Posted on
January 18, 2010
at
2:32 am
Is filling bankruptcy worth it? Ever? I've read some threads here and saw that everybody's been discouraging about it..when will it ever be worth filing?
Posted on
January 18, 2010
at
2:35 am
It's true ... it is being discouraged - and not just by people, by debt expert, and the government as well.Why? It is costly. It is tedious - and it's reserved for the really desperate ones. What does it mean desperate?-If your debt type is a combination of secured and unsecured-You are facing foreclosure, eviction, repo, and a lawsuitIf not - then find alternatives. If your debt is mostly unsecured - try other avenues. It is what bankruptcy's mandatory credit counseling is going to tell you anyway.
Posted on
January 18, 2010
at
2:40 am
What do you mean mandatory counseling?Does that cost?
Posted on
January 18, 2010
at
3:23 am
Yup, mandatory credit counseling for each consumer that wants to file bankruptcy - and that's according to The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.You can read all about it here: h
ttp://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre41.shtmWhat it's basically saying is 180 days before you file - you must've completed that counseling.
Posted on
January 18, 2010
at
3:27 am
You also have to undergo a post-filing debtor's education. What Good To Me was referring to is the pre-filing credit counseling. So all in all you have 2 classes to go to - to ensure a discharge ( pre-bankruptcy credit counseling and pre-discharge debtor education)
Posted on
January 18, 2010
at
3:29 am
Does it cost? Yes. $50And not to be confused with the Debt Management Plan offered by the credit counseling agency which costs $25/mo. after a set up fee.
Posted on
January 18, 2010
at
3:50 am
Is filing bankruptcy worth it - in terms of its implication on credit?Remember that a bankruptcy stays on your public records for 20 years. A chapter 7 stays on your credit report for 10 years and a chapter 13 for 7 years.After having gone through a bankruptcy - you might not be able to have a credit card for a year or two. It might also be hard for you to get a lease or a decent loan. Even finding employment might be an issue - although according to the law, discrimination against it is prohibited, but can you really monitor all those under handed tactics that people who want to protect their interests employ? So if your debt is unsecured anyway - don't file bankruptcy.
Posted on
February 3, 2010
at
6:50 am
Is filing bankruptcy worth it? - you can answer that question once you've undergone credit counseling. It's free ... just don't sign up for the Debt Management Plan when it's offered you. If you have time, think about it.
Posted on
February 3, 2010
at
3:12 pm
is it worth if? if you can wipe out most of your debt, and possibly still maintain one credit card..., and you don't need to buy a home, or any large purchase, like a car.. , it might be able to give you a new fresh start..
