If i declare myself bankrupt...?

will that clear my debt? I know it means i would have a bad credit rating but i don%26#039;t care because i have one anyway and if i cleared my debt i wouldn%26#039;t get into debt again! HELP, sick of having no money and working all the hours for nothing. Serious answers only please.

If i declare myself bankrupt...?

Having been a bankrupt myself, I can say yes they will. You have a meeting with a judge who declares you bankrupt, from then onwards you have a clean slate.

Yes it is true you cannot get credit but if you are at that stage of being a bankrupt then really you should have learnt not to borrow. You will get a bank account by going to the Royal Bank Of Scotland and getting a Key Account. you can still have direct debits paid on this account and use a cash machine BUT you can only spend what you have in the account.

My only regret is that it took me so long to go bankrupt because of the stigma, however because I had to keep borrowing to just pay back interest then it just became obvious I could never catch up, once my Credit Rating got affected then I no longer was trying to protect it, it was then either have baliffs round ot have a small article in the newspaper, I went for that and have no regrets.

People will have their own views over this which is why I struggled for so long, however once you have done it then the money you earn is yours, no one can hassle you over any former debts from that second of bankruptcy. I know because I have done it and thats the best answer that anyone can actually give.

Feel free to email me if you have any other questions.

If i declare myself bankrupt...?

It may clear your debt. Chapter 7 bankrupcy does that.

If you are forced into Chapter 13 bankrupcy, the court will force you into a 5-year payment plan. Whatever you can%26#039;t pay off after 5 years will probably be forgiven.

Talk to a bankruptcy attorney. The initial visit should be free, and you%26#039;ll get better advice than you will here.

If i declare myself bankrupt...?

It depends on what the bankruptcy court finds in your case. Most of the time it will approve a plan that allows you to pay back your debt over a much longer time. You seldom get to walk away without having to repay any of it.

If i declare myself bankrupt...?

Declaring yourself bankrupt is a quick easy way out of your problems now, but it will be apparent to anyone who does a credit check on you for the next 12 - 15 years ( not sure which) that you have been bankrupt.

The best thing to do is contact all the organisations that you are in debt to and arrange a fixed repayment scheme. this works especially well with credit cards etc. then cut all the cards up and just keep paying them off. This seems like a lot of hard work at the time, but in a years time ( maybe 2!!) You%26#039;ll have a better credit rating and you%26#039;ll either be out of debt or have it under a lot more control.

Good luck

If i declare myself bankrupt...?

all I know about bankruptcy is that you cannot vote for a while and your credit rating suffers.

If i declare myself bankrupt...?

You%26#039;re not working the hours for %26#039;nothing%26#039;. You%26#039;re working the hours for all the stuff you bought with the money you went into debt with.

When you declare bankruptcy- you make us pay for your lack of will power- just something to consider!

To answer your question- yes, your debt would be cleared if you claim bankruptcy.

Check out http://www.amazon.com/gp/redirect.html?i... for info on earning money and trying to avoid the dreaded debtors!

If i declare myself bankrupt...?

No indication as to which country you are in.

If you are in England, the best way out of debt is to renegotiate with your creditors. They may be unwilling to do this directly with you, but a debt advisor at the local CAB can help. This way could help get any interest frozen, and help give some relief. You will still repay the whole debt and will come out of it owing nothing with your credit intact.

The next best thing is an Individual Voluntary Agreement (IVA). Again, ignore the adverts on the telly asking you to put your debts in the hands of a private company, it is better to sort it yourself, again through a CAB debt advisor, an Independent Financial Advisor or a solicitor. You will pay a fixed amount each month and the debt will be cleared in 5 years, even if it is not completely paid off. This will affect your credit rating for a few years, but it will keep you out of court and still leave a possibility you could get a mortgage someday.

If you opt for bankruptcy you will certainly get some relief from creditors chasing you up, but your credit rating in future will be destroyed for years.

I got out of my debts through hard work, renegotiation and paying it off and I still get offered loans and credit cards. I am happy to say no. I am better off, since my money isn%26#039;t servicing interest payments and late payment fees all the time. See if this is possible for you, if not try the IVA. You may want to buy a house when your finances improve, and bankruptcy could leave you a tenant forever.

If i declare myself bankrupt...?

Bankruptcy is not as easy as it sounds. Forgiving the entire debt is the last option the courts let you take. If you are working and earning anything, what will most likely happen is that you would be ordered to enroll in a plan that would garnish part of your wages to pay your creditors with smaller payments and over a longer period than what you%26#039;re currently doing. Also, they take a very close look at HOW that money was spent. If it%26#039;s because of medical bills or necessary living expenses and you have been out of work for years and exhausted every possible resource in the interim, and can prove you have tried every other possible avenue of paying what you owe, including debt counseling, then they will likely be a little more lenient.

On the other hand, if you%26#039;re in heavy debt because of a tendency to buy expensive cars, luxury clothing, and exorbitant vacations, and have maxed out a lot of retail credit cards, they won%26#039;t let you off the hook so easily.

If i declare myself bankrupt...?

In the United States, a new bankruptcy reform law was passed in 2005 that makes it harder to declare bankruptcy without some kind of payment plan. This new law makes it harder to file for Chapter 7 (erase debts), and it pushes people to file for Chapter 13 (payments to creditors). The test is whether or not you earn more than your state%26#039;s median income.

Before the law went into effect, Chapter 7 filings rose dramatically. I would advise you to consult with a bankruptcy attorney to discuss your options.

On a side note, credit card companies love to offer credit cards to consumers who have recently filed for bankruptcy. This is because consumers in this category have generally displayed a sense of credit dependence. The amount of interest payments that credit card companies receive is more than enough to offset the relatively small dollar percentage of defaults.

If i declare myself bankrupt...?

The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.

Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.