Can filing for bankrupcy ever be a good option, or what are the consequences of filing for bankrupcy?
83814
yes it releases you debts and lets you start over when debt is overwhelming . it gives you a chance at a new start,your credit is not ruined for the next ten years also this will stop garnishements.
534520
You can file it yourself.  But the advice of an attorney or consumer credit counseling may help prevent you from having to take this step, even when you may think it is necessary.
712537
Okay, I'd say bankruptcy is in order.\nTrust me, I know what I'm talking about from unfortunate experience!!\nI was in a position where I was consuming more than I was providing...happened over a course of a year, while hours at work slowly disappeared and my lifestyle stayed the same...\nI was young enough, that although it's a black mark on my record for years, it's not the end all for me.  \nYou will not owe if you go bankrupt.  You will pay fees for nine months or so, then will have nothing more to pay.  But your credit will be bad, and so you'll have to depend on a steady job and a consistent cash flow for 7-9 years (or perhaps even longer).  I'd see a bankruptcy lawyer if I were you ( I found mine in the yellow pages), and get this started.  There's no point in waiting any further.  \nGet it over with, and if you aren't so young, there are still places willing to give anyone a loan.  "Bad Credit, No Credit, NO PROBLEM!!" They will have hefty interest though, so pay the bills on time!!\nAnyway, good luck....
43474
I would say no. Filing bankruptcy should be an absolute last resort. It ruins your credit for a long time.\n\n$8,000 is really not that much money. Why can't you do something to earn extra money to pay it off? A second job? Babysitting? Something like that.
651008
You can have a thousand bankruptcy's on your record and still qualify for a loan.  Finding someone to loan it to you is the trick.\n\nIt depends on how many, and how much.  You can probably get a loan but the interest rate will be a little high.
362197
I"m so sorry for your loss.\n\nDid you go to a bankrutcy lawyer?  I would check with them.  If some of the debt included in the bk was soley his, you might not be responsibe.  If it hasn't gone through completely, you might be able to file hardships with creditors who will suspend rates or payments for a little while.  Also, the bankruptcy courts might be able to recalculate payments because of your lack of income.\n\nBasically, I would see a professional.  Maybe you can find a relative to help you with finding someone that will do it cheap/free.
917103
CAB should have told you all this. \n(Didnt they give you an information pack with all this in it?)\n\nBankruptcy usually lasts for up to a year now.\n BT wont accept an account from you unless you have the discharged papers saying you are no longer bankrupt. \nYou can get a bank account but not an account with an overdraft or debit card. HSBC are currently the best bank to go to for this.\nBankruptcy will stay on your credit rating for seven years even after you've been discharged.\nAnd even if you are made bankrupt you still have to make some payments.
44840
Tough luck. \nThey just changed the bankruptcy laws in October '05. \nNow it costs more to file, but before you can even file, they make you jump through a bunch of hoops, and I guess their pushing chapter 13 (the payback plan)...\n\n\nGood luck!
151490
Yes, sometimes you can.  You may have to take an interest only loan, and one with a high interest rate, and you will probably be given terms of a hugh pre-payment penalty.  Not all lenders look strickly at the numbers, some actually do look at the over all picture and past history before your circumstances forced you into bankrupsy.  Good Luck, and keep looking as there are some companies out there!
867624
I wish Debt Guru would tone down his answers.  It's bad enough they are self serving, but they are very deceptive.\n\nOK, true.  A bankruptcy stays on your "public record" forever.  But most lenders don't look at your "public record" (which is actually the bankruptcy court records).  Most will look at your credit report, and the BK listing is removed after 10 years.  \n\nJust thought I'd point that out again.\n\nAnd debt settlement only works if the creditor agrees to work with these companies.  They are NOT required to do so, and in many cases these companies do more harm then good.  Most are fronts for lenders trying to sell consolidation loans!  Don't believe me, take a look at the FTC website at http://www.ftc.gov\n\nOK, so what's my opinion?  Can't give you one with such limited information.  \n\nFirst take a look at the link below, as it describes what the bankruptcy laws are going to do for you.  \n\nAsk yourself this question.....\n\nIf you were to sit down and create a very strict budget (no more Starbucks, no eating out, no movies...) and put all of your "disposable" income into paying off this debt, can you do it in 5 years?\n\nFor example, lets say after you have made your budget you can afford only $200 a month, and you owe $20,000 in debts.  In this case, assuming the creditors are nice enough to wave late fees and interest (yeah, right), it's going to take about 9 years.  In that time, your credit report is ruined due to all the late payment and collection notices.  \n\nIn reality, all of your creditors are NOT going to wait more then 2 years for their money. You will be hammered with lawsuits, collection agents, and still have bad credit for several years.\n\nOr....when you file for bankruptcy you will still be put on a very strict budget.  But your bills will be paid off completely in 3-5 years. In most cases you will only be paying back a portion of the debt.\n\nTrue, your credit is trashed for 10 years.  But at least you can start your life over without all the debt and harrassment that goes along with it.\n\nGood luck.  BK is a hard decision to make.
978208
I've read many of Debt Guru's answers in the past and they usually are fairly decent.  But this one I have to comment on.  It's very self-serving and borders on spam.  I don't suppose you are the owner/employee of this company, are you?\n\nTelling people not to file because it "stays on your public record the rest of your life" is the exact sort of scare tactic nonsense that collection agencies tell you.  Yes, the statement is true, but very few creditors go through the trouble of referencing bankruptcy records, and depend more on credit reports.  BK filings drop off credit reports after 10 years.  You know that!  So why are you passing on this sort of advice, other then scare people enough to do business with you?\n\nOne more reason why people need to look carefully at these "credit repair" companies.\n\nTo answer your question, it really depends on how much debt you are in.  You need to look at your individual situation and see if it's the right thing to do.  A bankruptcy attorney will give you an hour of free advice, so call around and do some research.  NEVER file a BK on your own.
