Quote:
Originally Posted by Miss Absynthe
Doesn't it cost money to declare bankruptcy? And after it's all been declared and settled and it's seven years later, don't you still get asked credit companies and places if you've ever declared bankruptcy?
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It does BUT you really don't need to file for it unless you have something you are trying to protect. If you have a house, retirement fund, or some stocks or other property you want to shield from creditors then you need to go through the legal process of filing and jumping through all the hoops. Just to file initially a lawyer will charge you about $1,200 - and that number will grow as he has to file more documents depending on what you own.
You can of course just stop paying and let the creditors take you to court. Your assets will not be protected, but sure, if you have no assets they can't do anything and you save the thousands you would have spent on a lawyer.