Filing for Bankruptcy?

Is filing Chapter 7 bankruptcy a good idea for me? How long does it take to get back on track after I do?

• I am considering filing chapter 7 bankruptcy. I have 3 major credit cards, all of which have been charged off and added up have a balance of roughly 20k with interest and attorney fees. I also have some other random bills which have gone to collection: cell phone, utility bills, medical bills, etc, that add up to about 3k. I also owe about 10k in back taxes to the IRS, which I'm not sure if this could be included in the bankruptcy? I have made some mistakes in the past, living beyond my means and am much more educated and mature now and would like to get my life and credit built back up. 1. Is bankruptcy a good idea for me? 2. Can taxes be included in a bankruptcy? 3. How long does it take to get my credit built up to say a 650-700 credit score after a BK and are banks willing to give you a loan if they see you have a bankruptcy, even if your credit score is good now? I worked for a mortgage company in 2003 and we would give someone a loan the next day after a BK discharge. I know things have changed but any insight in today's credit market and how a BK is viewed by creditors in 2009 would be very helpful. Thanks

• Answer:

  Oh man bad deal.. a friend of mine just claimed bankruptcy and things are pretty shitty for him right now. It's harder than hell for him to get a loan and if he is offered a loan it's at a ridiculously high interest rate. Idk man I would seriously grill your lawyer and find out the specifics.. all I know is that my friend wished he wouldn't have claimed bankruptcy. Just make sure this is the last resort and there's no other way out. If that's the case then file bankruptcy. Wish you luck.