Posted on: 13th Jan, 2012 12:19 am
Hi there… I need to file bankruptcy. I know that it will be a drastic decision but I guess I have no choice. I am 29 yr old with a 4 yr old. I'm presently in school and in the next few months will resume work as a nurse. 5 years ago I took out a lot of credit cards and now all these accounts are in negative or have been sold to collections. I also have a judgment as well. If I file for chap 7 will I have a life? Like buying a house and stuff like that. How long will that take. Someone please help.
If you go through bankruptcy, you'll end up debt free (Ch. 7), and you'll be able to get a fresh start on your life as a result. Yes, there is life after bankrutpcy, and it was invented to allow those who are overly burdened to get a fresh start.
Don't be terrified at the thought of it - discuss it with an attorney and see what the costs of filing are and try to get a handle on what the consequences of bankruptcy are, also.
Don't be terrified at the thought of it - discuss it with an attorney and see what the costs of filing are and try to get a handle on what the consequences of bankruptcy are, also.
Welcome to MortgageFit Guest,
Of course there is life after filing bankruptcy and like gmakerley already stated, it's designed to give you a new lease on life (financially). Here are a few tips you can get started on right away to increase your credit score and have some emergency money if you decide to file bankruptcy:
1. Speak to your bank right away and state that you want to reestablish your credit. your bank is a great and valuable source of information and can help you reestablish your credit.
2. Open a savings account that allows you to make automatic monthly payments to it. 5% - 10% from every paycheck per month is a reasonable amount to deposit and you'll have a pretty nice balance by the end of the year.
3. Since you are a student, it gives you a great opportunity to show lenders how responsible you are. make every payment in full and on time.
Good luck!
Of course there is life after filing bankruptcy and like gmakerley already stated, it's designed to give you a new lease on life (financially). Here are a few tips you can get started on right away to increase your credit score and have some emergency money if you decide to file bankruptcy:
1. Speak to your bank right away and state that you want to reestablish your credit. your bank is a great and valuable source of information and can help you reestablish your credit.
2. Open a savings account that allows you to make automatic monthly payments to it. 5% - 10% from every paycheck per month is a reasonable amount to deposit and you'll have a pretty nice balance by the end of the year.
3. Since you are a student, it gives you a great opportunity to show lenders how responsible you are. make every payment in full and on time.
Good luck!