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Should I file bankruptcy?

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    Should I file bankruptcy?

    I am 27 years old. I will admit I was an addict from the age of 22 until now. I had a company sponsored employee credit card that I spent over 2500 on that I haven't and cant pay back, I also have a capital one prepaid card that I overspent 700 on and now cant pay back. I also have various bills like blood work (700$) and some bill from the county because I was suppose to go to them for counseling and went to a real doctor instead so they sent me a 200 bill because I didn't show up.

    so now that i'm sober, looking for a job, and so on should I declare bankruptcy. I don't own any homes or anything like that.

    Thank you

    #2
    How about get a job first and then see where that leads you.
    Kill the debt, before it kills you!

    Comment


      #3
      What are your total assets including savings, car, investments, home, etc?

      How did you overspend on a prepaid card? I use prepaid cards all the time. They can only be used for the amount remaining on the card. If I try and use one that has a zero balance, it will get rejected.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

      Comment


        #4
        What do you expect to get out of bankruptcy? At the creditors harassing you? Do you hope to rebuild your credit?

        Comment


          #5
          I wonder if you've heard of the expression 'out of the frying pan, into the fire!'

          While it's understandable to wish for an easy and fast solution to a money problem it's really important to make a plan and make sure it's not going to come back and bite you. Everything runs on credit and credit scores, even employers are looking at scores for hiring decisions, retaining employees and promotion decisions.

          As others suggest, it's important to get a job, list all assets and debts and work with creditors to get debt paid off.

          Comment


            #6
            Maybe. Most, if not all, bankruptcy attorneys will do a free consult. Talk to one. Very often if your credit is already tanked badly then filing will allow you to rebuild your credit more quickly than you could just by paying everything off. But on the other hand, the amount you owe isn't all that high, relatively speaking. Talk to an attorney and see what they recommend.

            For the record, I am a firm believer in bankruptcy if it's beneficial to you. Some people may try to tell you that you spent the money and you should pay it back. I think that is crap. When corporations start feeling a moral duty to pay back debts under all circumstances, so will I. Until then I feel as though all is fair as long as it's legal.

            Comment


              #7
              Originally posted by mike34202 View Post
              I am 27 years old. I will admit I was an addict from the age of 22 until now. I had a company sponsored employee credit card that I spent over 2500 on that I haven't and cant pay back, I also have a capital one prepaid card that I overspent 700 on and now cant pay back. I also have various bills like blood work (700$) and some bill from the county because I was suppose to go to them for counseling and went to a real doctor instead so they sent me a 200 bill because I didn't show up.

              so now that i'm sober, looking for a job, and so on should I declare bankruptcy. I don't own any homes or anything like that.

              Thank you
              Find a job first. Then, come up with a plan to pay back what you owe.

              You are young and don't owe all that much. Your debts are totally manageable. You don't need bankruptcy.
              Brian

              Comment


                #8
                Originally posted by bjl584 View Post
                Find a job first. Then, come up with a plan to pay back what you owe.

                You are young and don't owe all that much. Your debts are totally manageable. You don't need bankruptcy.
                You owe $4,100. You aren't bankrupt. You're just broke. I agree with the others. Get a job and you can clean this up in no time at all.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                  #9
                  Don't file for bankruptcy unless you absolutely have to. From what you listed, it sounds like you just need to come up with a financial plan, allocate so much money towards each of your debts per week/month, whatever works best for you and you'll be debt free in no time.

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