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Originally Posted by bigun  I'd suggest you not file for bk until, you get your finances stablized. Don't play the bk card too soon. Make sure you have a job with insurance benefits and you're making enough money to at least cover your basic living expenses. You don't want to file and then 6 months later have a serious illness or an accident and have large medical bills you can't pay and you've already played the bk card.
The pros to a Chapter 7 bk is, all unseured debt like a mortgage deficiency and cc debt are wiped out and you have a fresh financial start.
The downside is, the public record will remain for 10 years on your credit report and will hamper your access to credit and may affect your employment prospects and raise your insurance premiums. |
For many people, it takes BK just to get their finances stabilized ... when they are being forced to change their lifestyle to one with a much lower income (as many people are being forced into these days). In some cases, filing ASAP is actually better. There's no simple answer, even if you know all the details of a particular person's case. Issues like the medical bills you raise are certainly valid. But how long does one wait for their big medical emergency to happen so they can discharge it? Maybe the OP, after BK discharge, can get into a better financial position that includes medical coverage.
It all depends. There's no simple answer. A friend of mine expedited his chapter 7 and got back on his feet very quickly after it was over.
06-08-2009, 11:43 AM
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