Does anyone know the laws of personal Bankruptcy? (1 Viewer)

[Robert_eb]

A friend of mine is going thru some tuff times and I was wondering if anyone has knowledge of personal bankruptcy.

 

[Todd Hochard]

Did that bill ever pass that made it harder for someone to claim bankruptcy? I don't know.
I'd look at ALL options before going down that road, but I am VERY VERY protective of my credit rating. I guess it's my irrational fear of returning to my po folk roots.

 

[LDfan]

use it as a last resort. I don't think that bankruptcy will clear the debts anymore, only give the person unlimited time to pay it off or something. I may be wrong though. There are other options like the credit counseling places such as consumer credit counseling service. Have your friend give them a call before doing anything else.

Jeff

 

[KyleS]

Totally agree that this should only be used as a last resort AFTER contacting a credit agency and the credit card companies to try and set payments up without incurring anymore interest.

KyleS

 

[Brian Perry]

Did that bill ever pass that made it harder for someone to claim bankruptcy?

Unfortunately not. It was being debated right before 9/11 and then the lawmakers shelved it because they didn't want to appear cold-hearted during rough times. There was actually a spike in the number of filings because people were trying to beat the new rules, which never got passed.