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Is Bankruptcy ever worth it?

SemiIntense

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So I had it somewhat bad, had to take care of some sick family, then got sick myself, then just some stupid spending from when I was in my teens and an idiot. I racked up a decent amount of CC debt. Because I'm caring for some family members and am also a bit sick myself I can really only work jobs that don't pay that great..... I can get by on them just fine, IF it weren't for the huge chunk of debt I have to pay every month.

At this point, paying the minimums, it would likely take me about 20 years to pay everything off, not to mention it takes a toll on my monthly budget.

Now from what I know, bankruptcy would take what, 7 years to recover from and then be off my record?

I don't like the idea of it, but I almost feel like it would be a quicker way out and I could rebuild my credit in the time it takes me to just pay off the minimums.

I've snowballed as much as I can, but I really just don't make much to pay more than the minimums. I literally live in a little room, I have no TV, no internet (I'm at the library), I don't even have a bed, I sleep on the wooden floor and take cold showers/wash clothes by hand to save. My only real expenses are my food, gym membership and test...... I know that's a luxury but bodybuilding is literally the ONLY thing I have left that gives me something to enjoy, a hobby, I don't want to give that up.... I've lived a rough life and I feel I deserve something that I can just lose myself in.

Any tips from someone more in the know would be appreciated. I'm not concerned about renting, I have a few people willing to give me a room. Not concerned about leasing a car, I have an ugly car but it's super low mileage and I take great care of it so I plan to run it to the ground. Not sure what else bankruptcy would affect or if there are better alternatives these days.
 
I had a chapter 7 about 12 years ago. Hired a paralegal to do the paperwork and file it for $300. It stops affecting your credit score at 7 years but stays on the record for 10 years. Actually my credit got better after it and they discharged 100% of the debt. it was like $30,000. My bank started me out with a secured loan to rebuild my credit. Took like a year to re-establish credit. Didn't have any problems renting or buying a townhome about 2 years later. Credit score stayed low though for many years. It's not that bad. I heard the laws changed after I did it. Something like they don't discharge any more but check with a paralegal.
 
If you only owe a small amount, you may just want to pay it off.

With all my address changes over the years (moved 10 times in 7 years) I lost track of a credit card. They called me years later saying I owed them $2000 but would accept $450 right now over the phone. I counter offered to $200 and they took it.

So if it's just a few credit cards and the amount is reasonable, you might be able to strike a deal with them.
 
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I'm going through the same thing right now wondering if bankruptcy is worth it?
 
Depends on how much you owe and your income every year, plus assets. BK is not the end of the world and you can get over a 650 fico score in about 1 year if you do things right. I had a 703 Fico score in 2 years, after BK.
 
Things have changed. Well worth it.
Went through it four years ago. Wife and I owed well over $100K

Had new credit cards within months. Wife got a new car one year later.

My wife's score is well over 700 now. Mine is just under cause the only outstanding credit I have is two small cards and one of them I don't use.

BTW, my wife was like you. Didn't want to do it cause how it would affect her credit for seven years.
I had already been in contact with a lawyer so I knew that wasn't the case. Once she met him, she changed her mind.

She's been happy since the day we did it.
 
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Wow, your credit bounces back that fast?

So any tips on how you get your credit score to bounce back that fast?

Do you lose all credit card privileges when you file, do they literally cancel all your cards?

I also thought about what the other guy above said and just not paying and waiting til they settle on a lot less in a year or so but honestly not sure I have the balls to do it.... I've heard of debt collectors calling up family members etc. and I don't need that drama.
 
No reason to file BK unless your creditors are coming after you, ie: judgements that can be turned into bank levy`s or wage garnishments. I`m gonna guess you don`t even owe that much. Just stop paying and change your phone number, don`t ever put that # on a credit app cause it will come up on your credit report. If you did a chapter 7 BK your credit would be good sooner than just defaulting on everything.
 
Wow, your credit bounces back that fast?

So any tips on how you get your credit score to bounce back that fast?

Do you lose all credit card privileges when you file, do they literally cancel all your cards?

I also thought about what the other guy above said and just not paying and waiting til they settle on a lot less in a year or so but honestly not sure I have the balls to do it.... I've heard of debt collectors calling up family members etc. and I don't need that drama.

Get 1 secured credit card and 1 account like a jeweler. Daniel's will give you a small credit line. Keep these accounts under 30% and have some money owed with a payment history. You get a vehicle with this and your credit will be good with in no time. After BK, you can actually get a house in 2 years, 3 years after foreclosure.
 
I also thought about what the other guy above said and just not paying and waiting til they settle on a lot less in a year or so but honestly not sure I have the balls to do it.... I've heard of debt collectors calling up family members etc. and I don't need that drama.

It`s not even worth settling with a scum bag debt collector. It will still show the original account as charged off. A paid collection vs an open collection is no real difference, only in few situation would collections need to be paid.

Your credit should be looked at as a business decision. Most people are brainwashed by society and creditors that it is the "moral thing to do"... maybe, BUT all of your creditors/banks have defaulted on debt themselves. They just call it letting go of bad assets or restructuring debt. The bank took a chance on you and it was a bad move, they factor that in as part of business.
 
Definitely worth it. Got new credit cards within a few months. And credit is back to normal.
It sucks to have to say you filed for bankruptcy, but the stress of trying to pay all the bills off make it worth it.
 
Has anyone experienced filing bankruptcy and then starting a business? What about job prospects has it effected that?
 
Has anyone experienced filing bankruptcy and then starting a business? What about job prospects has it effected that?

I started 2, did not effect my business at all.
 
Ok thanks pesty

Don't expect a lot of credit because of BK, but if you know business like me, there is always ways to get around that too.
 
I also have started 2 businesses. It has not effected me at all at this point.
 
Wow, your credit bounces back that fast?

So any tips on how you get your credit score to bounce back that fast?

Do you lose all credit card privileges when you file, do they literally cancel all your cards?

I also thought about what the other guy above said and just not paying and waiting til they settle on a lot less in a year or so but honestly not sure I have the balls to do it.... I've heard of debt collectors calling up family members etc. and I don't need that drama.

Yea you will lose everything at that point but as I and others have said, you'll get card offers in the mail or on the net in about a month.

If you decide just not to pay, disconnect your freakin phone cause it will not stop ringing. Especially if you have more than one creditor.
 
Just file. Best thing we ever did. Pay cash for everything forward. Kept what we wanted and now we have 10g in savings. We don't need a credit score. Cash is king.
 

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