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Should bankruptcy be an option in my position?
I'm 43, had used CK once before and my credit score improved into the 700s. It was great, but I was stupid and got into credit card debt again. Everything was going fine, everything was being paid, but my professional life took a hit. I was very unhappy, being treated unfairly at work, filed a complaint against my boss, so he took away all of my extra assignments, which meant I took a $12,000.00 pay cut. Over the past year, my credit score has fallen over 200 points due to inability to pay and I've signed up with CK again. I've had 2 debts settles so far, but I just feel like I'm getting in a deeper and deeper hole. My family is aware of the situation and many of them are suggesting I just file bankruptcy, move in with family for awhile, take whatever job I can, and start over. I don't want to the person who got themselves into debt and now expects the court system to get me out of it, but I'm quickly feeling like that might be the better option. My other issue is this: I am currently leasing a car which is due to either be turned back in or bought out (out of the question in another 16 months. With a bankruptcy on my record, would I even be able to get another car loan at that point? Any advice would be appreciated!

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Bankruptcy should be the ultimate last option to take because filing bankruptcy ruins your credit score for a good ten years. And it should NOT be filed if the majority of debts are credit cards, because they are 'low man on the totem pole' in the bankruptcy repayment line. Until you develop the self-discipline to keep yourself from getting into overwhelming debt again, you likely will be riding this stressful roller coaster for the rest of your life. Do a search for Dave Ramsey and follow his advice on debt repayment, because he does have some good ideas.  A good bankruptcy attorney will also provide ideas on things to do to get your debts paid without filing bankruptcy.

I don't recommend leasing a vehicle, wexcept for a business that can likely deduct the expense on their taxes.  I also do not recommend buyuing a brand new car. but a good used car that is a couple of years old.  It will still be reliable for about 10 years and will save thousands in cost.

Your family means well with their suggestions but, this is your problem and you have to use a mature, responsible approach to solve it.  Read the articles here so you can better understand credit because that is what this site is all about.  Once you learn, you'll be in better shape.

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