Credit Help Forums

805 ST · #1 06-18-2005, 07:30 PM

I would have to say that filing Bankruptcy was my best option. I had around $35,000 in credit card debt. I had no assets other that my truck. I wiped my slate clean and was able to start over. I would still be paying off the debt and it has been over 2 years. I am not sure if the bankruptcy laws have changed, but if you have no other option, consult an attorney.

dice · #2 08-10-2005, 01:23 PM

it's a situation i hope i never find myself in.

LenderScout · #3 08-15-2005, 08:57 AM

BK is a right you have as a US citizen and consumer. The sad thing is so many people have abused this privilege, and has become taking the easy way out as opposed to being up a creek without a paddle. They are changing the laws as of October 15th. These will make it much harder to file BK.

Goldking · #4 08-30-2005, 10:16 AM

Bankruptcy is a case which requires considerations .If a man get bankrupted it gets difficult for him to repay the debt .The laws must be changed The bankrupt person must be given a soft corner .Helping agencies must come forward to rescue the bankrupt person .Donations and grants can also help But all these helps must be given as early as possible to save the bankrupt person from worries and troubles .Also to make his future bright and to save him from getting drowned .

Goldking · #5 09-06-2005, 09:23 AM

There should be some method to save person from bankruptcy!

crabbycredit · #6 10-27-2005, 01:18 PM

I have known honest people derailed by a BK, they can't get jobs because their only experience comes in financial institutions and companies that use BK as the biggest black mark of all.And I have known late twenty somethings using it to live with their girlfriedns and drive a BMW because their declared income is so low they evade all their creditors. It's a wide spectrum.

bct · #7 10-28-2005, 10:58 PM

i dont understand how you can get into 35k credit card debt, thats just crazy stuff

Killian · #8 10-29-2005, 01:06 PM

35k isn't that hard to imagine. It happens slowly and snowballs. Interest and minimum payments will get you. Not too mention that paying all those credit cards means you have no cash, so you have to use more credit.

bct · #9 10-29-2005, 03:38 PM

yes i guess so.
I just think its huge because i have a $2000 credit limit and can barely keep up with repayments

Killian · #10 11-06-2005, 05:00 PM

Debt tends to stay in line with your income. If you make 100k a year 35k in credit debt is easily imaginable on a long enough timeline. Unfortunately most people live beyond their means.