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Posted in Bankruptcy
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sissy2121

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how can I file for bankrupcy

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Helpful to 3 out of 4 people

Why do it??  It's going to hurt your credit for at least 10 years and is not the "fresh start" that some people claim it to be.  Consult with a bankruptcy attorney and follow their advice, because they often provide alternative to bankruptcy that would be much better.  Usually the first consult is free.  DO NOT DO THIS WITHOUT ATTORNEY!!!

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Not a good move as one might think

Helpful to 2 out of 3 people

I think a lot of people do it as cop out.  Why spend thousands of dollars through a credit counselor or debt consolidator when they can wipe out their debt in one fell swoop?  Also, your credit score will plummet while your debt is consolidated.  Bankruptcies stay on your credit report for 10 years.  I will say that with the credit score algorithm a bankruptcy doesn't drop your score as much as you think it would but, also most lenders have it as their corporate policy to not approve credit for those that have bankruptcies on their credit file.  I ended up having multiple accounts go into collections as I was making monthly payments to pay off my debts and even some lenders who filed suit against me because of the outstanding (I didn't have the lump sum of cash to make a settlment or pay off the debt), which did result in a couple of records but they all came off my report after I disputed them with the bureaus.  There's really no way to dispute a bankruptcy though...   

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Don't do it

Helpful to 3 out of 5 people

People often file for bankruptcy when they really don't need it and don't realize how terrible a move that is for them. Work out a debt payment plan but forget about bankruptcy...

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