bankruptcy for 30,000
 

would you guys file for bankruptcy if you had 30,000 of debt with no job nor any assets you own that can be taken away??

i have no clue how old you are and where you are in life but:
stop gambling.
bankruptcy is hell that you have to live with for a very long time. Even if you become a very responsible individual years down the road your decision to delcare bankruptcy will come back and haunt you.

why don't you start working places mcdonalds?
gotta at least make 30k in 2 years full time

30k is nothing, you don't have any assets for them to seize but you'll never have anything in the near future if you declare bankruptcy

if this is the situation you are in the first thing you should do is speak to an actual advisor (google credit consuellor). asking revscene for help really isn't going to give you the objective advice you need at this point.
Bankruptcy is a very difficult situation to overcome. the cons are that you are deemed uncreditworthy for up to 7 years. and any creditor that had ever taken a loss from you will likely choose to never lend to you ever again. bankrupts are also considered of being without the capacity to enter contracts. meaning that there may be situations that you will require a lawyer signing off on any commitments you make during this period. Is 30,000 a lot of money to make ? No. Is 30,000 a lot to pay off ? Yes. Is 30,000 a lot to pay off with interest accumulating? YES. For those saying 30,000 isn't a lot, try saving 30,000. Even with steady income you will have other expenses that must be met, rent, food etc.

Where I suggest you start, get a credit counselling company involved. and make a proposal to your creditors. meaning they will act as your agent and attempt to cut you a deal ie 20,000 instead of 30,000. your creditors can potentially take this deal as they will see that the 30,000 is at risk. but be aware if any one of the creditors rejects this proposal you will be put into bankruptcy as a result.

My advice. Call the experts and get real advice.

I have a friend that went thru bankruptcy. She was in debt for $40k, and it was just getting bigger with all the interest. She was a full time student and has a part-time job, when and spoke to the credit counselor then conclude that it’s best to go thru bankruptcy. The process was pretty simple; she paid the bankruptcy lawyer $200 out front and $160 per month for the next 9 months. After she was discharged from bankruptcy she was debt free and the stress was gone. She applied for a $200 prepaid credit card to rebuild her credit. She now has to wait 7 years to be back at zero. But at least she is not stressing over money and she looks happier now.

wow $200 out front for a $40 debt, seems harsh.

probably $40k

personally i would try to avoid bankrupcy b/c it's $ you owe and you're screwing someone over by not paying it, but things happen in life & sometimes you gotta do what you gotta do.

but like others said, speak to a credit counselor. i have a friend who's in the business & he tells me he helps ppl in your situation all the time.

Please please PLEASE tell me that is sarcastic?

i just assumed it was a typo and he meant $40k

$200 to erase a $40,000 debt is harsh?

he meant $200 was the fee the credit counselling company charged for their services. They are generally non-profit organizations.

he also stated that it was a $40 debt that it all started with. so with additional debts + interest/ fees, who knows what the real amount of discharge was.

learn to read

if you plan on leaving the country and never coming back, or never plan on loaning any money in the future from the bank, including mortgage, financing cars, leasing, etc, until you die. Then go for it. But if you do ever want to get a house.... you're going to screw urself.

Excuse me?

What part did I misread?

Perhaps you should learn to make your points a little more concisely. What you wrote could mean any one of three things depending on what part we assume you screwed up in your writing.

-Mark

Read to learn


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^ poster put debt was $40. so yes paying $200 to wipe out a $40 debt would be harsh... and really stupid

they probably ment $40k. but that is not what they wrote. they wrote $40 so that is what you read.

STOP GAMBLING

dumb shit.

Bankruptcy haunts you for 7 years afterwards. My parents went bankrupt and couldn't get a CC or loan for years. Its been 15 years now and they don't have any more problems with credit.

Bankruptcy can be very good as long as you plan to live off cash for the next 7 years. No credit (mortgage, car loan, CC, LOC, ...) and renting places that don't require a credit check.

Bankruptcy can also be very good if you leave the country. Your bad credit does not follow you, yet you do have to start over with zero credit history in the new country.

RRSPs are protected in bankruptcy, just make sure you don't liquidate everything to put it into your RRSP, or they will not be protected.

I do not advocate bankruptcy, since it screws good people like me that invest in people paying off their credit... yet I do appreciate and understand the merits of bankruptcy.

Is there no way to recover money the money for a creditor in bankruptcy? My gf lent 25,000 to a friend and they paid very minimal if anything back. You gotta jump through hoops to get the guy to pay a couple of hundred back.

I told her to just sue his ass and garnish his wages, but what happens if he quits his job when I sue him? And she's worried she's gonna lose all her chances of any money back if he declares bankruptcy. Any ideas?
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diesel test - sign yourself up for the self exclusion program and get some counseling, you don't want this cycle to continue in the future.

are people just assuming that the poster has a gambling issue?

if every person with 30,000 of debt is a gambler then the united states would have a few on every block.

important question as well, are gov't student loans involved? as these are not included in bankruptcy.

^ if memory serves me correctly, i think diesel_test has posted about his gambling issues before, which is why people seem to be referring to that...

i could be wrong, but i sort of recall that

Ya he does, just search casino losses thread and it's pretty evident.