Should bankruptcy be the solution?
the person has no job since 3 months because he lost it and didnt find a new one yet. so he can't afford to pay minimum payments on his credit cards, he had to use them to live in the last 3 months so they all have reached their limits.
he have around 10 000 $ of debts ( all credit cards)
should he use bankruptcy as his solution to get out of that mess?
Answers:
If all he owes is 10k then heck no. Get a job and pay them off. If everyone that owed 25k went bankrupt the economy would collapse. Tell him to get off his lazy * and start working.
Well, if he's still unemployed, Id say no. I mean, the situation wont have improved any,a nd he'll just keep running up debts after the bankruptcy. I'd wait until he got a job, and then assess the amount of debt. If its just $10K, I personally would say its not worth it, given the damage it does to the credit rating. If he runs up a lot mroe debt before he finds a job, and the only way its ever going to go away is bankruptcy. then it would be worthwhile.
Bankruptcy may make things better at first, but it will affect their credit for 7-10 years.
The better thing to do is to get credit counciling.
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Anybody, whether a company or an individual can go bankrupt. This happens when the bankrupt person or organization cannot clear their debts. There are multiple reasons why the company or the person can fall into this situation. Improper financial planning, spending on unnecessary items or loss of source of income can be some of the reasons for the bankruptcy.
If you go bankrupt, file your bankruptcy under Chapter 13. Chapter 13 permits an US resident to reorganize and restructure their finances. It allows you start afresh and get your finances back on the track. The bankruptcy court will supervise and authorize the entire process of overhauling your financial situation.
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