29 - filing bankruptcy - good or bad idea

[expedite]

Hello all,


This is a nice forum, I have been reading for a few months now and about to make a move.

I hope you can help with my delima. I am 29 years old, single, and living with my mother, unemployed, so no real assets.

I have a failed trucking business because of high fuel and slow shipping.
I have been using personal credit cards to keep it going. I have been going back and forth on deciding to file ch7 on this. The business cards are in my name as well.
I can't sell the equipment because it's worth a lot less than what is owed by at least $25K.
Currently in debt:
Equipment $52,000
Unsecured Cards $69,500
Total= $121,500


I would like to go to college and pursue something in the sciences like meteorology or geology, or possibly engineering.
Another option would be business management as I have some experience in managing a logistics company.

What I am most worried about filing is how much will this affect me in getting a career down the road.

I have had 10 years of great credit before this.
Would employers look down on it less if it was because of a one-time business failure?

[jo23171]

well I don't know what to tell you should do. I got in the same situation about $120k in debt, lost everything I had in the stock market. I'm not filling for BK now maybe down the road. What you should ask yourself is how long or if you can ever pay back that debt.

The bk filing comes out of your record after 10 years. In regards to your career I would think being a scientist or a weatherman they would careless about a BK filing but if you want to be an accountant or some sort of career in finance it would not look good.

Try debt settlement if you can't pay that whole amount back and don't want to file for bk. Debt settlement you might have to pay half back. If you cannot pay half go for BK.

Keep the BK filing as a last resort option but HEY if you can carry the burden on your shoulders just go ahead with it.

I haven't filled for BK yet but just that thought of having everything erased sounds pretty tempting.

[Flamingo]

There is some good information for you in this thread. But remember you are older and in a different scenario than the OP in this thread but you may benefit from some of the responses.

http://www.bkforum.com/showthread.php?t=29264

[keepmine]

For 6 figure debt, I think bk is inevitable.Thing is, it should be a backburner issue right now. You need to be able to support yourself today. Start looking for a job right now-preferaly one with healthcare benefits. Once you have your finances stabilized, then file.

[RedLight]

I am 28 years old, filed last month and just had my 341 meeting on Monday. I used to work for a Big 4 public accounting firm in the financial services group and they did pull a credit check on me. However, I am currently employed as an accountant in the oil and gas industry and they did not check my credit. In the long run, it doesn't matter. I may interview for a position and they run my credit and flat out don't offer me a position b/c the BK and I am fine with that. There are other companies to work for, and for me, it was the right move to get my family financially stable. I am now fully contributing to my 401K and putting money into savings every paycheck. Can't beat that feeling.

If I were you, I would find a job with benefits, file the bk for a clean start, go to school, and study what you want.

[expedite]

Thank you for the input everybody, it means a lot. I will give it some more thought and try to find a stable place to work before I make the decision. I will keep everybody informed.

[expedite]

Another question. Do you think bk will be less of an issue 4 years later after I graduate and have better credit?