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Filing for Bankruptcy
My husband and I are considering filing for bankruptcy. We are over $10,000 in debt with medical bills and some other bills. In our position, is this a good decision?
Asked by
lilfaybe
1 year ago
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Only 10 thousand? Get a personal loan for 14%, and pay them off. Bankruptcy will ruin your credit score for years and years.
KiX 1 year ago
I agree with the previous response....$10K is not enough debt to file bankruptcy over. Find a way to pay it off....even slowly. The bankruptcy court may not even allow you to file bankruptcy for that small of debt.
Filing bankruptcy will severely inhibit your ability to get a mortgage, car loan, student loan, decent credit card, etc for several years. Not a good idea if you can avoid it.
hawkeye0314 1 year ago
I had over $75,000 in debt, not including my car or student loans, and the bankruptcy trustee gave me a hard time about declaring bankruptcy. It cost me almost $2,000 to go through with the process and has taken awhile just to be able to get a credit card again.
For that little amount, you are better off negotiating with each of your lenders to set up a payment plan to repay the loans. Contact the medical providers, especially if they are hospitals, and see if they have an Angels Fund, or similar fund, that decreases bills of those who are shown to be financially in need. It could significantly decrease your debt without negatively affecting your credit.
katy052480 1 year ago
agree it is too small an amount to go into bankruptcy
craffle 1 year ago