Debt Consolidation?
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Here is a page that has all the facts regarding the new bankruptcy laws: http://www.expert-credit-advice.com/bank...
You need to pass a means test to qualify for discharge..
Best answer?
First off bankruptcy is very expensive to do and if the debt ratio is not a certin amount it will be denied. What I highly suggest that you do is get in touch with a debt consolodation company and talk to them. Try Genius credit management etc. For about 3-5 dollars per account they can get intrest lowered or even stopped. If you go with Credit management it will save you from blemishes on your credit report. Good Luck
Go to http://www.uscourts.gov/bankruptcycourts... It's a govt. website that contains all the info you need.
I filed bankruptcy after a divorce and was able to qualify for a mortgage a year later and a car loan 2 years later.
However, this was before he new bankruptcy laws, which are much more strict. You can find an attorney to take care of a bankruptcy for a few hundred dollars, but the true cost is what it can do to your credit. I was lucky, because my credit was great before my divorce and I've had no blemishes since.
Someone suggested debt consolidation and I agree. I've heard that this does have a negative impact to your credit, it's not nearly as bad as a bankruptcy.
Good luck!
Debt consolidation is good only if you have property. Most people who get their debts consolidated only end up going back to the same habits of charging excessively. If you consolidate and take out a mortgage you can get a tax break on the interest, because it is considered part of the home. I would prefer bankruptcy. You will be back on your feet in 2 years, and with debt consolidation it will take longer. Why? Because you're credit report will show all the late payments and delinquencies on open accounts. Bankruptcy closes the accounts and lets the healing begin.
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