Personally, I like do it yourself. A bankruptcy is going to stick with you forever. People are going to be asking you decades from now if you "ever filed for bankruptcy." And when you do it yourself, you're going to be able to set your own budget instead of having a judge tell you what you're allowed to spend on this or that on a monthly basis. I really really wanted to avoid bankruptcy but I don't have any experience with it. I did it myself and I settled about 50K of debt in about 3.5 years for about 40% of its value...and that's not counting all the money I saved from not having interest accrue on those accounts the whole time after th ey charged off. I don't know whether I could have saved more with bankruptcy but I doubt I could have done it faster. And in another 3.5 years the bad accounts are going to drop off my credit reports and I'll be clean again. In the meantime, my credit sucks but I think it would probably suck worse with a bankrupty hanging on it.
BK is and should always be a last-resort solution in my opinion. TheDude is a great example of someone who was in a difficult position but decided to learn the ropes and put forth the effort to pay down the debt and get his credit back on track. What type of debt are you dealing with at the moment gemini?
Depending on how much debt you have I would also use BK as a last resort. If you think you would be able to pay off the debt in a few years then go for it. BK is a faster way to move on with your life a start over, but you will have the BK on your credit report for ten years. Ouch! Thanks! Heather with BoostMyScore.NET
