I'm filing for bankruptcy, any tips?

Question

If you've been through this before can you let me know what its like ?

Answer 1

Try to avoid doing it at all costs. It is not a good financial move for most people and you will live with it for years. Better to face the music now and arrange paying your debts and living frugally.

Answer 2

Do your homework, see if you can re-affirm a credit card or loan so you can start building new credit. If you're smart and plan ahead, you can have respectable credit in 1-2 years.

You might visit Lifeafterbankruptcy.com and read their free newsletters.  

Answer 3

Crazy stole my answer again!  lol

The hardest part of getting credit restored is getting your first credit card.  That is very difficult because nobody is going to work with you.

What I recommend is you pay off one of your cards before you file for BK, and talk to the bank about your situation.  Inform them that you are filing, but your card is paid and they are not losing any money.  If you have been a good customer with them, they may agree to work with you.

Normally, the minute you file BK the banks are notified.  They will usually automatically cancel your card, whether it's paid off or not.  By working with the bank, they may not cancel it.  They will certainly lower your credit limit and maybe raise your interest, but at least you will have a card, and a way to start to establish credit again.

Be sure to check out http://www.lifeafterbankruptcy.com

Answer 4

Just weight your decision twice before it. If you can get out from dolede your income each year than you make your own choice.

make a math now,  if  make 10k ( income each year ) x 7  years x 2 (depreciate)= 140k.

Good Luck!

QL

Answer 5

You are screwed for the next 10+ years.  Don't do it.  Even after the 10 yrs you still have people that will deny you credit.