bankruptcy alternatives information
Is bankruptcy so bad? How hard is it to get credit cards or loans after a bankruptcy?
I don’t want to file bankrupcy, but I have been unable to find a decent job for the past 8 months. I’ve had to use my credit cards for things like groceries and gas. I can no longer make my minimum payments, although I can pay a small portion. Further, I have been accepted to graduate school but I might not be able to afford it unless I file for bankruptcy or only pay a portion of my minimum payments. I have researched bankrupcty and the alternatives, but it seems so hard to get objective advice. Most information sources have a vested interest in the topic. Some claim that a bankrupcty will make it impossible to obtain future credit and prevent you from getting a job. Others claim it’s not so hard to get credit cards or loans. I know a bankruptcy won’t be fun, and I feel terrible to be considering it, but I’m wondering whether it’s really as bad as everyone thinks it is. Can anyone give me some advice or direct me towards an objective source of information? Thank you.
I had a chapter 7 Bk 7 yrs ago – all my credit cards are over 20% int rates, although I did get 3 mortgages – 2 at good rates, the 3rd is a 2nd mtg for new windows on my primary house, 2nd is for a rental property I bought – took 5 yrs until I qualified for a Mtg, of course I got a good job and promotion/big raise in between also, 2 yrs after BK, got a car loan, but very high rate and it took a couple of days until they found someone willing to finance and it was only a 10,000 car loan
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Guide to Bankruptcy – Part 6: Discover What Help Is Available To You & The Alternatives To Bankruptcy (A Guide to Bankruptcy) $9.95 The “credit crunch” and economic recession of the mid-2000s has caused extreme havoc for many consumers. Many of us have been unfortunate enough to not be earning as much money as we were a few years ago, or have even been made redundant or lost your job due to employment cuts.However, this will not stop the bills coming in month after month. Unfortunately, these hard times have forced many of us … |
