Bankruptcy Personal Story

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Q. I have over 10,000 in credit card debt, and i have no way to pay it off. I am considering bankruptcy but I have heard horrible things about it. How fast can I start to re-build my credit. I am looking forward going to harvard, but I would like to know if a backrupcty will have any effect in me getting a student loan. (By the way most of the 10,000 is fees and interests) I would like to know of anybody who has gone through this and how hard life becomes after bankruptcy. I have no assets but books

A. Bankruptcy is like a nuclear bomb as far as your life goes. Yes, it can get rid of some of the debt. But it costs money to do this (you have to pay an attorney), and you have this black eye for 10 years or more. In the long term, you will pay far more than $10,000 on increased auto insurance premiums, additional rent, and high-risk interest rates on loans. It simply isn't worth it for a piddly $10K. For $100K or $250K, that is a different story. If you had a medical issue and got wiped out, that is also a different story. Bankruptcy will dog you for the rest of your life. From then on, every time you fill out a credit application, and in many cases, every time you fill out a job application, they are going to ask you if you EVER have filed for bankruptcy. It may very well eliminate you from certain jobs in the future where you would have to handle money, be bondable, or handle funds for a client. The shorter term impact is much higher interest rates on anything you buy, a 10 year credit record listing, and a dark cloud hanging over your head.

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