Well, I can tell you about my experience with bankruptcy. We were in serious debt and so much stress when my husband got laid off from his job.
We were ok before that, but then everything starting piling up since his unemployment pay was too low compared to what we needed and when he got another job, it was just too little, too late. I had creditors calling all the time and I hated the mailman, lol! Some creditors were really nasty people to speak to on top of that so it added to so much stess.
We filed 10 years ago, so it will be off the credit report this year. I can t begin to tell you the relief we had when it was all over with. It was like a giant weight was lifted off our shoulders.
We were able to purchase a house at a decent rate within a year later but I don’t know if this is typical. We were able to get a couple loans and 2 credit cards since then but the rates aren’t too great on them. I really want to go without cards though, but it seems it’s the only major way to re-establish your credit (other than mtg., etc.).
We don’t regret it, but it’s not for everyone.
It’s easy to get back in the same boat though if you’re not careful, and sometimes it doesn’t matter if you’re careful or not, since medical bills are so expensive…you never know what the future holds for situations in that area. We have many medical bills now and I’m frequently late on them because they are so high and there are so many of them. The insurance we had at the time wasn’t very good.
Then again, I’ve learned that the future is truly ‘not’ secure for anyone.
Anything can happen to anyone at anytime, unfortunately, but it’s not the end of the world, although it feels that way. Sometimes what seems to be the end is just the beginning of a better way.
As far as employers who check your credit, we believe if they are that nosey and particular, they must be communists so we don’t need to work there!
Anyone who compares your credit against your motivation, worthiness, or what have you, are entirely wrong in our eyes. Who hasn’t had misfortune in some way? I don’t believe the employers can not hire you due to bankruptcy also, but they can find something else to say that’s legal to not hire you if they truly don’t want to hire you based on bankruptcy.
I guess you just have to base your decision on your stress compared to what you can do without within 10 years. I know money is the #1 contributing factor in divorce these days, although I think only you know your circumstances well enough to decide. It’s not an easy decision, I know.
Good luck! 🙂