Question

Has anyone on here thought about filing bankruptcy? Or have done it? Or know the pros/cons?  

Answer 1

We filed chapter 13 this past year, I have absolutely no regrets about doing so and it was 100% the best option for us. My advice is if you are seriously thinking about it - contact a local lawyer. Most will do a free initial consult and they will be able to give you better advice (in regards to your situation, state laws, etc) then we can.  

Comments

@neoplasticism89 I figure if I have to file bankruptcy I’ll be living on a very strict budget so I’m trying to get in the habit of that now.  

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I do have an attorney. He’s helping me a lot and I’m trying to get a loan modification first from the lender. But it’s all terrifying.  

Answer 2

I’ve done it. I don’t recommend it unless your situation is dire like ours was. It actually improved our credit to do it. Our attorney after looking over our case advised us it was the best choice for us to make.  

Comments

@coca3 We were in the same position. Even a credit/financial counselor said it was really the only way.  

Answer 3

If you do it make sure you have an excellent attorney. I don’t recommend it one bit. I did it for business purposes only. I’m still paying for it. I closed my business in 2005. One attorney did my Ch7 all wrong. I had to re file in 2014.  

Answer 4

Try and do a consumer proposal instead. It's very similar, but a little less extreme than bankruptcy.  

Answer 5

I’m in a bad spot with default on my mortgage. I was denied a loan modification. Considering bankruptcy (chapter 11) to keep my home. I’m a single mom and live with my 4 kids.  

Comments

I meant chapter 13.  

Answer 6

I did it 18+ years ago. worked good for me BUT, if you try to reestablish credit do it right. I’m back to paying down debt (single mom now and make much much more than I did then) and have grown in my expectations of what are needs and wants. I came out the deal with a new car (turned mine in and lawyer knew of a program where I got a new car, less payment etc), kept my home, etc . Find a good bankruptcy attorney which will handle all paperwork and go to the court proceeding with you.  

Comments

I should add that was done with my first ex husband and the house sold when we divorced. I bought my own home and 3 years after that financial mess. It can all be done.  

Answer 7

We filed Ch 7 not quite 12 years ago. I am sure some things have changed but I am willing to answer any questions.