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LutherMac · 02-22-2004, 07:21 PM

I'll be the first to admit, my credit is complete crap. My biggest problem is the fact that I ran up most of my debt when I was making the big bucks, but now that I'm near min wage, I'm really having trouble paying anything back.

I've got a few friends who all say "Bankruptcy is the way to go". Lose all the debt, and in a year or two, everything is pretty much clear.

The biggest reason, I'm really hoping to buy a home in the next year or so. Nothing fancy, just $50-$60K.... about what I currently pay in rent over 30 years. Everyone seems to tell me that if I went the bankruptcy route, I should easily qualify for a loan in a year or so, but I just don't believe it.

The biggest problem is that it'll take YEARS (probably even decades) to pay off everything at my current salary, so if I don't go the bankruptcy route, it seems I might NEVER own my own home.

Just want to get some ideas from out there.

Thanks!

02-22-2004, 07:21 PM	#1 (permalink)
LutherMac Crazy Location: St. Louis, MO	How bad is a bankruptcy? I'll be the first to admit, my credit is complete crap. My biggest problem is the fact that I ran up most of my debt when I was making the big bucks, but now that I'm near min wage, I'm really having trouble paying anything back. I've got a few friends who all say "Bankruptcy is the way to go". Lose all the debt, and in a year or two, everything is pretty much clear. The biggest reason, I'm really hoping to buy a home in the next year or so. Nothing fancy, just $50-$60K.... about what I currently pay in rent over 30 years. Everyone seems to tell me that if I went the bankruptcy route, I should easily qualify for a loan in a year or so, but I just don't believe it. The biggest problem is that it'll take YEARS (probably even decades) to pay off everything at my current salary, so if I don't go the bankruptcy route, it seems I might NEVER own my own home. Just want to get some ideas from out there. Thanks! __________________ Always remember that you are unique... just like everyone else!