Has anyone declared bankruptcy?

[Unregistered]

I don't know anyone who has but I think I might need to go that route. I just was wondering how hard is it to get any type of loan after bankruptcy? I want to buy a house instead of throwing all my money away on rent, but I have huge credit card debts and student loans. My debt ratio is too high so I can't qualify for a mortgage. I think it would take me longer than 10 years to pay off my credit cards, so I might be better off declaring bankruptcy. Any advice from someone who's been there, done that?

[M4A1]

Hate to see this post go unanswered.

I'm not an expert, these are merely suggestions.

Check with close friends, families and neighbors, those who would listen, see if they have any experiences in this area. If they know of anyone that was in this situation, they can refer you to that person. Gather as much information about bankruptcy or debt-consolidation as you can before you make a move.

Then Check with non-profit organizations, http://www.ameridebt.org/
These guys advertise on the radio frequently. But do your research before approaching any type of "organizations". I have not used them, and I can't tell you if there are any hidden catch for their help.

It's your battle. Don't expect others to come up with a miracle, a miracle may still come, but it's best to do it yourself.

[Kcook]

I filed chapter 7 bankruptcy last month. It wipes out your credit card debt but not student loans. With Chapter 7, you can get credit again in 90 days and a mortage in 2 years and all your debt is gone. Definitely worked out great for me!

[Trailin6]

I was 15 when I finished high school, I also moved out when I was 15 & started collage by the time I was 16.( I Devorced my parents basicly!)
This led to lots of debt! By the time I was 19, I needed to declare a chapter 7. I'm 22 now turing 23 in September. My credit is just now begining to get back into shape. I first started with ONE credit card of a small limit. ( I think it was $200.00?) I'd buy gas, movie tickets etc... and PAY IT OFF EVERY MONTH!
Got a cell phone, paid it off every month. I started small & worked my way up to larger things. Now that my future husband & I are looking for a house together, I'm not all that worried that my credit will hinder us getting a new house together. We can include both imcomes now!:) (Woohoo!) I've also gotten a job that I love! And that I've been at for two years now, that always helps staying at a job for a while. Granted it doesn't pay that much, just enough to get by & save an itty bitty bit every month.) But I'm really happy, I'm working for a non- profit, I have great co -workers, and I'm very lucky! I've gotten my butt out of a money rut! So If you file a 7, keep your head on straight from the get go & in a couple of years you'll be a little better off credit wise. You'll just have to work at it is all, a little more effort than normal.

[swest22]

My advice on this is to be careful! Carefully weigh your options before you make the choice to declare bankruptcy. I work at a bank, and I know that my boss won't even CONSIDER giving anyone a loan if they have declared bankruptcy, regardless of how long ago it was. It stays on your credit report for 10 years, and is a MAJOR killer to your credit rating. And, alot of places that do give loans, credit cards, etc. to people who have declared bankruptcy force you to pay outragous interest rates. For some people, it is the only option or last resort. My mom had to file bankruptcy when I was about 15 because of a divorce. She made more money then my step-dad at the time, and therefore got stuck with the majority of the debt from the relationship. There was no way she could pay off her debt AND raise a child on her own. It worked out well for her. But she still faced hurdles when buying a car, renting a home, etc. But she got past it. Also, if you do decide it is the right thing for you, double and triple check the integrity and soundness of the lawyer doing this for you. Often times, things can "accidently" be left out of the "blanket" of bankruptcy on your credit report and show up as write offs, collections etc. and further lower your credit rating. So, I would strongly advise you to think this through first, and if you realize it is your last resort, then it may be a good thing for you to do.