and will severely hamper your ability to get future credit. Bankruptcy is an option when you are so over your head that you know you cant recover. Recent changes in law make it more difficult to file for bankruptcy. Essentially the judge will have to determine how much you owe versus your income to grant you bankruptcy.

Answer 2

It kills your credit for anywhere between 7 -10 years.  In that time you will not be getting any loans but you will be getting tons of credit card applications (since you will not be able to file bankruptcy again).  Anything you apply for will carry the max amount of interest allowed and many places will not rent to you.

Answer 3

I would try my best not to go bankrupt....I believe it stays on your credit for at least 7 years. If you have a student loan though you are still responsible for it. It will effect how you will purchase items in the future (house, car, etc.)

I would recommend a credit counselor.