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File Bankruptcy Or Consolidation

Is it ok to file bankruptcy or should I consider debt consolidation?

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 ---jane on 6/16/08
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I know that God says to pay our bills but he also mandated a wipe out of debts after seven years. Most bill collectors today would laugh in His face and have their hand out. But today's world was not here when he gave this guidance (and I think he meant it from that time forward but I am not in the law-making business). I think I could tie this in as one of the ways that God allows us to even the score but how you survive in the mean time is another subject! Odessa
---Odessa on 7/8/08


This is really a difficult question. It all depends in the situaion a christain found himself or herself. in all things a christain must always trly on God for guidance. Thanks
---ogochukwu on 6/30/08


Yes, in the old testament there was the year of jubilee to help those in debt and to return land to the original families.

Is bankruptcy a first choice? No, but sometimes there is no other alternative.
---Michael on 6/28/08


I would say that the only reasons for bankruptcy would be that there has been a death of one of the spouses in a marriage or a severe illness which leaves bills that could not be paid even with some kind of payment plan. Also, if someone has lost their job and cannot find one which pays as much as they were making, this might be a consideration. There are other options. If you own more vehicles than you need, you can turn one in and make arrangements to make smaller payments on the balance after the vehicle has been sold. We had a friend who did this and his credit was better because he did not walk totally away from the committment.
---SusieB on 6/24/08


Bankruptcy for myself is not for Christians.
The only way that would be an alternative, if you were married and your spouse died, and you could not afford to honor the commitments. If you lose your job and no employment is forthcoming, especially in this economy. But I would first exhaust all options, before doing that, don't make it a tool to escape paying bills that you honestly know you owe.
---lelle9876 on 6/24/08




There is a ministry in our area which has filed for Chapter 11 bankruptcy because they can no longer get people to give them money for their "sinking ship" and are now not able to meet the requirements of the Chapter 11. Should a ministry do this?
---KarenD on 6/23/08


I dont think it is OK t file for bankruptcy, JESUS said in his word the cattle on a thousand hill is his if we trust him we wont be in dept much less to file for bankruptcy.
---clove6736 on 6/23/08


I think that christians should not file bankruptcy.If you know Jesus why not ask him to help you to manage your money.We people only use jesus when needed and when it comes to some subjects we leave him outside.We should ask him at all times to help us even with the money business. When we learn how to manage our money and ask God for guidance than we never can go bankrupt.
---naoma4987 on 6/23/08


Bankruptcy is financial suicide, it is an absolute loss of faith in God. However, extreme circumstances may warrant such an act, just as we cannot unilaterally condemn suicide.
---Turk on 6/22/08


Depends upon your situation. My husband passed away after a long illness. We did not always have health insurance so we had used our credit cards to get him medical treatment, plus the additional over the years that had been adding up. I worked full time and took care of him but there was never enough money. We did not spend unnecessaryly. After his passing I was left with such a large amount of bills I could never repay. Then yes you should file bankrupcy. However if reconsolidation had been a possible,Yes then go far it. But be realistic.
---Donna on 6/20/08




i have lookedat all services available iam not an american so all services are not the same in australia.but therare clear warning reguarding filingfor bank ruptency and seeking debt counselling iwould encorage allchrista net members no matter what country/state you come from go andseek counelling from true christian counsellors.i fnd the very encouraging scriptures as a very real help as well and seek out a truely born again chritian confident to share with and pray with and for you even be a truely born again christian group forsupport. i encourage all members not to attemp to go into theseituations alone.
---greg9683 on 6/20/08


Bankruptacy should be the LAST resort.

Though, acceptance of Bankruptcy will vary among different people depending on their circumstances or situations. It is better to seek the other alternatives first and last resort to bankruptcy. Because it might turn out disappointing in the end if you weren't that successful. It will be wise not to take Bankruptcy for granted when you see there are other solutions. Facts: it will be with you for 10 yrs, loose your valuable assets,trusts and confidence and others.

diait5396
---diaiti on 6/19/08


If that's the only way to not lose your home etc then I guess so but you should still make a conscience effort to repay what you owed if only without the interest.

A note is If you do so in England there's a possibility loan companies/banks will not trust you to borrow you money without you paying unstable rates which would put you back where you started.
---Carla5754 on 6/19/08


If you can't pay your debts, stop making them.
---Elder on 6/19/08


Yes You Can File Bankruptcy It Is Okay And I Think You Should Do It Online!
Elizabeth
---Elizabeth on 6/19/08


If you file bankruptcy, it will stay on your credit record for ten years. After the bankruptcy is final, credit companies will start wanting to give you credit because they know you cannot file bankruptcy again for another ten years. You can start getting credit again after the bankruptcy is final, but it will be harder and the interest rate will most likely be higher than for customers with good credit. I suggest a Christian figure out ways to pay off their debt rather than walking away from their promises to pay. It is also now harder than ever to file bankruptcy, so not everyone can. Just because you have a bunch of debt does not mean you even qualify to file.
---SusieB on 6/18/08


