So what would Dave suggest if an average person, came to him with a enormous money troubles and huge debt and bills due. Dave would probably say, “Bankruptcy is not a place you want to visit. Yes, I will still talk you out of bankruptcy if given the opportunity.”
As a result of his personal bad experience, Dave hates bankruptcy. That’s why, when someone asks him about whether or not to file, he’ll always try and help them find a better solution.
Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, which is set up like a payment plan, stays on your credit report for seven years. Without a doubt, it’s a long process that will follow you around for years, even after it clears off of your credit report.
That said, Dave doesn’t tell his listeners to never file for bankruptcy. Each situation, just like each potential filer, is unique. But sometimes it’s the only reasonable option.
Bottom line: It’s a difficult, emotional situation.
