How bad can chapter 7 bankruptcy really be?

Getting married this summer, and combined have over $26,000 in credit card debt. Had to charge college textbooks ($600/semester/past 2 yrs) tuition (few thousand/semester) gas, and some other things as well, I%26#039;m sure. Will take over 15 years to pay it all back, and between not having a job from August til January, it%26#039;s really hard to deal with. Bankruptcy stays on your credit report for 10 years, but that%26#039;s still less than the 15 it would take to pay back! Plus I%26#039;d be able to SAVE the money I%26#039;m spending on credit cards each month into a savings account to actually be prepared for the future and could pay for things without having to charge them anymore. Does anyone have any experience with this personally? Is it better to be drowning in debt for 15-20 yrs or to get rid of it quickly and have poor credit for a few years? I%26#039;m only 21, and the fiance%26#039;s 19, so we still have plenty of time to rebuild... Thanks for your advice!

How bad can chapter 7 bankruptcy really be?

Myself, I filed, I had 90k in credit card etc. Re-affirmed my house- continued to pay on it like before. I had perfect credit prior to filing %26amp; my husbands business went down the tank after 9/11. 2 1/2 years later my scores are back up to 700%26#039;s %26amp; I am so glad I did it. It does stay on for a long time (10 years) but as long as you re-build your credit %26amp; be CAREFUL of what you spend (learn from the experience) then its not terrible. Dave Ramsey will tell you do get second jobs - sell your cars etc. Good advise from a millionaire! I would have paid on those cards for the rest of my life because once your late they jack the rates up to over 30%.

Good luck.

Oh- 2 years after discharge you can buy a house FHA if you don%26#039;t mess up again.

How bad can chapter 7 bankruptcy really be?

Call Dave Ramsey! He is GREAT with this sort of stuff, check out the website, he can help you a lot! =)

FYI Dave Ramsey filed bankruptcy 20 years ago, he%26#039;s no idiot. He just tells people like it is, and uses his good financial knowledge and common sense.

How bad can chapter 7 bankruptcy really be?

Having been there, and done that...I%26#039;d recommend NOT filing bankruptcy but going to a %26#039;credit counselor%26#039; service, which IS FREE-you should NOT be paying fees. If you do, you are NOT going to the credit %26#039;help%26#039; agencies paid to help you!

You are getting married...and want to buy a house or a car, she gets pregnant, you need a loan for something..guess what...you%26#039;re screwed-and for a lot more than 10 years!

A bankruptcy does NOT automatically get deleted from your %26#039;credit report%26#039; until a real person goes in and removes it-so it is always there...even 15 years later. There is more than ONE reporting credit agency that keeps track of this...so depending on what service the bank or finance company or auto dealer uses-it can still come up!

You CAN through the credit %26#039;help%26#039; company get your interest dropped on the credit cards to almost nothing-makes the payments go on the principal, not to interest. They even can negotiate to drop the balance down by subtracting interest that you may have paid.

If you have student loans, government loans...those are NOT easy to put on a bankruptcy because the GOVERNMENT can attach your income tax returns and take the money that way and you cannot stop them.

If you file bankruptcy, you might be forced to sell off your cars, any property you have, anything worth a lot of money. So think twice about it, and still see one of the credit %26#039;help%26#039; companies-the ones paid for by the credit card companies and the government, NOT a %26#039;private%26#039; agency.

How bad can chapter 7 bankruptcy really be?

Sometimes it%26#039;s best to start over. Since you are only 21, you probably don%26#039;t have that many assets that will liquidated.

How bad can chapter 7 bankruptcy really be?

First, try FREE credit counselling. Let them review your status; if they can arrange something which is doable for you, go that route.

Use bankruptcy as a very last resort.