206583
I filed for bankruptcy a year ago, and am now about to purchase a brand new home.  Bankruptcy is not the end of the world, however, you have to prove yourself a little bit more than others.  Continue to make all payments on time, keep them filed and neat (you will need to show these payments if you intend to make a major purchase) Start small with a small loan, nothing you can't handle.  Get a small amount which you really don't need, just to prove you can make the payments on time.  I make alot of payments with my Debit/ATM card, and hardly keep any cash on hand.  That way you have a document record of all payments and purchases.  Good Luck to you!
735509
Starting life with a bankrupcy doesn't sound a very happy beginning to me, why not get a credit card with ZERO interest for 12 months then pay the debt with it?\nHowever if you are not working  this can be nothing more than a way of putting off the evitable but it will give you time asthough It really does little to correct the problem in the long term. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.\nMore here: http://finance.ebookorama.com \nalso plenty more to read here\nhttp://credit.ebookorama.com\nhttp://credit-cards.ebookorama.com\nhttp://credit-repair.ebookorama.com\ngood luck!
381170
You could just file Chapter 13 bankruptcy & just pay partial of it. Bankrupsty will fall off your credit report in 7 years. Your in about 20 years of debt. Chapter 13 can cut it to 10 or less years. Consult with an attorney he can give you good advise. It is hard to get debt consulidation to help most companies will not take a 20$ a month payment. I work for a collection company. My suggestion is try to take care of it soon be fore they take you to court, get Judgment & start to garnish your checks.
793193
If you're in danger of falling behind on your mortgage, or if you're already delinquent, it's important to know what's ahead and what your options are. Usually, the faster you move, the more choices you'll have about your financial future.\n\nFiling for Chapter 7 or Chapter 13 bankruptcy protection sometimes paves the best path for debtors to retain their houses and deal with their creditors. Advantages of bankruptcy include the debtor’s ability to stop foreclosure without creditor acceptance and encompassing more than just the mortgage debt with a single action. If bankruptcy emerges as our first recommendation, your personal circumstances must be well suited for this option. In most cases bankruptcy comes as a last resort. While you may file bankruptcy on your own, you will almost always be better served to hire a qualified, experienced bankruptcy attorney.\n\nIn Chapter 7 all nonexempt assets are turned over to the bankruptcy trustee and debts discharged. Exemptions vary by state. In most cases the debtors possess so few assets that they may keep everything and have all of their debts wiped out completely. If a chapter 7 will not yield this result it may not be the best option. In Chapter 13 a plan outlines how the debtor will pay creditors over a three to five year period. Only a Chapter 13 can stop a creditor from foreclosing on a delinquent debtor over a period of years. Under a chapter 13 the court retains the right to scrutinize finances of the debtor for the life of the reorganization plan. For a Chapter 13 to work payments under the plan must be kept up or the court protection will evaporate and the house will go to foreclosure. To learn more read the chapter 13 bankruptcy FAQ.\nFull Payoff Refinance\n\nBorrow enough money on a new mortgage to pay off the balance on the old mortgage including arrearage and legal fees. This happens more often then one might guess. If the debtor has enough equity in the house, bad credit will not stop them from getting a new loan.\nFull Re-instatement\n\nIt doesn’t get easier than this, find out how much arrearage is owed and pay it in full. If a debtor could do this they probably wouldn’t be reading this, but just in case, know it exists as an option. In fact, most state laws grant the home owner the absolute right to re-instate before the foreclosure and require that the bank accept the full re-instatement and stop the foreclosure. Unless a creditor gives a debtor a hard time, they should not need outside help on this option.\nGive Up the Property\n\nToo often people refuse to examine this as an option. The problem may be that the homeowner cannot afford to stay where they are. If the debtor will not be able to keep the house in the long run it may not be advisable to throw a lot of money into a futile effort to save it from foreclosure just for the short run. Any cash available may serve them better if put towards a new place to live. If you owe more than the house is worth, look at a deed in lieu of foreclosure as described above.\n\nTerms can be negotiated with the creditor for debtors to stay in the house as long as possible before moving. Where debtors have equity in the house, try to arrange preserving it by selling it prior to foreclosure. In some cases other equity preservation strategies may be used when foreclosure cannot be avoided.
960288
Yes it is. Bankruptcy is a good thing. The only bad thing about it is that it stays on your credit for 7 years.
551002
Is this with a bank? or an individual? \nUnfortunately, this is considered a "high risk" industry, and therefore, the bank will most likely decline any funding if your credit rating has deteriorated, and the net worth & net income of the company is not showing profits. \n\nYou need to talk to the person, and ask them, if there is some way you can discuss other options, than them demanding the loan in full? \n\nFailing this, you need to assess whether you should stay in the business, I know it is tough, but if you are having a hard time paying now, what will change significantly to make you pay later? \n\nThis, may be the toughest realization, but it is what you need to consider.  \nI am not sure what you signed as security for the loan, however, you may have some options, and I would approach your Bank to discuss what the options may be.  Worst case, is bankruptcy, but there is a lot of decisions and choices in between. \n\nGood luck to you.