The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Bankrupt or try to 'gut it out'? Date:  11/14/2012  9:12 PM
Author:  vkg Number:  306430 of 312307

****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.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us