[reebokandlace]

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.

You can file every 7 years. My best friend is a bankruptcy attorney--easiest most laid back job you could imagine---have your legal secretary fill out 26 pages, show up in court for one hour make $800-1500. Easy money. Poor little fools who think they need an attorney. Again, unless you own a house or owe IRS, then you should have an attorney.

The only people who have trouble with credit afterward are people who spent periods of time NOT paying their bills or paying them late before they file bankruptcy. This kills their credit score before the bankruptcy. Did you know one late payment on one bill knocks 20 points off your credit score instantly? If you keep your minimum payments current until the day you file your credit score will not go down. After filing bankruptcy you score drops 100 points. Not bad! When I said your credit is shot I meant that if you carry high balances you are considered a credit risk no matter what your score is. They will not give you more credit until you pay it off. Better to have no debt and a good credit score with a bankruptcy on your credit file than MAXED out cards, and no bankruptcy.

You can get unsecured credit cards, car loans and mortgages. JUST MAKE SURE YOU MAKE YOUR PAYMENTS BEFORE YOU FILE!!!

As far as your b/f goes, someone needs to look into his credit report. There may be something on there that he is not aware of. What you are describing sounds much more serious than a bankruptcy. He is entitled once a year to get all theree agencies reports for free. He needs to order them and make sure that all accounts were closed and listed as "closed due to bankrutcy" on his report. If something is still revolving deliquent it may be dragging him down. Or there may be something VERY SERIOUS on his report that he is not aware of. If there is something on there, he needs to hire an attorney to take care of it. There is NO REASON that after 8 years he is still having trouble. Even if he blew off his bills for a few months before filing, 12 months after the bankruptcy he should have been fine. Most people get credit cards within 3-6 months, unsecured. NEVER sign up for a secured Visa or the banks will label you a "sucker" and never offer you an unsecured one. If you decline the secured ones they start sending unsecured with two months. It's the GAME. Just got to know how to play it. Now if he blew something off for 2 years before filing then yeah, he is screwed for 10 years after filing. Period.

PS-- bankruptcy has been around since biblical times. It is even in the Bible that "a man should be cleared of his debts every seven years". Which many say is why the court uses "7 years" as a gage for how often you can file.

Don't feel bad, don't feel guilty or ashamed--- be relieved of your debt and be debt free! Having no debt is much less stressful and life is much more enjoyable when the money you earn is all your own!