Anyone ever file for bankruptcy?

[dwmckim]

I'm thinking about doing this but would like to hear from someone who's done it - what did it entail (how exactly does it work) and what was your experience - how did it affect you - did it help or hurt things more?

 

[dwmckim]

Out of all the people on this forum, _no one_ has ever experienced this or knows a family member or someone close who has? I really need to know this information now as time is really running out to take some kind of action. I'm very scared and would really appreciate hearing from anyone with any insights on this subject.

 

[The Shoe Fairy]

I wish I could help but Australian definitions of bankruptcy are completely different to the American definition.

 

[dwmckim]

Indeed - bankruptcy laws and procedures are different in each country so obviously i would need to hear from an American about this! Someone? Anyone?

 

[The Shoe Fairy]

Indeed - bankruptcy laws and procedures are different in each country so obviously i would need to hear from an American about this! Someone? Anyone?

Not only that, but apparently the laws in the US change by state.

 

[Ilikemuppets]

As far as my knowledge goes, I don't believe an individual can file for bankruptcy. I think that is only for company's.

 

[mikebennidict]

I'm thinking about doing this but would like to hear from someone who's done it - what did it entail (how exactly does it work) and what was your experience - how did it affect you - did it help or hurt things more?

Why are you considering it?

 

[dwmckim]

I really don't care to go into everything on a public forum so if it's that important for you to know the whole story you can contact me privately, but suffice to say i've had financial woes piling up for a long time - have experienced quite a bit of bouncing from job to job (all lower paying that i was previously used to) the last few years (thank you recession and current job market) and just lost another one yesterday (though as you can tell from the timestamp on the first post, i've been looking at bankruptcy before that happened)

People say bankruptcy should be a last resort and i have tried other things but the burden has been too great and it's getting time for the last resort...if i even make it that long.

 

[Fozzie Bear]

I'd suggest first contacting each financial institution and see if they can help you before filing bankruptcy. The problem with bankruptcy is that you'll have to list all your assets, including collections, computers and other data processing equipment, entertianment appliances, because if they need to they will liquidate beginning with your belongings.

Unless you don't have a lot of things like that which is better.

Within 3 - 5 years you can apply for more credit or loans with a higher percentage rate than usual, but the good thing is that as the years pass by you can renegotiate all that. It will mess with your credit pretty good.

So, yes, I know someone who had to do it--loss of job and paycheck got him.

 

[dwmckim]

Thanks - that's much more the type of info i was looking for. It has gone beyond the point of communication with the creditors; like i said, have gone through the process of other methods - and it's not getting to the point of going with the last resort.

Since you know someone who's been through it, if you could go into even more detail about their whole experience, that would be helpful. How much/what did they lose? What were the various ways they were hurt/helped etc?