Should I file for bankrupcy? Here is my situation. >Owe $35K

hit the phone book/google it. see a bankruptcy atty, consultations are usually free.

and if by gov debt you mean irs, its tricky. it has to be taxes owed that you reported to them and just never paid. they also have to be at least two years old. even when those two are met you also have to be all caught up on your returns (which you can do while filing). considering thats your biggest debt, if you cant include that its not worth destroying your credit for years to come over 20K.

>>993976
Bankruptcy isn't just an easy pie the slate clean, especially with back taxes.

Can you Bring more money in? A minimum wage job would triple your income.

>>993976
You can pay back your debt by joining the military soon : )

>>993976
I honestly believe that if you take a job that allows you to learn a trade like plumbing or electrician, work several years to gain experience and your license while paying off debts, you world be in a much better situation than filing bankruptcy. Bankruptcy is a huge mark against your name and screws with just about every financial decision for many, many years.

Stop the bleeding by cutting up your credit card. It's only making the situation worse. Get on a strict budget where you are in control of every dollar that comes into your life. It's a big hole that you are in, but it can be solved with enough hard work and dedication.

>>994019
Military won't accept people who have large debts.

>>994019
>>>/pol/
>>>/x/

>>994062
7 years. That's all. It's also not a huge mark against your name. OP would probably have better credit after filing bankruptcy, not that it matters. Or are you saying debt is a good thing?

>>996433
OP is in this mess due to purchasing things he cannot afford on credit and potentially neglecting to pay his taxes on time. Trying to establish a line of credit after going through a bankruptcy is baffling to me. 7 years to have bankruptcy disclosed on any financial documents, attempting to rent or purchase a home, and if I'm not mistaken, there are some forms where you must answer if you've declared bankruptcy in your life.

Even with declaring bankruptcy, there are some debts which cannot be wiped away. I believe anything involving student loans, government taxes, and certain other items.

Paying over $50,000 to the people you owe money to is a much better solution than trying to declare bankruptcy and having that life changing event. This is a crappy situation to be in for OP.

>>994062
>>996466

I want to agree with you guys, but isn't the only thing bankruptcy fucks you with is owning a home?

So as long as OP is gonna rent for years and years, then no big deal right?

And if he is able to get back on track he could put away enough for a sizeable down payment on a home and then the bank would have to say yes to a mortgage? plus that money built up would be money he would be wasting on trying to pay these debts.

Correct me if I'm wrong, it just seems to be my understanding of bankruptcy. I knew one guy that declared it, and other than not being able to buy a house, everything worked out for him, he ended up getting a good job and getting back on track.

>>996492
It's four years before you can qualify for a conventional mortgage (three for an FHA I believe) after the date of bankruptcy discharge.

To people that have credit filing seems like the end of the world and something you can never recover from. It's a little different when you're used to having no credit and living on cash anyhow, possible wage garnishment, being sued, liens etc.

Typically you'll have a 650ish FICO within a year of filing and at least one credit card if you have verifiable income.