Anyone ever file Chapter 7?

[Eubee]

Hey, has anyone here ever personally filed Chapter 7 bankruptcy? I have determined that I have dug a hole that will be impossible for me to get out of, and have seriously been thinking of filing. I thought I had it under control, so I leased the SS; man was I wrong. Course something negative came up at work too that I could not have known at the time. Just looking for any input/insight that anyone here might have. I already set up an appointment with a local bankruptcy lawyer, I just wanted other people's experience and/or thoughts.

Thnx
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[Hot Black Trans-Am]

I never have and you should find one of the financial counselors that maybe able to help you out. It would suck not having credit for 10 years if you file for bankruptcy.

[vaticano]

i did 13 and trust me it's a the biggest mistake i ever made. that shit is still on my credit for another year. it f@@d up my car loans, my home loan, and my credit card rates. dont do it. you should only do it if you have more debt then your yearly income. and not just a little more but 25-30% more. you will likely get a raise, or at least you should once a year, and you can pay it off. alot of times you can negotiate much of the debt down, especially if you tell them what your plans are, ie. bankruptcy. good luck.

[Sarge]

Negotiate with your creditors...never file bankruptcy unless your fucking somebody out of something. NEVER>

[jperkins812]

My brother did it about 2 years ago and he can not even get a cell phone in his own name now. It is pretty bad that a 45 year old man must have his mother sign for a cell phone for him to have it. He has nothing now and will have nothing for about another 8 years because he ran up way to much debt wanted out.

[DrMilhouse]

I did it, about 10 years ago. I did it for a very small amount of money. Has it affected my credit? Sure.... so doesn't being unable to pay your bills.

It actually can be the lesser of two evils. if you're reporting late 2 and 3 months every month on all of your loans and things are not going to change for you, then it's not going to hurt that much more to just get a clean slate.

You can rebuild your credit after a chapter 7. You get small credit cards, then bigger cards, etc. You just pay your stuff off right.

Thanks for opening up about that. We're a board of strangers and it's not easy to let the world know that things kinda suck for you.

It's not as bad as some people make it seem.

If you're gonna do it, then do it big. Don't go for small numbers for you on that.

If it were me filing, it'd have to be like 1/4 to 1/2 million that I couldn't pay I think.

For others, here, that's pocket change and they wouldn't be filing over that because that's only 1/2 they're yearly cash flow anyway.

[310stanger]

i for one intend to avoid this at all costs. i pay off EVERYTHING on time. I also pay cash for even big things. I own a 3k tool box, both cars etc. But dude, go to one of those places that help people with bad credit and try to work out the negotiations and what not. you really dont wanna file bankruptcy.

[SeVeReDiStOrTiOn]

Have you tried to consolidate your credit? My g/f did that a few years ago....it seemed to work for her. I guess they negotiate with all of your credit card/loan people for you and put all of those payments into one...someone correct me if i'm wrong.

[Eubee]

i did 13 and trust me it's a the biggest mistake i ever made. that shit is still on my credit for another year. it f@@d up my car loans, my home loan, and my credit card rates. dont do it. you should only do it if you have more debt then your yearly income. and not just a little more but 25-30% more. you will likely get a raise, or at least you should once a year, and you can pay it off. alot of times you can negotiate much of the debt down, especially if you tell them what your plans are, ie. bankruptcy. good luck.

Ok, I kind of fit here. My gross yearly is $26,xxx (yearly raises are union contract raises and are usually $0.25-$0.50, yes that is a quarter of a dollar to 50 cents). My current debt (after selling what I could so far) is $50k-ish. That is vehicle, personal loans, and credit cards. Stupid, yes; but you must remember I am still human, and we all make mistakes sooner or later. Before anyone says sell the vehicle, I have tried. It is a lease, and the leasing company said if I terminate the contract early, it will cost me $23,xxx.

Credit problems: Yes, I would like to buy a house, but I am not ready. Don't know where I want to be yet, and I obviously have poor budgeting skills. I do not want anymore credit cards. The couple that have balances are getting closed, the one empty one will be put in the safe. I am not interested in buying another new car until after I graduate school and have a better job (3 years of school yet to go). My trusty back-up steed will suffice just fine for a while so I can get stuff straightened out.

Debt consolidators: No. I have seen them go wrong every time with friends and family. I questioned these friends and family about the consolidation deals before I even considered Chapter 7.

i for one intend to avoid this at all costs. i pay off EVERYTHING on time. I also pay cash for even big things. I own a 3k tool box, both cars etc. But dude, go to one of those places that help people with bad credit and try to work out the negotiations and what not. you really dont wanna file bankruptcy.

Not all of us have a good enough of a job to be able to pay cash for everything, that is why there is this concept of credit in the first place. Some of us fall into the “oh, I’ll just pay it off later when I get this better job I have lined up” only to have that fall through AND take a cut from where we were in the first place (ie downsizing/restructuring)