If we filed the bankruptcy....
as you know that all the students use the credit card for payment of the tution here in US..and if they have all the debt the easiest way to get rid of it after the completion of the degree is to file the bankruptcy.. though we have enough earning after the income to pay them off.. the interest rate will go so high that if we earn too it's not goona be enough.. i just wanted to know ..If we file the bankruptcy is it true that after filing the case if we have the car and own the house they get confiscated by the bank or the personal we owe them money... what are the consiquences.. HELP.. PROVIDE INFORMATION....
Be a man (or a woman)! Pay your dues!
I would have explained myself clearly, but I just can't type now.
Last edited: 06-Nov-07 04:31 PM
Filing for bankruptcy is the second most painful and lifechanging experience after the death of a loved one. It can be as painful as going through a divorce. Bankruptcy will hound you for at least ten or fifteen years if not more. You will have problems getting a job, getting a loan, etc.... I myself had contemplated filing for bankruptcy many times. Still now I am head over heels in debts but I have not filed for bankruptcy. If you heed my advice, don't file for bankruptcy. Just follow this link http://www.daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm
and give a few minutes of your life to this article. It will tell you why you should avoid bankruptcy and how.
Lastly, please remember that bankruptcy is not the easy way out. It is the only the last option when all else fails.
Bankruptcy laws have become more tougher than before since the new law in 2005. Filing bankrupcy is not as easy as just signing docs and filing it in court, today court makes you go through bankrupcy counseling sessions, payment plans and other stuffs. Today, it costs more than $1500 to file bankrupcy itself and it can stay in your credit record for more than 10 years and to answer your question, yes you can't buy house or car in future . Credit card companies can get court order to garnish your future income depending on your case.
don't file bankruptcy...it's terirble for ur credit and wll stay theere for 9-10 yrs, just call the creditors and ask for long term hardship program, for eg wellsfargo has hardship prog which offers reduced int rate includeing 0% and it waives all late and ovrlimit fees...similar programs are offered by other creditor.just talk to tham and see ur options..they want to cut their losses and more than likely they will work with you...going to be tough to get anything if u file bnkrptcy
No nor your house neather your car will be taken away. Your intrest rate will go up on your house and all th credit card, car loan e.t.c, once the bank reviews your account. If not, your intrest rate will stay the same.Filling bankcrupsy will not affect you at all, as far as getting the job. If takes abut 7 years for it to clear from your credit report. What I suggest is to talk with bank you owe the loan to,ask them to lower your intrest rate and work out a payment plan. If you have been making your paymen on time most likely all the finincial instutation will work with you.Filling bank crupsy should be your last resort.
If you think this is the only way, than so be it. Do not get threaten with the misinfo that is posted by some of our friend.
Last edited: 01-Dec-07 08:35 PM
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