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Bankruptcy when is it worth it!

Established Member

Bankruptcy when is it worth it!

When is Bankruptcy worth it, at what amount, 4 years ago I should've delcared bankruptcy but choose not to, I still have good credit, just still have debt of about 9000 in unsecured loans. I should've declared then. I guess I made a mistake in not delcaring then is it worth it for about $9000 in unsecured loans, as I can focus on otherr things...student loans and car debt.

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2 REPLIES
Senior Contributor

Re: Bankruptcy when is it worth it!

everybody's situation is different, but i would NOT do it for that amount of debt.  we used to have about $25,000 of debt, not including student loans or our car payment.  now we only owe about $10,000, & the car is paid off.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 2 of 3
Moderator Emeritus

Re: Bankruptcy when is it worth it!

I have to agree with laz. That doesn't seem like that much debt but only you know exactly what's going on. If you don't mind posting more details perhaps someone can better advise you.

 

 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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