Filing Bankruptcy?

[SDSUFashionista]

I have always wondered what the cons when filing for bankruptcy were. And is it common to do this? Just a curiosity. Thanks!

[mickbhall]

it is normally the the last resort as you lose every thing house all bank accounts closed it is gettin more common also your name appears in local paper

[bella36]

there are a lot of cons to filing but it depends on what chapter....Bush changed the laws so it's not easy to file anymore...you have to be counseled, get a certificate (which you pay for)..then you have to retain a lawyer to file for you. you will have a very hard time getting credit, if you can get any at all for years and are stuck with the car you drive.....it is also difficult finding a decent place to rent or in some cases jobs....(any government agency will do a background check...see your bankruptcy and think you are unfit....even though you more than likely are not)

[jessica r]

>you pay out an exra 1500 dollars.>you can only make so much money a month the rest goes to the collectors>they take all your taxes for two or more years>they lie to any banks you have loans with and tell you that you can keep it" but what realy happens is when your bank finds out they recall your loans" they dont tell you this">you have a bad credit rating for 7 years after" the worst"> after you file you end up with realy nothing. not even a credit rating

[debtfreemom]

Bankruptcy is now harder to file than it used to be.The cons are many. Here are just a few:*It stays on your credit report for 7 years*You may end up losing many of your possessions*It is hard to get any type of loan, unless the interest rate is sky-high. Try to pay off your debt before filing for bankruptcy.

[London]

BK is a con in and of itself. DO NOT FILE. This is the weak way out. Own up to your debts, pick up the phone, call your creditors, and start negotiating ways to settle these debts. 95% of the time people file for BK is because of wrong information from peers, they think that it will provide them a clean slate, or because they're too cowardly to face their creditors.

[jjgross]

Originally Posted by London

BK is a con in and of itself. DO NOT FILE. This is the weak way out. Own up to your debts, pick up the phone, call your creditors, and start negotiating ways to settle these debts. 95% of the time people file for BK is because of wrong information from peers, they think that it will provide them a clean slate, or because they're too cowardly to face their creditors.

Wrong when you have a serious illness and you sell everything to pay everything and your still 500,000 dollars in debt your creditors don't hear that and it's not cowardly to file bk.Theres a point in time when talking to a creditor is not going to work.Quite simply they don't give a s***t about you.So you have to do what you have do.

[Trish]

Originally Posted by London

BK is a con in and of itself. DO NOT FILE. This is the weak way out. Own up to your debts, pick up the phone, call your creditors, and start negotiating ways to settle these debts. 95% of the time people file for BK is because of wrong information from peers, they think that it will provide them a clean slate, or because they're too cowardly to face their creditors.

I have to disagree with you here, London.
Sometimes, there are people that just have no other option.
I feel that it should be a last resort when all other avenues have been exhausted. BK shouldn't be taken lightly.........and it's never something you should just jump into.

95%.........really? And where do you get these statistics, may I ask?
And please don't come in here with your first few posts attacking people and stating that consumers are weak, cowardly and don't know what they are talking about.

That will not get you a very warm welcome...........and some just might think you are a troll.

[jjgross]

Originally Posted by Trish

I have to disagree with you here, London.
Sometimes, there are people that just have no other option.
I feel that it should be a last resort when all other avenues have been exhausted. BK shouldn't be taken lightly.........and it's never something you should just jump into.

95%.........really? And where do you get these statistics, may I ask?
And please don't come in here with your first few posts attacking people and stating that consumers are weak, cowardly and don't know what they are talking about.

That will not get you a very warm welcome...........and some just might think you are a troll.

Thanks a bunch Trish.A famous football coach once said statistics are for ******,now someone fill in the blank.I never dis a person until i've walked in their shoe's.People don't need to be told certain things they already are down so don't kick them

[markymw]

Originally Posted by mickbhall

it is normally the the last resort as you lose every thing house all bank accounts closed it is gettin more common also your name appears in local paper

No, no. You don't lose bank accounts or a house, you discharge your debts. Like credit cards, retail cards, loans. You have options to keep your car if u are making payments on it. Your name does not appear in the paper, they ask you if u want it too. I've been down this road before. I know they changed the laws in 2005 so its probably more speedy. I did it back in 91. After 2-3 years you can qualify for anything.