Filing for Bankruptcy smart or not?

We thought we would be ok then my husband lost his job and we’ve been jobless for a year. We have 2 car loans and credit card debt. Should we file for bankruptcy? What are the pros and cons of filing for it. What happens when we do file. I don’t understand bankruptcy and am trying to, so i can figure out if this is the right option for us.

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Posted March 21st, 2010 in When To File Bankruptcy. Tagged: , , , , .

4 comments:

  1. DR. Rea:

    You can get all the pros and cons of bankruptcy at below site.

    http://bankruptcy-info.we.bs/

    Good Luck…

    March 21st, 2010 at 7:01 am
  2. Jim Crow:

    I suggest you to try project payday, simply because you don’t need any money up front and you can start making money within minutes. I average around 3,500 dollars every month with it. Check it out at: http://tr.im/propayday

    http://tr.im/propayday

    March 21st, 2010 at 7:01 am
  3. rayt721:

    You totally lose the decision making for your finances. You may or may not lose the house, cars, and other assets. You may have to repay all or some of the outstanding debt. It’s the trustees that make the decisions for you. It won’t hurt to take a consultation with a competant bankruptcy attorney in your state. It’s not only your credit messed up for 10 years but your reputation for the rest of your life. Sometimes there are no other choices though. Think things out before you act.

    March 21st, 2010 at 7:01 am
  4. YourMoneyRelationship:

    I don’t think you are bankrupt. You’re just in need of some income. Is it possible to get some part time jobs while looking for a full-time job? Your husband needs to make his new full-time job finding a job. In other words, he should be spending 8 hours a day searching for and applying for jobs. I recommend that he do some of the tips in the article below.

    While looking for a job, pay for the things that are essential in that order. In other words, pay for food and shelter first, then lights and utilities, then cars, the consumer debt. If you don’t have enough to pay the credit cards then oh well. Once you land a job, you can start paying on them again. That will only ding your credit a little and not as bad as a bankruptcy would.

    March 21st, 2010 at 7:01 am

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