Question by : Should i file bankruptcy?
I just got off the phone with a good friend of mine, he was repeatedly asking me the question “should i file bankruptcy”?
He and his wife owe about $ 100K in credit cards. The both of them originally held great well-paying jobs which they lost due to the economy and recent cost-cutting by their companies.
They were intending to repay the debt but as a result of their job loss, their current employment which is only paying a fraction of their original income is significantly not enough. They are being hounded frequently by creditors as well. I’m unsure what is the best option for him.
I am hoping i will be able to answer his question “should i file bankruptcy” in a assured manner to calm his nerves down. Is it the only option with regards to this issue of his? Any alternatives?
Best answer:
Answer by Rob
You should say to your friend “No, Do Not file for bankruptcy. The reason is that since 2005, the laws have changed and it is very difficult to file chapter 7 and so most people file chapter 13 which puts the borrower or creditor into what can be referred as a ward of the state or court because the court determines how your momey is spent plus they add onto your debt their bill for their services. There is hope and it starts by reading a free Ebook that tells you exactly what our credit system is about and how it works. It is 35 pages in length. You can find this ebook at debtendnow.com My friend John D. was in the same boat and he found a way that gets you to renegotiate at 10 to 20% off your balance. You can email me and I will be happy to share more.
Rob
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