Going bankrupt

Anyone on here ever been bankrupt before? I’m considering bankruptcy because I can’t afford my monthly debt payments. I’m going to sell my car, but sadly I still have debt and to make repayments on that I don’t think I can afford it with rent going up to $1200 a month and me only making $15 an hour. If I just got rid of my debt I’d be able to afford to live more comfortably. I’m scared and ashamed that at 24 years old I’m thinking or going bankrupt but my dad says it’s not surprising in today’s economy

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I’ve dated women who went bankrupt while I was dating them. You’ll need someone to help you through the process.

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Certain debts aren’t, or at the very least are hardly, wiped away by a bankruptcy. I would look into negative consequences of bankruptcy and any life plans you have that could be disrupted from it. For certain people it makes sense, and just remember many people have had to file bankruptcy and end up coming back stronger afterwards. Have no shame in doing what you have to do to survive. Just do your research before you make the decision.

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Don’t feel bad about it. Shoot, my mom has filed for bankruptcy twice in her life. Sometimes you have to do what you gotta do to survive.

Make a list of all your debts and the amount each one is worth.

Then consult with a bankruptcy lawyer to see if filing would be a good option.

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Student loans don’t go away. :duck::duck::duck:

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I have filed Chapter 7 bankruptcy which liquidates your debts. Chapter 13 you try to pay some of it back for five years. I tried one of those debt settlement companies first, and my advice is stay away from them because they are ripoffs. Just go see a bankruptcy lawyer in the first place. Many of them have payment plans. My lawyer warned me about bankruptcy fraud. To avoid that you can’t charge anything for a period of time, stop paying your creditors, and put up with the collection calls for a while. Don’t tell them you are thinking about filing for bankruptcy, just tell them you can’t pay.

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I was nearly going to have no other choice, but I was able to arrange an IVA (UK). It was a stressful time. I was able to change afterward though and am much more frugal now. I keep a spreadsheet of all my income and outgoings for each month and watch my money all the time.

Not saying it’s your fault though, as I understand your rent’s been put up. Would you be able to move in the future?

I went bankrupt at age 23. Was humiliating at the time, but was a good thing. Hitting that reset button put me back on track and I’ve been well-behaved and have maintained excellent credit ever since. 53 now.

Some debts (e.g. student loans) may follow you through a bankruptcy unless discharged on compassionate grounds. Depends on where you live and your circumstances. Suggest consulting a trustee or lawyer for advice.

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In my country I don’t think there’s such thing as individual bankruptcy. I’ve only ever heard the term in the context of a business or company. I have no idea what going bankrupt would entail, but given the cutthroat attitude our state entities show, it’s unlikely such an option will ever be considered here. Just an example, I got fined once for taking the bus without a ticket. I had a monthly pass though, but I’d forgotten it at home. The inspector didn’t believe me. So far, so good. But while I was fighting in court to cancel the fine, my parents saw their annual tax on property increased by the amount of what I supposedly owed the state-owned bus company. Not wicked enough? Well, eventually a judge overruled the decision and cleared my name. But the same judge considered appropriate to warn me that future misdemeanors on my part will be seen as a sign of law defiance.

The best days in my life were when i was bankrupt.

Such a beautiful challenge.

Break them and show how fuucking amazing you can be. Such a epic challenge.

Yeah it happened to me too in my 20’s. My car was the major culprit. A lot of money that goes to various things when owning a car. After I sold the car my economy improved a lot. Takes a little while getting used to not having it, but as long as you are able to carry groceries home and don’t live way out in the countryside, it’s not a big problem. For those rare occasions when you actually have to have a car it’s much cheaper to rent or take a taxi.

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I never filed bankruptcy, but during psychosis, I lost two jobs, sold my house and had zero cash for several years. Fortunately, I received backpay from ssdi for several of those years while I was disabled and it acted like a kind of savings account and made me fairly flush with cash later on.

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I had a bad period with debts during my last psychosis. In all I probably had about 7k in debts and of that payed back 3k due to financial hardship. Now im debt free and my credit rating is 845/900 somehow

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In the US you can get a disability discharge for your student loans if you’re on disability. I think your doctor has to sign off on it.

I had racked up around 26k in debt over many years of psychosis. I did something in canada called a consumer proposal with a debt company. They knocked it down so i only owed 6600. Which im still paying off. Its not like a bankrupcy. I still have credit and it actually improves my score once everything is written off and paid.

don’t do it. It might be something else they put in the paper,
besides foreclosure and divorce.
like anybody needs to know that.

we had half a million in debt when we filed for bankruptcy…if you have under fifty thousand dollars in debt I would just not payments instead of bankruptcy unless they would all garnish your check…then you would need bankruptcy…big step…good luck.