Would you concern bankruptcy

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Registered: 03-25-2003
Would you concern bankruptcy
5
Tue, 03-15-2005 - 7:10am
Would you consider bankruptcy



  • Yes
  • Maybe
  • No

You will be able to change your vote.




Edited 3/15/2005 10:56 am ET ET by cowboy4me

"Love knows hidden paths."~~German Proverb

Jenny

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Registered: 03-25-2003
Tue, 03-15-2005 - 7:11am
Please explain you reasoning behind your answer.

Jenny








"Love knows hidden paths."~~German Proverb

Jenny

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Registered: 03-08-2005
Tue, 03-15-2005 - 7:16am

I would consider bankruptcy, but I would do everything I could before I filed. I hear that the bankruptcy rules and process is much different now and it doesnt clean the slate like it used to. I guess I dont know that much about bankruptcy to make a choice right now. My MIL and FIL tried to file bankruptcy, but it didnt help at all. They are in debt from massive medical bills (he has colon cancer) and I guess you can not include medical bills in the bankruptcy?

Nat

iVillage Member
Registered: 12-30-2003
Tue, 03-15-2005 - 6:26pm
I wouldn't consider bankruptcy because I incurred these debts. It wasn't outside influences making me go into debt. I did not have any major medical bills, my debt is pretty much money stupidity and having our income slowly catch up to our position in life. for example when we bought our house it made our debt to income ratio over 50 percent--we should not have qualified and I don't know why they gave us the loan! We basically used cc for living expenses until my husband got a raise, but by that point we were so far in that we had to keep using them for anything extra (car repair, etc.) and then all those stupid things that my husband "had to have" along with the attitude that now that my husband has a masters degree we should be able to live at a higher level after 8 years of scrimping by. Anyway, like I said, these debts are ours. I don't think it would be right to try to get out of paying them. Of course, if any other cc raise our rates like chase did then we may not have a choice as we barely have $100 extra to pay on cc's every month after our bills. There is no way we will ever get out if we can't keep that amount to pay toward debt. (along with any snowballed amount)
Annie

iVillage Member
Registered: 04-07-2003
Thu, 03-17-2005 - 2:27pm

You can't claim bankruptcy on student loans here in Canada, so bankruptcy would be rather pointless for me, as that consists the bulk of my debt.

Even if you could, I wouldn't do it now, at this point in my life. I want a house soon, and don't want my credit tarnished for the next 5-7 years, or whatever it is.

*sigh* Five years ago I probably would have done it for sure.




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Registered: 09-21-2004
Thu, 03-17-2005 - 7:29pm
NO it's not for me. I believe if bankruptcy weren't so easy to file, people would be more responsible with their money and debts. My ex filed bankruptcy before we met and he still did not learn how to handle money. If it takes blood, sweat and tears to get out of my debt, well maybe I'll think next time before I get back into it.