Are there ANY benefits to just filing for bankruptcy?
Answer:
Not really, it's considered a last resort when there's absolutely no other way you can get out of debt. Because the bankruptcy laws have changed, it's even harder than before to get the slate wiped clean. Now, when most people file, they still have to pay back a good portion of the debt. Usually they have their wages garnished to bare living status until they've paid it.
Bankruptcy is supposed to be used, sparingly, when, through no fault of your own, your debts have piled so high you can't possibly repay them, perhaps a business venture gone wrong, or massive medical bills. It gives those folks a chance to start at ground zero, because they may never become whole otherwise.
People use them today to stop paying off their credit cards, and we all end up paying for their selfish and foolish behaviors. If you can't control your behavior now, why do you think a bankruptcy or clean slate will help you?
its if you have no choice, i wouldnt recommend it if you dont have to
It helped me tremendously. I threw in my house, two cars and over $235,000 in other debt.
It wiped the slate clean and I moved to Central America. Life here is better than it ever could've been in the US and my credit is on it's way back to damn near perfect.
if you've got way more bills than you can afford,like if you only make enough money for the bare necessities and don't see yourself getting a better paying job or winning the lottery it might be for you.I was up to my neck in debt, changed jobs to one with higher pay and still couldn't afford the debt consolidation plans you see everywhere,so it was the option for me.i was able to keep the car i was paying off and am now rebuilding my credit slowly.
Generally it's not a very good idea to do because it can affect your credit history so that it will be hard for you to apply for any kind of loan such as when you buy a car or a house. Unless, there's no way that you can pay back the debt that you own, then you might want to consider doing that but think carefully before you act.
Call any local advertising attorney in your area and ask him/her on the telephone what they think about your filing for bankruptcy. They will usually give you the straight scoop.
you get to start over.. the KEY POINT IS though, START OVER.. dont make the same mistakes that got you to this point again. you need to really change the way you think about money..
when I did my chapter 7, I made the decision to never borrow money again. so far so good.
If you have huge DEBT and there is no other way out then opt for bankruptcy.
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/h.
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