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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » Is bankruptcy always a bad idea?

Is bankruptcy always a bad idea?

I know it’s not an ideal solution, but if your financial situation is not improving isn’t it better to start the seven year clock ticking? At least in seven years you can begin to repair your credit instead of just having it stay poor. Any thoughts?

Financial situation is bad from job loss and income reduction at my husband’s job (he is making about half what he did three years ago) NOT from poor choices.

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3 Responses to "Is bankruptcy always a bad idea?"

  1. ZARINAH T says:
    well it is good if you are able to change spending habits and poor choices however i c many people do a bankruptcy only to temporary fix things then ruin their credit even more!!!
  2. rayt721 says:
    First of all, bankruptcy is ten years on your record… bad credit is seven. The new bankruptcy laws however no longer take into consideration that you don’t want to pay your bills. The laws are for people who CANNOT pay their bills as in job loss, disability, divorce and other financial disaster that affect one’s income and lifestyle. The only person who can answer whether you qualify is a competent attorney. People are losing homes, cars and other assets (except for retirement accounts) to bankruptcy and those bankruptcies are affecting employment, housing and alot of other facets of ones lives for 10 years. No, bankruptcy is not ALWAYS a bad idea but it’s never a GOOD one.
  3. JennyKS says:
    Sometimes its the best answer, especially if you have unresolved debts on your report that you might be sued for.

    It is true that it will stay on your reports for 10 years, BUT it does stop the slow bleed of rolling late payments. You can start fresh. There are many people who get home loans, etc 2 years out of BK, and not at bad rates.

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