Query related to bankruptcy

[bryant]

I am in a serious financial crisis. I don't think I can continue in this situation anymore. Recently from a blog, I read something related to this (http://www.billfixer.com/bankruptcy/when-is-bankruptcy-the-right-choice-for-you/). Now I am thinking of filing bankruptcy. Before that, I would like to know something related to this. How can I repair my credit after bankruptcy is done? Will this record remain on my credit report? If yes, how long will it take to clear this?

[former player]

Sorry to hear you are in trouble.

Your starting point should be one of the free money advice services available to you.  Your State or local government could have something, and there will be charities around which will also have something.  You may be near enough to see someone in person, or you may be able to do it over the telephone. 

If you do find an advice service, disclose everything to them: there will be nothing they have not heard before and they will only be able to give you good advice if they have the whole picture.

Do not pay anyone for advice at the moment: there are too many scammers out there, and even the better ones are taking money from you that you do not have.  And "reading something on a blog" is no good basis for paying someone to jump you straight into bankruptcy.

So, find someone reliable to give you good advice for free.  If you post where you are (eg your State), there may be people here who have a specific recommendation for you.

Best of luck.

[sokoloff]

Sorry to hear of your situation as well. There are literally millions of people who are in or who have gone through a similar situation (over 1MM bankruptcies are filed each year in the US).

Unless your situation is crazily unique, you'll get better results from an hour spent googling things like:
how long does bankruptcy stay on my credit report
how do I repair my credit after bankruptcy

is bankruptcy a good idea in my situation


You will find a wealth of information on bankruptcy on the web, far more than a few random posters on MMM forums will be able to provide.

[Financial.Velociraptor]

Angry Retail Banker just posted something you might find useful.  A review of debt reduction and elimination methods including bankruptcy: http://www.angryretailbanker.com/2017/02/07/how-to-pay-off-debt-fast/

[Angry_Retail_Banker]

*bursts through the wall* I HEARD MY NAME!!!!!!!

Bryant, before you file for bankruptcy, understand that it is to be used as an absolute last resort. It wipes away your debt, but also has HUGE consequences that can stay with you for years. Your bankruptcy will also be made public, and in some places gets listed in newspapers and on TV. Repairing your credit can also take a long time.

I'm not going to post a link to the website as I don't think affiliate links are allowed on this forum (someone correct me if I'm wrong), but in the article of mine that Financial Velociraptor posted, I talk about debt settlement. This is when you or a debt settlement company negotiate with your creditors for a lower amount and you just pay off everything at once. However, it's not magic; it takes time to complete the program. And while nowhere near as bad as bankruptcy, it still leaves a black mark on your credit report.

If your financial situation is that bad that you really are considering bankruptcy, I highly recommend you take a look at my blog post and check out the company I talk about in there. FYI, the links to the company are affiliate links. But regardless, if paying back your creditors isn't an option, debt settlement is likely a better alternative for you than bankruptcy. Just understand that certain debts can't be settled, and you have to be able to contribute money every month to their program (though they will never charge you unless they actually settle your debt).

I hope this helps you out.

http://www.angryretailbanker.com/2017/02/07/how-to-pay-off-debt-fast/

Sincerely,
ARB--Angry Retail Banker