bankruptcy look back
Is it a good idea to file for bankruptcy?
I have close to $30000 in debt. I owe so much due to a car accident judgement for about 20k. As a result, my license has been suspended since i couldnot afford to make the payment. i have a job that pays 30k, and spend close to 4000/year in school tuition. I would have to pay $300/month for the next 10years to get out of debt, which is completely impossible cuz i can’t even save 100/month. My credit score is so bad.. that it will increase by 75 points if i decide to file for bakruptcy. What should i do?… I know the bankruptcy will look bad on my record for 10 years. but at least i will be debt free and who knows, i might be able to get my license back, get a better job, and rebuild my credit.. within the next 3 years..
What do you think???
ALl my debts date to 5 years ago invluding the judgement. I was 19 at the time..Would the judge be more understanding and realize that i have been current with all my bills in the last 3years..and give me a fresh start??
Filing bankruptcy is a very personal financial decision, and only you and people close to you can contribute to it. But in general, if you can do anything not to file it, it’s well worth it. Bankruptcy usually takes you from one bad situation to a worse one. It should literally be teh very last resort./
