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recentlyreleased

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I am 22 and recently released from mt state prison
due to my time away I faulted on a verison cell phone contract and a gym member ship. I have no way to pay these off. will filing bankruptcy help. I have only been out sense june 16 2014 and am working a min wage job 7.90 a hour. need to get a auto loan for 5000.00 to by a reliable vehical. but with a score of 539. i don't know if that is possible.
Wiil bankruptcy help my credit score?

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Nope, Bk is a last resort way out, usually when you have a ton of debt and no way out. Bk will ruin your credit and your credibility towards lenders. Buckle down, save up as much money as you can and find a cash car, something to help you stay on your feet until you gain some stability. Also BK's stay on your credit for 10 years!!! Honestly, you are probably not in enough debt to even qualify. Try to negotiate a payment plan to get the negative items paid off, improve your credit. Also try to look for local car auctions, you can find a good car that way. Good luck my friend! God Bless!

Top Contributor
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The bad debts will fall off your report 7 & 1/2 years from the date they went delinquent.  If you can't pay those, you can work on improving your positive credit to help off-set the negative.  Get a secured credit card to start building up your good credit.  I agree, bankruptcy isn't the answer for you.  Best of luck!

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