Will filing bankrupcy eliminate my bills? or i need to get payday loans?
i have very huge bills to pay off. Will filing bankrupcy eliminate my bills? or i need to get payday loans?
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I’m told bankruptcy doesn’t cover debts owed to th government such as back taxes or student loans, but I think it covers everything else. I don’t know much about bankruptcy proceedings, but I do know that payday loans are traps you want to try to avoid.
I had a relative that filed for bankruptcy recently and he had to go through credit counseling. It also affects existing business you have with companies. For example a lot of businesses like doctor’s office will ask you to pay up front with cash and won’t be as willingly to set up payment arrangements with you.
Yes it will only you will never be able to apply for credit, any loan or global travel for five to seven years or longer depending what the bankrupt judge decides.
If you don’t go bankrupt, sheriffs can come to your house and take your personal property to sell to recover the money.
Personally, from what you mentioned don’t apply for payday loans. They will put you further and deeper into debt the interest you repay on them are almost the same amount that you loaned.
You need to break this financial debt circle your in, rather than digging a deeper hole.
Before deciding which path you choose, call your local Salvation Army and make an appointment with one of their financial officers.
It’s a totally free service, which helps you to budget your finances and they will help and assist you of how to get your bills down. They also will act as negotiator with your credit companies with offering an affordable repayment plan to suit your budget.
So you won’t live eating Ramin noodles heating them up with a cigarette lighter and suffer with the financial stress and worry you currently are having.