Personal Bankruptcy File or not??

[lOCKE]

Hey,

my boyfriend's ex ruined his credit that one credit report of one agency by itself is 5 pages long. Now is getting sued for 12K for a car loan. Would it make sense to file bancruptcy and start over again??

Thanks,
Locke

 

[Michael Wechsler]

Originally posted by lOCKE
my boyfriend's ex ruined his credit that one credit report of one agency by itself is 5 pages long. Now is getting sued for 12K for a car loan. Would it make sense to file bancruptcy and start over again??

To begin, where is his ex and can he join her in the suit? Declaring bankruptcy should not be taken lightly. It will likely affect your boyfriend's ability to obtain credit amonst other issues. It may be better to find a way to settle the debt with the agency and discuss the fact that it's either his way or they will likely not see any money because it just isn't there and he has no other choice. I'm assuming your boyfriend has no other assets -- do note that declaring bankruptcy does not mean that debts are just washed away but that you don't have sufficient assets to pay for your debts.