a friend asked me for advice whether she shud file for bankruptcy or not. she has a debt of about 24k and she only makes about 19k a year or so and is a student. she had a good job before but after she lost it, she was living on credit cards for a good 7 months until all of them maxed out and now her lawyer has suggested bankruptcy. i want to see if anyone of u have any experience regarding it or know someone who has done it. i would appreciate the help.
Re: Filing for Bankruptcy
she must check whatever profession she is engaged to (or will be engaging in future) doesnt gets in effect by bankruptcy...i know accountants do get in trouble jobwise because it remains in their records for 6-7yrs or so.
i just know this one thing
Re: Filing for Bankruptcy
Yes if she wants to have any sort of career in any sort of financial, business or management capacity, it wont happen if she has a bankruptcy on file. There are many ways to avoid filing - most credit agencies will accept lesser payments to make them affordable. Will take her longer to pay it off but in the (7 year) long run, it would be much better for her to just tough it out. IMHO.
Re: Filing for Bankruptcy
no tell her not to file 4 bankuptcy, my dad filed 4 bankruptcy, we lost eveything, but he had to,
i wud defo advise her nt 2 file 4 it considering the debt is 24k,
Re: Filing for Bankruptcy
Yes if she wants to have any sort of career in any sort of financial, business or management capacity, it wont happen if she has a bankruptcy on file. There are many ways to avoid filing - most credit agencies will accept lesser payments to make them affordable. Will take her longer to pay it off but in the (7 year) long run, it would be much better for her to just tough it out. IMHO.
u mean proposal?... it would have the same effect job wise and will remain in her record for 7yrs or so
Re: Filing for Bankruptcy
lol. no no! she doesnt have to get married or anything! She should just contact her creditors and explain the situation, that she will need to file for bankruptcy or have lower payments. They will then make arrangements with her - NOT the rishta kind of arrangements, the financial kind lol
Re: Filing for Bankruptcy
lahowallah quwaat...
i m not talking about marriage proposal.... :p...
did i spell it wrong?... ...'that' thing.. which is probably better than bnkrptcy... where u ake the minimum payments to avoid bkrptcy..
Re: Filing for Bankruptcy
http://www.paklinks.com/gs/showthread.php?t=274145
mind checking this yoke 
Re: Filing for Bankruptcy
thanks aliyish.. she isnt filing for her student loans.. just her credit card loans.. shes very depressed as her wedding is coming up in a years time and she has alot of financial things to take care of.. she feels that if she doesnt start saving money now, alot of things would not get done as her parents do not help her so much financially. the attorney had told her that since she has a financed car, that can help her build her credit history and also so can her student loans. the credit card company is constantly calling her saying they will take legal action against her anytime soon so shes dead worried.. i just hope i can help her make the right decision :(
Re: Filing for Bankruptcy
ps--- she doesnt own properties or any assets that they can chase after.. so its not like shes losing anything.. shes still a student looking to work for a healthcare or hotel industry... i wonder how her bankruptcy would impact her career choice
Re: Filing for Bankruptcy
most jobs require a credit check. bankruptcy can usually mean you can say good bye to a good paying job till you are bankrupt. so avoid it if at all possible.
25K isnt a lot of money. You should be able to consolidate the many credit cards and get a low rate. Try seeking professional help.