Hello! First time poster, to any reddit forum really.
Anyways, I wanted to know if anyone can share their personal experienced downsides to filing for bankruptcy.
From what I am seeing it seems like it’s kind of a get out of jail free card and I almost wonder why more people don’t do it? And if its so easy and great, why it is even a thing? No judgment, just genuinely trying to wrap my head around it all.
Anyways, I am 25k in credit card debt from foolish spending, emotional spending, a little bit of helping family, and medical debt. My monthly minimums are so high that I then have to turn around and use the credit cards just to get by.
I had never considered bankruptcy, I guess just because I had it in my mind that its a big deal, and really bad. My friend casually suggested it a few months ago, and I have since started to really consider it. Especially after a (different) friend said she did it when she was younger and it was a piece of cake.
I am aware it is more challenging to get approved for a leased apartment, and potentially to buy a house etc, but I wont be moving from where I am for at least a year probably.
Thank you for your time, this subreddit has provided lots of interesting insight for me.
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