If done carefully and planned well, bankruptcy isn’t the end-all-be-all that people make it out to be. In fact, coming out of a bankruptcy can be a huge boost to getting back on top.
I’ve been planning this out for more than a year. I am still not 100% decided on whether or not I will be able to completely repair my credit within the next year or whether I should just file bankruptcy and get this hassle off my shoulders. One reason I am considering it more strongly than ever is because of the hassle I’ve had with DriveTime.
The only real considerations are that my pending bad debts (caused by leaving the U.S. due to police corruption) are nearing the 7-year mark and will drop off but that also means that the creditors will probably step up their efforts in collecting. So, it’s a gamble to wait. I may wait that entire time only to find out that they’ve filed lawsuits and gotten a judgment against me which will be tougher to overcome in bankruptcy proceedings (as I understand it). If I go ahead and file now, then I avoid giving them the opportunity but I lose the possibility of having those drop off naturally and not having a bankruptcy on my record for 10 years.
I will be checking into this more in the upcoming weeks, so stay tuned if you are in the same boat as me! I will also divulge tactics I have used on how to pre-build your credit so that once you file, you wont’ be left completely at the mercy of creditors and ultra-high interest rates.
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[...] my credit, and still get the car back to sell at auction. But, I still have a checkmate in hand by filing bankruptcy. Despite how that sounds, bankruptcy isn’t the end-all-be-all and isn’t so bad, if [...]
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