Has anyone ever filed bankruptcy? Everyone says it ruins your life but I have also heard other stories that it just affected their credit score slightly. I feel like I’m drowning in credit card debt and I cannot get ahead.
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Sooner you do it the more time you have to fix any credit changes.
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I would check into the debt consolidation and or credit card debt companies who help you get reduced amounts and pay them off quicker. This will hit your credit, but less than bankruptcy will. Just might check it out.
When someone fills, who pays for their CC dept?
Talk with an attorney who does bankruptcy bc my brother in-law lost everything when he filed. I know people who it only effected their credit and others lost their homes, cars and most of their money.
I wanted to file to get out of medical det
Sadly the same as when I had twice had to file bankruptcy one was because oil prices in Texas went down and we lost her home the other happened here in California and it takes 10 years but there was people that believed in us and we got a car and we got rental and so sometimes that’s what you got to do
I filed bankruptcy over 10 years ago bc of medical debt. I was still able to rent an apartment within 2 months, and was able to rebuild my credit score pretty quickly. I also hired a bankruptcy attorney to represent me and handle everything
As long as you learn from it, you’ll be fine! Stay current on everything while you’re doing it. One of my family members did it and bought a house two years later. It all depends.
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I did it in 2014. Best decision. It’s definitely a scary thing to decide on though. I reaffirmed my car loan so got to keep that and my house since there wasn’t any equity in the home yet. Discharged all my credit card and medical debt. Took 2 years before I could get a credit card again and 4 years before I could purchase a car without a co-signed or crazy interest rate.
It’s been 10 years and with a lot of financial education and work on my part I’m to a point where I have two credit cards again and just purchased a vehicle with 0% interest
Bankruptcy gives you a fresh start so make the most of it!
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It was the best thing I ever did. I did chapter 7. It does take 7 years to completely fall off your credit and you most likely won’t be able to buy a house in that time but after 7 years I have the best credit I’ve ever had! So worth it if you’re overwhelmed and stressed from debt. Everyone’s situation is different so definitely talk with a bankruptcy lawyer.
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Do what you gotta do to get back on track. If you have no assets and don’t have any way to pay the debts back then Chap 7 will likely be what you file. Your first 2 years are going to be the toughest. You typically can reaffirm your car and continue making payments on that and everything else will discharge. Your score will drop significantly either way because you will fall behind more and that effects your credit as well. Honestly the biggest change you’ll make is your spending habits and making a more efficient budget.
I did and it was the best thing I could have done
I have a aunt who filed. A few years after she was able to purchase a house it really helped her stay on track with budgeting
Yes then bought a house a yr later.
Call DebtHelp- I do not work for then or do any sort of promotion for them, I used them personally in the same boat instead of bankruptcy and it took a hit on my credit obviously letting the cards go delinquent for a little while but they know their s#!t and were on top of it at all times. Once you get set up with them you call customer service to get updates or ask questions and immediately get a person- no hoops with automated recording crap, they work with the banks on settlements so you don’t have to deal with them and I have one more year left of payments already settled, they got it down to about 55% of the original balance.
I wrecks your credit for about 7 years. If possible bypass the bankruptcy
Check out some Dave Ramsey videos he’s got good tips for debt relief
My husband and I had to file bankruptcy for our business. we couldn’t keep up with things, debt, etc and it was better too. We feel so much better now that we did. He also has filed personal bankruptcy. It hits your credit and basically crashed it for around 7 years. Yes you can rebuild the credit but it’ll take a bit obviously. It’s also a lot harder to buy a home too once you file. We lost our cars due to it since they were both in his name.
Getting the debt relief programs can help but your score will drop, if you stop paying on them it def drops your score but bankruptcy does the same with score. if you quit paying on them and send them a debt validation/verifcation letter 95% of the time they don’t have all info so they can never take you to court nor put it on your credit report. Research debt verification & debt validation - I learned from tik tok 
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I did right before my divorce…it sucked for awhile but now my credit is better than ever…got rid of medical bills and a vehicle we wanted out of. Do what you gotta do!!! It was a relief for us at the time…do your research there’s different types