joecool6101

Have you had to file for bankruptcy or know someone that has. If so do you have any tips for us?

My parents have had to file for it to finally be able to live a good life again.. If you are more then 50,000 down.. Then this is the best option for you. I know it kills your credit but if you get a secure credit card and use it monthly and pay it off monthly then it will really help you build your credit back up.

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Althema

I had to file 10 years ago, due to me trusting an ex with my finances. Actually filing was the best thing I have ever done in my life. It taught me many valuable lessons about saving before purchasing.

When I lived off credit, I rented and couldn't afford a new car. Since filing, I now have a 4 bedroom home and 100 acres mortgage free...a fairly new truck (less than 60,000 miles) and little debt. I am rebuilding my credit for my business since some large suppliers require good credit before you can order from them but I still only purchase if I can pay cash.

I learned that you work harder for things if you save first, rather than relying on the generousity of it being handed to you on a platter by some lending company, only to owe that company for years. If you ever reach the point where you can't rely on lenders, you work harder to get the things you want.

I was bad off, I could not even get a checking account. I had to let my mom open a savings account in her name, just so I would have somewhere to deposit my earnings. I am glad to have my own checking and savings account now, I did miss that, but as for credit....in all honesty, I am much better off without it.

ltjman22

I have never filed, and am not planning on it! However I do understand that it does happen, just not to me hopefully! So, with that said, I really don't have any advice for you!

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laker110

I have never experienced such a bad situation so that is why, i don't have any suggestions for you.

JoseYero

it is a good strategic move for big companies. look at the auto suppliers. if you don't take our deal, we will bankrupt and you get zero!

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syedwasi87

yeah i agree with joseyero..companies such as chevron and others might even use it as a safe backup if they are heavily into debt..tho i dont feel its a good method...

it depends on circumstances after all..

Colecash

Unfortunately I was put in the situation where I had to. I was sued for over a million dollars and it would cost more than I had to defend myself. It was so frustrating letting them win the judgment knowing I did nothing wrong but at least they never benefited from it.

Jaybee

Quote for truth. You took all the words right out of my mouth.
Bankruptcy should always be the last option and that's all the advice I have to give on that...