The big one is the property taxes hav gotten out of control. Any advice would be greatly appreciated
Her credit is already ruined so that's not a concern.
Throwin'Knuckles -How much are you in debt. I would really research it. After bankruptcy you are disqualified from doing a number of things. Don't do it. Unless you have no other choice.
Around 10,000 with everything included. What would she be disqualified from?
And thank u
And how long would she be disqualified from things?
Hornethak -Throwin'Knuckles -How much are you in debt. I would really research it. After bankruptcy you are disqualified from doing a number of things. Don't do it. Unless you have no other choice.
Around 10,000 with everything included. What would she be disqualified from?
$10,000??????
dude, DO NOT DO IT! Be extremely disciplined and tight with your money for a couple years and pay off your debt. The outcome is not worth it for $10,000.
i went through bankruptcy, I was in debt aboout $200,000. My income went down and couldn't afford my mortgage. Bankruptcy was actually surprisingly easy process and 6 months afterwards I was able to start restoring my credit. 6 years later I'm almost at the 7 year mark and I have great credit. Time went by very quickly.
But $10,000?? You don't want to go through a bankruptcy for such a small amount.
100% my opinion man.
U say don't do it but u also say the process was pretty easy. I need to hear what the consequences are to make an informed decision. So far u haven't told me what the downside is.
Hornethak -Throwin'Knuckles -How much are you in debt. I would really research it. After bankruptcy you are disqualified from doing a number of things. Don't do it. Unless you have no other choice.
Around 10,000 with everything included. What would she be disqualified from?
Did you leave out a zero??? 10 grand ain't worth it...
10,000 is not a big deal. What kind of debt is it?
The downside? Yeah, you're not gonna be able to buy as much as a fucking sofa on credit for seven years, forget about houses and cars. Any interest rate you do get for years to come will be through the roof. If you have a job 10k should be pretty easy to take care of, it's not worth ruining the next seven years financially.
DarceVader912 -10,000 is not a big deal. What kind of debt is it?
8000 of it is property tax. The other 2000 is various crap.
Hornethak - The big one is the property taxes hav gotten out of control. Any advice would be greatly appreciatedProperty taxes aren't going to stop. If you declare bankruptcy what's to stop you from being in the same predicament in a few years?
Dirtywhiteboy -
The downside? Yeah, you're not gonna be able to buy as much as a fucking sofa on credit for seven years, forget about houses and cars. Any interest rate you do get for years to come will be through the roof. If you have a job 10k should be pretty easy to take care of, it's not worth ruining the next seven years financially.
Heres what I'm thinking tho, we get married in a year and we use my credit which is good, while we get hers recovered.
10k? Get organized and pay your debts.
Bankruptcy is the worst thing that you can do
but I've seen poor people do it and party like they are lotto winners
id say, it's your debt...find a pay to pay it off. Take responsibility for your actions
EmmettHollis -Hornethak - The big one is the property taxes hav gotten out of control. Any advice would be greatly appreciatedProperty taxes aren't going to stop. If you declare bankruptcy what's to stop you from being in the same predicament in a few years?
I know ur thinking theses losers will do this again, but there's no way I'll let this bullshit happen again. I'm in charge of the bills and finances now. We make enough to stay ahead of our bills, she's just been careless with this past year or so.
10k of debt? What's her income? If she makes 30k or more a year the courts probably won't allow it or a chapter 13 versus 7. Chapter 13 is you still pay off your debt the court and debtors decide how much you pay monthly.
Bancruptcy is easy to do and painless but not always a good thing. It will prevent you from getting a loan or card for a little bit. Some discipline will help you build it back up quickly. There are credit cards you can get shortly after you're bankrupt. They will be extremely high interest rates though. Same with car loans. If you have a car loan now though you'll be able to keep the car and you'll still make payments on that.
Your insurance premiums will most likely go up as most insurance companies use your credit score to determine your rates.
It'll cost you a grand or so to declare bancruptcy. So if you can afford a grand I would think you can find a way to pay down 10k.
I filed forever ever ago it seems and know a few people that have recently. You'll need to do worksheets showing your income and debt. They'll look at all your banking and investments and see where all your money is. You need to show there's no way to pay off your debt in a reasonable time. If I was in your shoes I'd get the last 2 years of tax reports she or you have reported. A couple pay stubs and a list of all of the debt. Go see a bancruptcy attorney and they'll be able to tell you if you even qualify to do it. If you don't they'll probably tell you what you need to do to qualify or what you need to do to get out of the debt hole you've created. Initial meeting should be free, keep calling attorneys until you find one that is offering free consultation.
If you're both on the mortgage and she files or attempts to file for bancruptcy it's going to impact you as well.
kungfugrip -Bankruptcy is the worst thing that you can do
but I've seen poor people do it and party like they are lotto winners
id say, it's your debt...find a pay to pay it off. Take responsibility for your actions
It's not partying we wanna do, I'm forty and I've traveled the world and had enough fun. We already know we won't b able to do shit for the next year while we catch up on this. My concern is it cutting into the joy of our kids, bdays Christmas. We will still make them feel as special as we can but it will suck a little for them too and I would do anything to not let that happen.
Again, all of ur advice is greatly appreciated. A lot of u dudes know ur shit and hav done a lot so thank u for chiming in.
So other than bad credit for a few years for her, which we can counteract with my good credit if we really need to make any big purchases, I don't see a whole lot of downside.
Believe me, I feel like a loser just typing that out. This is not the type of person I am, she isn't either, she wants to pay it off. This just occurred to me this morning so I wanted to run it by u guys first.