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Question By
crazycat00000

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Bankruptcy Question
I have a credit score of 717 and total credit debt of $32,000.00 Is bankruptcy a good idea? I do not have a mortgage or a car payment but I also am paying so much money in interest I will never get the cards paid off and can only pay the minimum each month.

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No don't do this.

Helpful to 3 out of 4 people

I don't see why so many people look for the easy way out and don't take the initiative to fix their own problems. People like this will always encounter problems and flee instead of taking charge. Don't be this kind of weak minded person. Like the other poster mentioned garage sales or an extra job would help you. You might think I am being harsh but trust me I am giving you invaluable advice and don't want to color rainbows around everything like people in today's society do. Another thing, stop using your credit cards. If you cannot afford it then don't buy it plain and simple...

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Look Up Dave Ramsey. Meanwhile, you can ask your creditors for a reduced intrest rate. have a yard sale, make some dinners and sell them, bake sale or something. Don't ruin your credit by filing for bk, that should only be used as a last resort.

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Reply by
jwsister

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Bankruptcy will hurt your credit for ten years.  You've enjoyed the loans (that is actually what a credit card is) and now it is time to pay, and more than the minimum or you will be paying off this debt until you retire. Sell some of the "frills" and "toys" and put that money toward paying off the bills.

BTW-I did a bankruptcy once and wish I hadn't.

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