Has anyone ever filed bankruptcy?
- Thread starter Nic
- Start date
a friend of mine did a few years ago. as his lawyer told him, "if youre gonna do it, then go out with a bang"
bankruptcy should be the last result. if you do it you will suffer the consequences for the rest of your life. your debt is relieved but that will always show on your credit history and you will have difficulties in ever getting a mortgage, car loan, credit card or even renting an apartment. this is only good if you are in a jam but will make a large amount of money back in a short period of time. most people cant afford the high rates that are associated with borrowers that have filed bankruptcy.
MD123MD;2010844; said:
At least on the old system of about 7 years ago or so that last part is not true. Sure there is a rate tier system, sure it hurts your credit report but if your thinking of bankruptcy your credit report is already hurting. But as soon as your bankruptcy is discharged(which is in a few months of filing) you can get loans again. With actually decent interest rates.
Yes they will be at a higher rate than your highest fico score people, but to say these loans are at uber high % rates, or not affordable at all, or you can never get approved even for a rental contract is false.
Should it be a last resort? yes. But it's not near as bad as it's made out to be.
cichlaguapote;2010833; said:
If you know, some landlords do check credit history before they rent out an apartment..If he wants to apply for credit, do you think banks would give him one if he filied for bankruptcy? For any other types of loans, that is also the case..Also, some employers do check credit history depending on the job and some security issues involved with it...
I dont know much about how long a bankruptcy is going to remain on the record but the poster is on the right track in his thinking if a bankruptcy shows up on record.
Both my parents went through it at seperate times and it was the best thing they ever did, The stress of something like that can ruin ur life and relationships around you and you dont want that. Payments are nothing compared to what youd be paying without going bankrupt and i know when my parents got their cirtificates stating it was all done and paid that they were the happiest plp. Also 1 year after my father was cleared he was offered credit cards all over again.
Asian_Redtail_Catfish;2010948; said:
1. If I'm stating something as fact.. it's because I or someone I know has done it..
2. Yes after bankruptcy you can get loans for cars from a bank, also rental agreements. Or should I say you could. Housing financing has tightened up alot since the mortgage fallout, so not sure if other markets are just as tight on credit or not. I know that for a fact within months/to the first year or two someone who filed accomplished buying a car with a loan from a bank at a very good % rate and getting approved for a rental agreement. Not only that but as soon as your bankruptcy is discharged you get credit card offers all over again.
Does he need to seek a lawyer's advice? yes. But just giving what I know rather than hearsay like some others.
So to answer
yes they will.. or they have in the past.. banks need to lend money to make money. Although he should consult his lawyer about how strict financing has gotten in the past months/year.
