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<blockquote data-quote="DazedandConfused" data-source="post: 29829" data-attributes="member: 831"><p>Bankruptcy does not have the social stigma that it once did years ago. I filed many years ago due to being left holding the bag on some debt because I signed for a family member. It was very painful for me to go through.</p><p></p><p>Anyway, I know that the laws have changed recently. It does wreck your credit. No one will even consider her for anything credit wise for years. That may seem like a good thing now, but what about 5 or 7 years from now? It stays on your record for ten years. Now that employers, insurance, etc do a credit check, it may have an unintended impact. </p><p></p><p>She can negoiate with her creditors. They can reduce the debt. It will still effect her credit, but it will only be on there for seven years. </p><p></p><p>I would advise you not to bail her out. This is a lesson that will, unfortunately, have to be learned the very painful, hard, way. This will open up another opportunity for her to run up the credit cards again. And it might be a lot more than 11,000. I knew someone who did exactly that when her Dad bailed her out of 10,000 in debt. She had to file of BK for over 25,000 a year later because she lied about cutting up the credit cards.</p></blockquote><p></p>
[QUOTE="DazedandConfused, post: 29829, member: 831"] Bankruptcy does not have the social stigma that it once did years ago. I filed many years ago due to being left holding the bag on some debt because I signed for a family member. It was very painful for me to go through. Anyway, I know that the laws have changed recently. It does wreck your credit. No one will even consider her for anything credit wise for years. That may seem like a good thing now, but what about 5 or 7 years from now? It stays on your record for ten years. Now that employers, insurance, etc do a credit check, it may have an unintended impact. She can negoiate with her creditors. They can reduce the debt. It will still effect her credit, but it will only be on there for seven years. I would advise you not to bail her out. This is a lesson that will, unfortunately, have to be learned the very painful, hard, way. This will open up another opportunity for her to run up the credit cards again. And it might be a lot more than 11,000. I knew someone who did exactly that when her Dad bailed her out of 10,000 in debt. She had to file of BK for over 25,000 a year later because she lied about cutting up the credit cards. [/QUOTE]
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