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If you feel this is the only way to get out of debt, then go ahead. A lot of people say that if one fills bankruptcy, it stays on their credit for 10 years. That isn't so. My dad filled bankruptcy about 7 years ago, and his credit is better now, than it was before. After he got things straightened out, he got a credit card and paid it off, every time his statement came out. And he build his credit back up.
---Rebecca_D on 6/18/08


This is 2008. We have a new culture of bankruptcy on our hands. I wouldn't advocate bankruptcy for anyone.
---Elder on 6/18/08


Back in 1987, my husband and I filed for bankruptcy. We had it rough for a few years. After we dug out of that hole, and got our careers off the ground, we had no trouble getting credit, and buying a car and refinancing our home. It is not an automatic death sentence to one's credit rating. It is sometimes the only option a person has to protect themselves from legal action against them.
---Trish9863 on 6/17/08


Bankruptcy may cling to you for a lifetime.

Seek an alternative, it may blemish your financial profiles for a lifetime. In the process of filling application for credit, are you not often asked if you have ever filed? And how would you answer? Can you escape the fact perhaps by giving the wrong answer? Be careful! That would be a very serious federal offense. Bankruptcy can ruin you financially, impact negatively on your credit rating for a very long time, up to two decades to erase.
---Elder on 6/17/08


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If you are declared bankrupt today, are you sure you will not find yourself in the same situation tomorrow? How many times do you think you can file bankruptcy in a lifetime? US law backs bankruptcy, but has serious effects on others. It also involves moral uprightness. At the point of purchase, mortgage loan application, car loan application, and credit cards application the consensus is that I will pay. You have a moral obligation to pay, it demonstrates integrity.
---Elder on 6/17/08


Any good attorney worth their salt will tell you that bankruptcy stays with you well beyond 7 years. Seven years is a myth. I don't suggest you try it to find out.
---Elder on 6/17/08


Bankruptcy is the step of last resort. Once you file, your credit is ruined for 7 years. Even if you are able to get a credit card, the interest rate will be in the 20% of more range. Consolidation is not much better, especially if you go to a credit counselor. You best bet is to call those you own money to and see if you can work out some form of an extended payment option. Show them you mean business by cutting up all credit cards and only use cash if possible.
---wivv on 6/17/08


I don't believe in bankruptcy, it will destroy your credit and credibility. It will remain on your record forever. It doesn't go away as many believe. It sticks with the stigma of bad credit.
---Elder on 6/17/08


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Do you have any idea how many people "bail" because they can't think clearly, don't believe there's a way out of bankruptcy.
There is. There are excellent consumer credit counseling bureaus that are legitimate. They will help you pay a small amount, keeping creditors off of your back.
Showing good faith towards paying off debts goes along way with creditors and with God.
---Elder on 6/17/08


Christians should always attempt to pay their debts. Filing for bankruptcy should be the option of last resort.
---Thomas on 6/16/08


Bankruptcy is never good. It's a total myth that your credit is ruined for only 7 years.
It can follow you for the rest of your life.
Debt consolidation can be handled through consumer credit counseling agencies. Try one.
---Elder on 6/16/08


Both are okay to do. You should pray and seek the Lord to find out which is most appropriate for your circumstances. Also, speak with an attorney.
---Trish9863 on 6/16/08


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Jane: Dave Ramsey dot com....
---Leon on 6/16/08


Rita is right about crooks in the debt collection business. I met a guy on the internet,then in person and he's in this busines. He collects the person's money and doesn't apply it to their account. He spends the money on stuff. He also doesn't pay his Federal or State income taxes. He lied and said he didn't start a business when the labor board showed up at his apartment. BE CAREFUL who you choose if you choose to go this rout. Find out from the Better Business Bureau if this person has a good record.
---donna8365 on 6/16/08


This would very much depend on how much debt you are referring to. Some people have no choice but to go bankrupt because there is no hope of them ever being debt free. Others make deals with their creditors to pay a percentage of the debt or to pay over a much longer period that was originally agreed. No-one can get money out of you that you do not have or cannot earn so something has to be done.
---RitaH on 6/16/08


2. A word of advice:-If you are being chased for money by people who have bought up your debts from others do not pay a penny without absolute proof, in writing, that you owe what they say you owe. Don't accept details given in 'phone calls, do not permit them to harass you at the door and, if you do agree to make payments, insist on a receipt every single time showing the new balance.
---RitaH on 6/16/08


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3. There are many crooks in the debt collecting business these days and, if you are not very careful, you will end up deeper in debt after making payments than you were before you offered a penny. The worst case scenario is that, if you don't pay and if you own things of value, bailiffs might be sent in to take them to cover some of your debt. I hope this doesn't happen to you.
---RitaH on 6/16/08


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