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Old 13.02.2020, 13:34
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Re: Coming out from my debt or filing bankruptcy .please help me to find out a soluti

Bankruptcy is not the magical thing a lot of people think it is.

- It takes time and a lot of paperwork to fix such.
- Be aware of personal assets/belongings that can be seized.
- It is costly, you have to pay 4.000,- towards bankruptcy costs.
- Debts do not disappear, at most the interests are frozen.
- Any debt remaining after a bankruptcy period can be collected by the creditor during a period of 20 years the moments you have assets or money again.
- Bankruptcy's can hunt you administratively for many years.

If you have an agreement with betriebungsamt on monthly payments than you should stick to that. And yes 60K is a lot, however keep on paying, ask for overtime, or get an extra weekend job, see where you can cut expenses in/around the house, get a cheaper car, or just sell it if you have one and don't really need it, heck you could even rent out a room in your home if you have the space, or move from your home to an as cheap as possible place for now. Trying to maximise the paybacks is your fastest way out of this.

And yes it sucks to have debts, but that is just how it is.

Last edited by EdwinNL; 13.02.2020 at 13:52.
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