Personal Bankruptcy

[dashtrash]

760 is just fine. Don't file if you can avoid it. A lawyer that's telling you to do it does not have your interests at heart. If you can sell your car, cut the cable bill, or whatever, then do it. Only you know if it is possible to dig your way out. If you CAN do it on your own you have an obligation to do so. Good Luck.

 

[dashtrash]

moreover; it's not about what some credit company thinks of you. It's about what you think of you.

 

[FDJ2]

Thanks. Actually I have not filed yet. My FICO score is 760 and I hate to see it go

Then don't file. Work with your lenders. Negotiate a payment schedule you can live with. Downsize your lifestyle for the time being.

 

[buckdanny]

Have you considered credit consolidation? I"m going to go check out a consolidation company called "Solutions" in a few days. If your debt is mostly credit cards, it will cut your interest rate down to 4% or so. From what I understand monthy payments are very low and you lose your credit cards, but at least it's not a bankrupcy. My wife did it a few years ago, and her credit never acted negatively everywhere we've been (apartments, etc...) Feel free to PM me with questions if you want to know more details.

Buck

 

[GCD]

Don't file. Do what ever it takes to work it out.

I'm predicting that a personal bankruptcy will be a hindering factor in obtaining employment in a "trusted" or "secured" position, in any business.

 

[countbat]

You have to do what you have to do. Watch your own interest because nobody else does it for you. People talking the talk are anywhere and pointing the finger and playing morality is easy. The Rich will never believe that are poor people in the world and the Fat one will never believe other people are starving.
If you have to declare banckruptcy because that's the last choice you have.....DO IT. It is not a shame. Many other - many famous-people have done it before you. Companies too. Don't listen to "So called morals" because they will not come forward voluntering to pay your bills or to buy you lunch for that matter.
Nobody gives a S%^t about you. I hate saying that but is the truth. When you lost your job your Company didn't ask if you have money to survive.
If majors ask about credit?....which it shouldn't be their business do not worry. It will take a lot of years untill they will start hiring again, and that if we will have the same majors by that time.
I have known 2 Chief Pilots, 1 DO, 4 pilots with banckruptcies and they have good flying jobs. More than that, one of the Chief Pilots was rejecting candidates for not having a perfect credit. A snake preaching to the birds.
Nobody declares banckruptcy because is fun and only an idiot can blame a fellow unfortunate human for that.
Good Luck and keep smiling. Life goes ahead and can be rebuild.
My 2 cents.

 

[bennyjets1]

Saw your post... divorce is the number one cause of BK in the U.S. As one said in another reply, do what you have to do, but stand up for yourselve and explain the positive of the situation. The last few years have been tough economically and BKs are up. Funny that the majors are in BK, but you are a deadbeat if you have one? Don't think so... I know more than a few people that have been hired - you're flying an airplane, not handling money! Is a BK a statement about yourself and your ability to handle your obligations? Could be? Bad things happen to good people everyday. The difference is how you handle yourself from that time forward.

 

[quigs]

pipejockey,

go to www.creditnet.com under discussions and go into the forum over there. There is tons of information that you need to arm yourself with quickly. Don't listen to just anybody or you will end up wishing you had not. I was in the same situation and almost filed, but I stumbled across that forum and it changed everything around. The info you can get from there is priceless. There is a time and place for BK, you just need to find out if its truly for you. BTW it is completely free just follow the link.

Good Luck.

 

[Flyairjason]

Here's what I think...

Guys and gals,

Part of the problem with our career choice is that it doesn't yield any real high dividends until much much later in the game. This will sometimes call for desperate measures, such as bankruptcy, but even this will only do you any good if your debt is unsecured (such as credit cards and the like).
I have known folks that have filed and it has produced very positive results, and then there's those that have gotten hosed (but they lost things like their cars, homes, boats and RVs).

Then there's the credit counselors, but this may as well be a bankruptcy too. I have known MANY folks who believed that this was the only responsible thing to do, but now their credit scores are consistent with those who have had charge-offs (in the middle 500s). Oh yeah, with regards to charge-offs... A friend of mine in the finance business once told me that if you do let a credit card get charged off (you know, that is if you don't make a payment for 90 days), don't even bother with it. Even if you felt the urge to do the right thing and just pay it off later, it still reports to the agencies as a charge off- just resolved. This wont really make a difference in your credit score.

Then there's me... I didn't deal with credit for many years in a row while I didn't have the money to be acquiring debt, and while I wasn't watching, my credit got jacked. A number of errors/identity fraud items were suddenly affixed, and this is a real beeotch to remove. It's not that big of a deal, but it takes time for all of it to be removed. So check your credit, guys... At least once a year.

The truth is, there is virtually zero integrity to the credit reporting systems, and I think we all agree (except Duksrule) that just because you went out and acquired a 50 to 100 thousand dollar education, and now you can't pay for the meals you had to charge while you were in training for your $17,000 per year job, that you're still a good person.

Don't give up, you'll make it. In the mean time, drink your roomies beers while he's on a trip... This will save a few bucks.

Please PM me if you have any questions.

Regards bros,
Jason