3800 Brankruptcy

[hueygt]

Like the title says hit me up just wondering cuz one of my peeps from work just went through it...well after u declare bankruptcy




(In Mexico) HUEY (In Mexico)

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[staceyyearsich]

Well you have to re-establish your credit, and its on your credit report for 7-10years, but say u have a re-poed car on there well thats on there for 7-10 years and you can't buy anything with that on there and the bk would wipe that out and leaset ur trying to start over and you cannot mess up for another 7-10years or else you do jail time there are many things to consider before doing that

 

[RareGMFan]

For starters, there were laws put in place not to long ago to make it a lot tougher to file for bankruptcy successfully. Secondly, as was said, it will be on the record for 10 years. That's a long time to basically not be able to do jack. No matter how well you feel you can handle your finances from that point on, there will be very few banks willing to ever take a chance on you again. Those that do only do so because of security deposits, and ridiculously high interest rates. If you're in trouble, call up some of the places you owe and work something out with them. You'd be surprised how willing a lot of them are to help (lower or even freeze interest rates, etc). Hey, it beats the hell out of getting nothing for them, so most of them will work with you. Summary: If at all possible, avoid bankruptcy.

 

[Aircal]

last resort, try not to by any means legal! You don't start over. I see people come in that have loans on cars at 35% and higher. You can't buy a house for like ever. And any credit you get will be at terrible rates.
Sell, borrow, work three jobs, what ever, its all better than going bankrupt.

 

[Royalgtp]

you are screwed if you do that...

 

[imported_Ron Vogel]

I did a BK back in '94. I got my first CC in less than 3 months. Rates will be high, but not that bad. My fisrt new car loan was 15.5%, then I refinanced in a year to 7%. A lot of banks WILL give you loans afet re-establishing credit after about a year; especially since they know you can't go BK again for a long while. All interest rates will be a little higher for the next 10 years, so you have to be very careful about financing stuff, but you have to in order to re-establish.

 

[ThaLord]

it's not as bad as people think..

When I was writing mortgages.. I did people with BK's all the time.. higher interest.. but was doable...

Make sure it's last resort.. but. when you are in a pit, it's there for you.. and make double sure, you don't screw up a second chance..

hell.. look at Donald Trump.. he just filed for BK again, on his casinos...

It's a second chance, don't screw it up, if you take it. Also, typically, they only last about 7 years on your credit.. but after 2 or 3, most peeps will wriite it off as something in your past, as long as you have good credit after the BK, you should be fine..

 

[OvANGLvO]

I was under the impresion that it was a bad thing... and you should not have ended up there in the first place.

 

[staceyyearsich]

everyone understands "shit happens"

 

[Aircal]

Originally posted by staceyyearsich@Dec 7 2004, 06:51 PM
everyone understands "shit happens"

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Banks don't!!!!!!!!!!!!!!!!!!!!

 

[staceyyearsich]

My moms friend filed BK and she got a brand new car 3months later she paid a 12% interest rate and then she refinanced a year later and got 5% She has had no problems getting anything

 

[Aircal]

Not to say your wrong, but most of the deals I've seen like that, the principal buyer was switched to a co-signer and the co-signer actually ends up owning the car. Without their knowledge. Not to say there arn't banks that will take a chance on you. But its not a start over type thing. It stays and stays.
The only thing even close to being as bad as a bankruptcy is a divorce. It ruins way more credit than you would realize. I'm actually cheaper to keep around than to have my wife toss me out!............... :lolsign:

 

[Royalgtp]

My Dad is a lawyer and does bankruptcys.........they do F up a lot of stuff for a long time.

Try buying a house w a BK on you record. Your intrest will be high as hell and you will have to give points when you close on the house.


Donald trump and them are different stories.

 

[ThaLord]

A bankruptcy a year or older.. looks better than a year or more of rolling 30's, 60's, and 90's

If you have a bankruptcy on record, if it's over a year or two old.. you can get refi'd at only a slightly higher rate, and.. in terms of giving points.. I think most people don't even know what that means.. It is used to buy the rate down, or up, and you only need to do that in certain cases.. or when a broker wants to make a lot of money off of you.