I had a sister that filed for bankruptcy last year and she said that it was the best financial decision she'd ever made. I now find myself in 30,000 in credit card debt and I'm looking into my options.
I am just wondering...how hard is it to recover from a bankruptcy? And, if I have no assets, why should I try another route? I'm just starting some research so I can get help and don't know where to start. And, if bankruptcy isn't the way, what other choice do I have?
There's too much info across the internet to try to filter through...any advice would be GREATLY appreciated!
I don't want to offend you but I'm not sure getting financial advice from someone who just filed bankruptcy is in your best interest. Your sister may feel it was the best financial decision she ever made, but what she is really saying is that not having nasty bill collectors calling 24/7 has taken a lot of pressure of her. If you are in that same shape bk might be a good move if you qualify. In 2005 the laws changed and banks made it harder to qualify for a Chapter 7. If you don't qualify for a chapter 7 you will be forced to do a Chapter 13 which is based on a 60/60 principle. You pay back at around 60% of what you owe over a 60 month period. 60 months is a lonngggggg time. Most people end up falling out of chapter 13 because they can't keep up with the payments and it means you won't start the recovery process until 5 years from now. If it were me I would check into a chapter 7 or debt settlement and avoid a chapter 13.
