Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
colborne

0 Contributions
0 People Helped
if i cant pay my bills come july because of lost income will bankruptcy be my best option

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2157 Contributions
3920 People Helped

Thats hard to say without more info.

But it won't fix anything by July.  Bankruptcy will take about a year or longer and will cost $5000 or more in legal & court fees.  Depending on the type of bankruptcy, you may be required to pay back a percentage of these debts and have to make a monthly payment to the court that will make your payments for you for a fee.  You will still have to live during this process so your still need to cover your monthly living expenses. 

Bankruptcy stays on your credit report for 10 years. making new credit hard to get. 

You're probaly better off just finding a new job and making payment arrangements with your creditors. 

Good luck 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.