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banerg · Jul 10, 2010, 04:20 PM

I was wondering how is life for someone who has lost their income in this recession and is not able to pay-off their credit card debts and may have even lost their homes to banks? Besides getting the obvious hit on the credit score, can they still get a job or another loan to buy a car? Or even getting basic utility connections? How is life for them?

I am assuming once they another job, they will have to work for another million years because now the credit card plus default fees would have soared. And once the creditors find out that the person has a job, will they come down on that person like... well you get the idea.

I would like to know if anyone is in that situation and what is life for them now?

Thanks and God Bless.

cdad · Jul 10, 2010, 04:26 PM

Are you claiming bankruptcy? If you are then things can turn around so long as you meet your current bills. If your not claiming it then they will go after you like dogs on a hunt until you pay. You need to consider and weigh all your options.

ScottGem · Jul 10, 2010, 05:31 PM

That's what bankruptcy protection is for.

DownUnder · Jul 10, 2010, 06:23 PM

Although I believe everyone should try to pay their bills I do know that life can throw you for a major curve and sometimes bankruptcy is the best option for them because it will give you a fresh start

banerg · Jul 13, 2010, 07:00 PM

I am afraid none of the people above have answered my question. I am NOT asking about bankruptcy or anything about paying bills. I just want to know from people who have had the misfortune of losing income and thereby losing home / getting behind payments, how do they manage? Because once the credit history is ruined, it must be such a uphill battle for them - even in basic things such as getting a utility connection.

I just want to see if they can share their experiences here.

DownUnder · Jul 14, 2010, 12:16 PM

But we did answer your question. Bankruptcy is for people who simply can not pay their bills due to some misfortune. Its simple, if you don't see your income changing in the next few months, it may only get worse when the creditors start hounding you and then they take you to court and get a judgement and that is when the trouble really begins.So see Bankruptcy may be an option to consider