opinionman asked:
has anyone filed for bankrupcey .what is the overall effect?and when do you no its time to file ?
has anyone filed for bankrupcey .what is the overall effect?and when do you no its time to file ?
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bankrupt?3 comments to bankrupt?You must be logged in to post a comment. |
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The main effect is that you are protected from creditor lawsuits. Bankruptcy gives you a chance to start over. Depending on the type of bankruptcy you file, you may have to turn over some assets or make partial payment over a few years.
Bankruptcy does reduce your credit score and remains on your credit report for 10 years.
The upside is that you can erase your debts and not have to worry about struggling to pay your other bills… the downside is that your credit going to be ruined for the next 7 years or so…
i guess really matters on how far in debt you are in and if you are able to possibly consolidate your debts into one maybe make a monthly payments that way.Or speak to a bankruptcy lawyer it will cost you money to claim i live in canada it’s about 1500 to 2000$ they take two income taxes and one year to go through the whole procedure and then 7 years after that. Some people are able to claim and still keep there homes (mortgage).GOOD LUCK if you have to do that i recommend to get a certified credit card after everything is done to try and re build your credit again.