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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310479  
Subject: Re: Bankrupt or try to 'gut it out'? Date: 11/14/2012 9:12 PM
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****Is the 'best' plan to try to get out of this ourselves over the 8-10 year period, rather than to throw in the towel now (or, in a year) and declare bankruptcy? A judge would probably kicks us out of his court in a hurry saying something like, "three pets, dance and gymnastics for three girls, a Wii, Netflix, $50 bucks a month for mental health therapy and you can't pay your creditors what you owe them? Drop all the things that I mentioned and you can have them paid in 6 years. You are not trying hard enough. Get out of my court-room!"

Bankruptcy court sees people in much worse condition. Credit counseling requirement should cover any issues before reaching the court room. If you don't qualify for full discharge of debt, a repayment plan will be setup. This should be the least of your concerns.

The dance and grmnastics are debts and don't show in cash flow.
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