Declaring Bankruptcy

[Suspect_Device]

Anyone planning on declaring bankruptcy before they CTB? I've got thousands in credit card debt and more in medical debt and I'm wondering if that all just goes away if you declare bankruptcy prior to dying. I am terrible with my finances and even researching this stuff fills me with dread, wondering if any of you are more astute in this matter, thanks.

 

[Lys_C15H25N3O_d3]

i wish i had something worthy to say but , to make a change here it goes:
1st ex mother in law falsified my signature spent a ton on my on name and lets say 10 years have passed i still cant have a damn debit card my score is as low as 17...

 

[carnivalforone]

if you file it correctly youll lose all the debt and in 7~ years youre a clean slate

 

[Chronicoverwhelm]

Anyone planning on declaring bankruptcy before they CTB? I've got thousands in credit card debt and more in medical debt and I'm wondering if that all just goes away if you declare bankruptcy prior to dying. I am terrible with my finances and even researching this stuff fills me with dread, wondering if any of you are more astute in this matter, thanks.

Which country are you in?
I'm in Canada, single, have thousands in debt and I believe they can't come after anyone in my family to collect it when I'm gone. So I feel that I don't need to file for bankruptcy. I don't know how that works in other countries though.

I do owe back taxes to the CRA however, and am concerned they will take my company pension to cover that debt, instead of my pension going to my beneficiary. This is something I need to check into before I CTB.

 

[MatrixPrisoner]

if you file it correctly youll lose all the debt and in 7~ years youre a clean slate

I can confim this. I filed back in 2009 for the cost of $1500 and was able to get my score back up over 700 by as early as 2016. But if you don't have much postive equity, assets to your estate, or heirs that would be affected by your debt (i.e. spousal), then I wouldn't bother with the time, trouble or financial costs of filing. It's kind of a pain in the ass. Escpecially if you plan to CTB.

 

[carnivalforone]

I can confim this. I filed back in 2009 for the cost of $1500 and was able to get my score back up over 700 by as early as 2016. But if you don't have much postive equity, assets to your estate, or heirs that would be affected by your debt (i.e. spousal), then I wouldn't bother with the time, trouble or financial costs of filing. It's kind of a pain in the ass. Escpecially if you plan to CTB.

exactly this

 

[brokeandbroken]

Anyone planning on declaring bankruptcy before they CTB? I've got thousands in credit card debt and more in medical debt and I'm wondering if that all just goes away if you declare bankruptcy prior to dying. I am terrible with my finances and even researching this stuff fills me with dread, wondering if any of you are more astute in this matter, thanks.

To be honest if I could declare bankruptcy in my position it would provide a pathway for the future and id have more incentive to stay alive. It's not even my fault I'm in the debt and can't pay it off... I was the victim of crimes! No will even consider hiring or interviewing me.... Unfortunately education loans can't be discharged so filing bankruptcy wouldn't do anything. So I would do it if possible to stay alive... Unfortunately, it isn't a possibility...

 

[AshClouds]

you'd have to see a bankruptcy lawyer or financial advisor, and the credit card companies wrote the bankruptcy laws. If you're trying to clear up debt to help those left behind, they might undergo a protracted legal battle to get those assets.

Whats the difference between a lawyer and a hooker? The hooker stops screwing you after you're dead.