answersLogoWhite

0


Best Answer

Bankruptcy sucks, no question. But it at least affords you legal rights and protection from creditors - if you just decide not to pay your credit bills, you will be inundated first with regular calls from collection agencies. After they figure out you either won't or can't pay, they'll file a lawsuit in your local court in order to put liens on your property and wages. Don't think they will or can't? Guess again. The can and they will come after you.

Try to avoid those credit payment assistance outfits as well. Though they might lower your payments, if you really look at them, you'll realize that you're actually paying out over a longer period of time, and if your income is the problem, you'll be indebted the rest of your life, which is what they want.

Even though bankruptcy sucks, it's not as bad as it's made out to be even though they've changed the laws some since I had to do it after prolonged illness. You can usually keep your house and vehicles and personal property, and that's really what counts in the end. Even though it takes a long time to get off your credit record, I guarantee you'll be getting credit card applications within several months of filing and your case is settled.

The biggest downside to bankruptcy is if you're in a career or plan to have a career in any field involving a security clearance. In such cases, you're better off working it out with the card companies to pay back what you owe. Once you file, there are certain jobs you'll never be able to get into, but those are pretty specific anyway. Just know that it will affect you for a long time, and in some cases for the rest of your life, so don't do it lightly. And trust me when I say that not paying will get you screwed big time. You'll likely wind up seeing everything you own auctioned off for nothing just because you were too stubborn to pay them back.

Is filing for Bankruptcy something you really want to do? Probably not! In fact, bankruptcy should always be considered a last resort.

Before choosing bankruptcy as an option, be sure to first do all you can to work things out with your creditors. You'll want to work with them to get your interest rates and monthly payments down to a minimum.

Additionally, you should do your best to reduce your living expenses and bring in extra income so that you can start chipping away at your debt and eventually become debt free.

Your choice.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

14y ago

You need professional individual help: The actions your using can't really be compared as you are....it is not a borrowers choice of one or the other. A person...not a debt...goes BK. Going BK may delay, but won't avoid and many collections...owing doesn't change your ability to go BK....they are both terrible things...one is not better or worse...it is entirely situational.....their effects on your life, assets, work, etc can be felt for many, many years.
Bankruptcy effects all your assets and debts...not just the credit card.

This answer is:
User Avatar

User Avatar

Wiki User

14y ago

You need to notify the Credit company, once you've done that you may suspend payments.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How soon before filing bankruptcy can you stop paying credit cards?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How long does one have to wait before applying for a credit card once they have filed for bankruptcy?

There isn't a set amount of time that one needs to wait to apply for credit after filing bankruptcy. Some experts actually suggest that one tries right away to obtain a credit card. Keeping the balance low and paying a percentage every month without fully paying off the debt will help rebuild damaged credit.


Does filing bankruptcy get you out of paying child support?

No. Child support is usually non-dischargeable.


What can you do to help clean up debts on your credit report?

Besides paying your debts off or filing bankruptcy if you are unable to pay off these debts there is nothing you can really do to clear them from your credit report. Most debts stay on your credit report for seven years.


How can i explain to the courts if I'm filing bankrupt and my tenant is no longer paying me rent?

Your bankruptcy has noting to do with your tenant. If you were not filing, he would still owe you the rent.


If your car was repossessedand the company who sold the car to you is filing bankruptcy do you still owe?

Yes. Since the "Car Sales Company" went into bankruptcy, your financial agreement with your "Creditor" (bank, credit card, credit union, etc...) has not dissolved the loan. Check with your creditor (who you send your monthly to?) and/or continue paying for your car. This will help you keep your own personal credit in good standing.


Intentional purchases that can not be paid for right before filing bankruptcy is this fraud?

Fraud is likely never the correct term...but NOT paying is never a problem...paying any bill, which may be construed as paying someone preferentially, is a problem and may be challenged in thr BK.


Can you stop the property from going to foreclosure 2 days before it will be foreclosed on?

Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.


Can you purchase another car before you file bankruptcy on another car?

sure you can, but you will loose new car when u file bankruptcy anyway.also need more than just a car payment to file bankruptcy. laws have changed to prevent people filing bankrupcy just to dodge paying there bills


how to raise credit after bankruptcy?

I would say taking out small loans and paying them off before too much interest has accumulated. Apply for a credit card, buy something, then pay it off on your first statement.


How hard is it to get credit after bankruptcy?

It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.


Will paying off a car loan raise your credit score after a bankruptcy?

The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.


How long can you go without paying your credit card in califormia before they have to stop hounding you?

A company can continue to hound you for their money until the debt is satisfied or until you retain an attorney for bankruptcy.