Can you give me advise on filing bancrupcy?

Question

i am thinking of filinig..... i only have about $10,000 debt but cant afford to pay it. im single, 23yrs old and own nothing.....a little advise?

Answer 1

Contact your credits and explain your situation...   Tell them what you have in mind and ask them to help you work it out.  They will work with you if they believe you are going to file bankruptcy,

Make a list of your bills and determine how much you can pay every month on each one of them.   Have this available when you call them.

If you can get them to agree to the lower plan plan, you win...  The point here is to stay with the plan.  

Getting out of debt is slow, but the bankruptcy scar will stay on your credit report for 10 long miserable years.  You can probably pay off the 10k in 1-2 years and then you will have a clear record.

Make a budget and FOLLOW IT!    

Answer 2

My wife and I had to do this back in 2005, she was laid off and I had to surrender my Pathfinder then they came after me for the money I owed. It was horrible, in the blink of a eye I was 37,000 in debt. We had to file Chapter 7. That stays on your credit 10 years, says on my credit report this record will remain active til Jan 31, 2015. By then I will be 39 my wife 44. Its a shame but we had to do it. Think if that is what you want. Try debt management first. Because now we are having a hard time getting anything, and it sucks :-(

Answer 3

Some points which will help you:-

Bad credit is the result of arrears, defaults, insolvency, CCJs and IVA. Sometimes it becomes extremely difficult to meet your needs due to bad credit.  

Bad credit personal loans have been designed for the individuals who are having a bad credit score. A bad credit personal loan is extended to the borrowers who have a credit score of 580 or less. This score is calculated based on your credit history records like late payments, amount of loan, loan duration, residence history, negative credit information and the repayment history.

On availing bad credit personal loans the borrowers can utilize the loan amount for purchasing a car making improvements in home, paying for expenses on wedding or education, investing in business, enjoying a holiday trip etc. These loans can be utilized for paying off previous debts.

These loans can be extended in both secured as well as unsecured loan. If you wish to pledge collateral, secured bad credit personal loans are the option for you. Through secured loan options, you can grab an amount ranging from £5000 to £75000 while the term will be between 5 years to 25 years. These loans provide you with benefits of low rate loans and flexible terms.

However, the unsecured bad credit personal loans are the option for those who either do not have or do not want to place collateral. These loans speak of cash advancement without pledging any collateral. In the unsecured loan option, the amount stands between £1000 and £25000 while the term ranges between 1 and 10 years. Through these loans you can get your loan approved in a small interval of time.

In order to get the loan sanctioned at a lower interest rate, borrower must update the credit report. Since your credit score affects your credit report. You must make timely repayments for the loan, pay off your bills on time, keep the borrowed amount under 35% of the credit limit, reduce the number of creditors and avoid taking new debts. This way you can enjoy all possible benefits of a bad credit personal loan.