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Posted in Bankruptcy
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miloalan20

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in what situation would you file a bankruptcy, I am not sure when and how?
I really think that bankruptcy will help me. The stress is terrible. HELP!!!!1

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Whether to file bankruptcy is a decision you need to REALLY think about. The short-term pros can easily be outweighed by the long-term cons. Personally, I wouldn't consider bankruptcy until ALL other options have been exhausted. If you're already behind on bills, get on the phone ASAP and contact your creditors. Explain whatever your situation is--job loss, medical bills, whatever; be honest and be realistic. If you know you cannot make any payments, don't promise that you will. However, if you're unable to make any payments, you're basically asking your creditors to just let you slide for a while--and they may or may not be willing to do that. But you never know until you ask. If you are able to pay something to each creditor each month, tell them exactly what you can afford and see if they'll work with you. The bottom line is that bankruptcy will have long-reaching effects on your life--it'll stay on your credit reports for 10 years--so if there's any way to avoid it, you probably should.

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