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Posted in Bankruptcy
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Question By
fuschgo

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I lost my job last year and my credit has become delinquent. What are the pros/cons of filing BK?
What is the difference if I choose to file bankruptcy, versus dealing with the delinquencies and potential judgements on my credit report? Either way I cannot repay my debt until I find another source of income.

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Tough one to answer...

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If you think you will find new employment soon, work with each company you owe on a repayment plan.  If you think it is going to take a while or your income will be less and you will continue to suffer on repaying debt, go with bankruptcy.  The advantage to bankruptcy is the debt goes away with a chapter 7.  You walk away and I can tell you it does not take long to rebuild credit.  Wile it is on your record a long time, you can still enjoy life!

If you continue to be delinquent, you will never rebuild.  You will not get approved for loans or anything.  At some point you have take a bad mark.  Question is going the route where you can rebuild quickly and put the past behind you....

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