the pros and cons of bankruptcy...

[SmutGiant]

Anybody here ever file for bankruptcy?

What are some of the pros and cons you've experienced?

How long does it take to re-establish your credit after the 5-7 years?

I'm not filing bankruptcy but it may be something to consider if some things don't work out as planned in the near future.

Any input on the subject will be appreciated.

Thanks

[Anal Hobbit]

Originally Posted by SmutGiant

Anybody here ever file for bankruptcy?

What are some of the pros and cons you've experienced?

How long does it take to re-establish your credit after the 5-7 years?

I'm not filing bankruptcy but it may be something to consider if some things don't work out as planned in the near future.

Any input on the subject will be appreciated.

Thanks

If you dont have any assets and just tons of debt I think its a very good idea. I mean why the hell not?

But I own a home, cars, and a bunch of shit. If I did it, I think they would come after it right??

OR can I just rack up a credit card bill and then go bankrupt and not risk losing my home?
ANyone know?

[Vendot]

Originally Posted by Anal Hobbit

But I own a home, cars, and a bunch of shit. If I did it, I think they would come after it right??

OR can I just rack up a credit card bill and then go bankrupt and not risk losing my home?
ANyone know?

Errr its not a case of "would they come after your home", your home would be liquidated as its your asset.

[DateDoc]

Originally Posted by vendot

Errr its not a case of "would they come after your home", your home would be liquidated as its your asset.

That depends on where you live. In some places, Florida for sure, if you are bankrupt they cannot take your primary residence. That is assuming you are making payments on it and they are current because you can lose it to foreclosure.

On the charge up credit cards and then declare bankruptcy - that is fraud and more than likely you will have to pay that back.