Whats your opinion of bankruptcy?

She should work with a group like this: http://www.moneymanagement.org/

If you are apparently really bored this evening, Google bankruptcy, bad credit, how banks screw people, etc. Get educated.

I thought this would be a faster answer since I’m here anyway and it is a site for asking questions? but thanks for the sarcasm.

I am not being sarcastic. You said in an earlier question that you are bored. Why should we do your work for you or your friend? Have your friend talk to a bank officer on Monday. Everyone’s credit issues are different and have different solutions. One first step is to not spend more than one can afford.

It was more of a question for people who had an understanding of bankruptcy or maybe someone who has filed I suppose, Obviously I don’t care to read up on something that doesn’t effect me, Simply getting quick opinions so you can STFU up now, Thanks.

She’s 19 and is considering bankruptcy?? The bank is not at fault for someone spending irresponsibly.
I’m not sure what she should do. Does she have a job? Where does she live? Sounds like she needs to go back home to her parents, and start paying off her debt. That’s the only thing I can think of.

She has a job at a retail store and makes around $6 an hour give or take a few cents and she refuses to work full time, Not quite sure why and she does live with her parents

How does she figure a bankruptcy will repair her credit?

FYI, telling a well respected member of this community to STFU on your first day here is probably not the best way to get yourself welcomed into the fold.

More details please. How exactly did the bank screw her?

HOW is it possible to even get broke enough to file for bancruptsy when you live with your PARENTS??

I suggest:

- NO creditcards (use debetcards or cash)
– Automatic withdrawl from her paycheck to pay of her loans
– 2 jobs
– A serious talk with someone who can teach her about money
– Not letting her parents pay for anything but the necesseties
and
– Not letting this girl file for bancruptsy before she tries for 3 years to pay everything off.

If you live at your parents house you have everything you need, ‘til everything is under control.

Filing for bancruptsy has never been an option for me, so I haven’t read up on it. But it can’t look good in your papers later in life? ‘Why should we give her a loan if she’s already proven that she is SO bad with money that she went bancrupt at 19 and didn’t even TRY to sort it out?’

I ask myself:
Why are americans so obsessed with creditcards? I have one, but I’m terrified of it! I only use it when I’m abroad, because it’s less expencive. But for everyday use? No way! This economics-thing really isn’t that difficult:

DON’T USE MONEY YOU DON’T HAVE!!

Sorry, just had to get that off of my chest ;)

@Lothlorien: If you want good advice, you need to supply her financial history also what she spends her money on, how much she makes in a month, how in debt she is, etc, etc.
Bankruptcy is always the last option as it stays with your credit score for 10 years so if she wants to move out of her parents house, well she probably won’t be able to until she is 29 or finds a rich husband.

They may not let her file bankruptcy at her age. If she’s living with her parents, she has no fixed living expenses. You don’t just get to spend money willy-nilly without consequences. How much is she in debt? She needs to try credit counseling first. That being said, she may be a party to predatory lending.

She really needs to talk to a credit counselor, like at the site I referenced above.

Any “moral” aspects aside, if she’s really overburdened and would pay the next 20 years to pay off interest instead of principal, bankruptcy might be the best solution. Banks and credit card companies have worked long and hard to shape the social stigma associated with BK.

Of course, they want you on the debtor roll hoping you’ll pay. So, BK can be a good idea.

Of course some financial education for your friend might be in order.