HELP!! Should I file Bankruptcy????

ok i know it takes about 7 years for a bankruptcy to come off you credit report. In the lines of a house I would wait on that one because having a bankruptcy on your credit will make your financial rate sore. It will not affect you getting a job but it can affect some student loans to get into school. Depending on where you go to school at. I would contact the credit card company or companies that gave you those cards when you were 17 and see if you can make some kind of arrangement with them. Other than that get rid of the bill you don't need like car payment. You can get a nice used car pay outright for it , and that would free up more money to pay off you debt to the credit card companies. Bankruptcy at a young age would not look good for you.

You are 19 and you were paying the card regularly previously, so the date on the application will most likely be irrelevant. Bankruptcy is a serious step that you should avoid if at all possible. Call the card issuers and try to arrange for a payment schedule that you can handle. I suggest, however, that you cut your cards so that you are not tempted to use them.

If you have income, bankruptcy will not remove the credit card debt. You would file under Chapter 13, and the court would work out a repayment arrangement, with possibly some of the debt erased. But you would still have the liability and would spend time paying it off. It is better to do that without bankruptcy.

That amount is so small you should fess up to it and pay it! The BK will be on your credit forever. Have responsibility. The payment sounds like it is a high rate. What you should do is contact the credit card company ask for a manager or get a fax number and write them a letter. Inform them they gave you the card when you were under age, you did not know better,( heck, you can get them for that!) it is their fault for the error, they should not have given you the card! Tell them you are thinking of BK and make a deal for a lower pay off with a lower rate....one you can afford. I was able to get a much lower rate on one of mine and I am working on the others. Remember, they have already made the money back that you spent and now they are making interest.

Technically the credit card company were in the wrong for giving you credit, but then they could claim you were fraudulent in your application. Bancruptcy is a drastic measure. It can affect you for up to 6 years. Basically all your debts are written off, but that can make it difficult for you to rent a place of your own, have utility bills in your own name and makes having a bank account difficult. Without a bank account, getting a job can be difficult because your salry would need to be paid into a bank. Also if you get a job within the specified time of your bancruptcy, you will then have to repay at least some of your debt. A friend of mine lived on benefits for 5 years as a result of bancruptcy!

My advice would be to visit Citizens Advice Bureau for some advice. They can contact creditors on your behalf and request reduced payments. Most companies will be happy to accept reduced payments rather than no payments. Work out a list of all your incomings and all your outgoings before you speak to them as this will help them to work out what you actually can afford. They are best placed to advise you on whether bancruptcy is a viable option for you.

Good luck x

One waits ten years after bankruptcy to get any kind of loan again (such as a house loan.) Should you pay your debts? Yes. Will it take a while? Yes. Will you do the right thing, that which you have promised to do? Life is a series of choices, dear, and the more important the choice, the more difficult it is to make it.

You really need some more in depth counseling than you are going to get here. Dave Ramsey has some great programs and advice for all kinds of financial situations. I bought the book and now live by his advice. You can get a lot of info just by looking on his website.

http://www.daveramsey.com/

Can you sell anything? Live a little less expensive a life style? It will all be worth it in the end. Bakruptcy will haunt you for a long time.

No, don't file. I think you're far too young to have that on your record. I suggest you go to some sort of credit counseling for financial advice, consolidate your bills if possible, avoid all unecessary expenditures, and set up a budget to live by.

You should go and see your local Citizens Advice Bureue as soon as possible. Also take them a complete list of your income and expenditure plus any debt letters you have. They can also assist you with filing for bankruptcy if it comes to it.

Talk to bankruptcy attorney if you plan to file for bankruptcy because they will able to help you.

Not unless you own your own house and have plenty of valuables . Never open the door to Bailiffs, keep all your windows firmly shut No matter how much they say they just want to talk with you. Keep them firmly out.