Bankruptcy

[wild1]

Originally Posted by Brock

The first step through that gate will be a bankruptcy.

It used to be that bankruptcy was on your credit for 10 years. Don't know if that is still the case.

I am not sure that at age 30, doing something that will cause no one to loan you a cent until you are 40 is a good solution. No cars (unless you want to pay a rate that should be criminal), no buying a home, in some cases getting rejected for rental housing, paying more for all forms of insurance. The cure is worse than the disease, and it will last longer than the suffering would in actually paying the debt off (which is how it should be).

I would think it would be much better to just live at home and work two jobs for the foreseeable future to start digging out. Waiting tables, tending a bar, whatever.