What happens when you file for bankrupcy?

Question

What happens when you file for bankrupcy?

Answer 1

Not a good idea, trust me.  Its been 4 years since I had to declare bankruptcy and I practically had to beg to get a car loan 2 months ago.  Without a co-signer, they would not even have considered it.  I only have 1 credit card now, of course that's a good thing.  But, if I needed anything big I could not put it on credit.  It takes 7 years for it not to be weighted heavily on your credit score and even then its still listed if you were to try to get a mortgage, etc.  I recommend doing everything possible to try and work things out with your debtors.  Especially with newly enacted laws even with bankruptcy you would have to pay back your debts and your credit would still be ruined.  If there is no other choice get a lawyer, and have him try to convince you not too as well.  Seriously, this is the end of the road do not go there unless absolutely necessary.  I hope it works out for you.