Is it better to file bankruptcy or pay off little at a time if even for several years?
God’sStrength asked:
I was told to file bankruptcy, I was also told by someone else not to file bankruptcy and pay off little at a time if no more than a few dollars here and there if it takes a couple of years. What is best?
I was told to file bankruptcy, I was also told by someone else not to file bankruptcy and pay off little at a time if no more than a few dollars here and there if it takes a couple of years. What is best?
If you can get your debtors to work with you, I’d say your best bet it to payoff the debt without filing bankruptcy. Bankruptcy will remain on your credit bureau for 7 years making it very hard to borrow more money at a lower interest rate. Depending on your situation you need to contact all your debtors and work out a REAL plan of repayment. Don’t promise something you can’t keep, otherwise it will look worse that if you were to just stay behind. The best plan of action I’ve learned form Dave Ramsey is to take your smallest bill and put all you can towards that, even if it’s the lowest interest rate. The satisfaction of paying off one bill will help you to keep up that trend. I’d suggest reading the Total Money Makeover by Dave Ramsey. it’s a great too for getting out and staying out of debt.
Comment by twodavez — November 12, 2009 @ 11:08 pm
Yeah, I’ve heard the new bankruptcy laws make it really hard for individuals. It ruins your credit, and then you have to set up a payment plan anyway. I would try just paying them off, but if your credit is already not good, and you are getting hosed with crazy high interest and feel like you will never be able to pay off your debt… Talk to a bankruptcy lawyer / credit counseling place. Good luck.
Comment by Cobra_Stang — November 13, 2009 @ 8:09 pm
If you can avoid it, then don’t file bankruptcy.
You’d rather be paying off a little a month for 2 years, rather than have your credit trashed for 7+.
Comment by Jeff — November 14, 2009 @ 8:08 pm
go to consumer credit or co. like it they will work w/crediters and you will have money left inyour pocket. you will not loose house car or anything. if you pay it on your own interest will eat you up. been there. it will take awhile but if you file for bankruptcy, it will be seven yrs. and anytime you look for new job. they will want to know.
Comment by Wayne G — November 15, 2009 @ 10:38 am
opt for a debt consolidation loan instead of bankruptcy
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Comment by Saw V — November 16, 2009 @ 12:11 pm
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