We are currently in credit counseling, and we have been thinking about bankruptcy. We are up for renewing our mortgage in Aug. We need to bring down the rate at which we borrowed. Our mortgage is one of the reasons why we are in this position now! What would filing for bankruptcy do to renegotiating? We are in Alberta, Canada if that helps at all. Thanks for your replies.
By Sherri from Alberta
You need to talk with the place you got the mortgage from ask them all the questions you want to, good luck.
You may not be able to get another loan after filing bankruptcy for at least 5-7 years.
I must say, Bankrutcy is the absolute worst thing you could do to yourself and your family. Trust me. You will not be able to get a loan for a car, house, or anything else you might need along the way. We are finally out of the position where we can get nothing, after 5 years.
I would talk to the bank/finance company and get a low fixed rate. They are pretty low right now. I would also take a look at going to a Dave Ramsey class or taking his online class. It cost a little bit but it is worth every penny. Even if you just go to his website and look at the free info that he gives it will get you off to a pretty good start. I hope that things get better for you in the New Year.
Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!