I am going to be filing bankruptcy within next two weeks. I’ve been contemplating it for some time recently. I have been doing thorough research about it and weighing my options thoroughly on doing it and not doing it.
I am new here and seeking some thoughts from those who’ve done this before. Knowledge is power and in this area, I am looking to gain all I can with the process and being responsible and rebuild after. I am 21years old, I had few cards opened up and as well some opened through my information being taken. I had good job that paid well, but the inconsistency with hours and working made it impossible after awhile to pay on my debts and they began to rise and fall to charge offs and delinquency. As well personal health and feelings in the past which I’ve powered through and overcome.
Now I am at a point of rebuilding my life and credit would be one of them as well. I am filing bankruptcy as my liabilities (rough estimate of debts in total are about $34k) have exceeded my assets and income. My car was repo as collateral and I have no assets. I have a co-sign on a car and wanted to know how bankruptcy will affect that person because they’ve been making payments and have the car. What are the affects to that person if I do it. I am looking to do a Chapter 7 bankruptcy.
I am sharing this with community to get incite in process, an feelings that will come with it. Anything to look out for and to ensure I do thoroughly to do this right the first time and don’t miss anything. As well what would be the recommend post bankruptcy. I feel it’s best for me since I am young, I have no assets, and not looking to purchase home anytime soon. This will give me opportunity to get fresh start and rebuild and come back better than I was before.
Once this is complete, I will be looking to get another car. This time I will purchase in full cash because my new job gives a lot more stability and pays me significantly higher than I’ve been paid before. I work at one of major credit card companies and learned a lot.
