[JazmenFlowers]

Originally Posted by realcowgirl

I have to disagree here. Both my parents, and boyfriend have gone through bankruptsies, thinking it was the only way out. It is something that will stay with you for years. It stays on your credit for something like 10 years, and after that, no matter how well you are doing, it will haunt you. My b/f went through it 8 years ago. It doesn't matter that he ...does well for himself... he still has trouble getting credit, for everything, loans, credit cards. Just last month we bought a couch and chair for our new apartment, it was one of those finance with no interest for 16 month deals - he could have payed cash with half a weeks paycheck, but he hadn't gotten the check yet, so we were going to do the finance thing -they wouldn't do it, because 8 years ago there was a bankruptcy. (also, the few credit card offers one does receive after something like that generally come with astronomical apr's)

It seems like a quick fix - I even considered it. And there are instances where it may well be the best move. But it generally doesn't fix the root of the problem. And if you don't fix the problem (maybe a better job is needed, to allow one to afford bills, maybe a reevaluation of spending habits is in order, etc) then you'll just wind up in the same place again. And if that happens, it's may no longer be an option - I believe you're only allowed to file bankruptcy once approx. every 10 years.

Anyway, I don't claim to be an expert here, and I'm definately not trying
to argue or discredit Rebokandlace's point. I just feel very strongly about this, and had to throw my 2 cents in.

I agree with you on this one. I would just say to look very closely at it and weigh all other options...to me, this is a last resort. I too have seen it stick with people for years to come...they need a new car and can afford it, but can't get one because of the bankruptcy...