Does anyone here have any experience they are willing to share with filing for bankruptcy? Life after bankruptcy? Possible alternatives to bancruptcy? Any advice, words of wisdom, etc?
Bankruptcy- ?'s and advice?
- Thread starter annabananaandfamily
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The main thing is to consult a bankruptcy attorney. They will give a free consultation to explain things to you, and there's no obligation. (An honest attorney won't attempt to influence you to file, just explain the law and how it will affect you.)
Every state has different laws, and every situation differs. One thing I do know is that bankruptcy has been made much more difficult, unless you're so destitute that nobody could collect anything from you anyway. Except for Chapter 13, which means you pay the court instead of the creditors. It's often easier to see if the creditors will negotiate for a lower amount.
Every state has different laws, and every situation differs. One thing I do know is that bankruptcy has been made much more difficult, unless you're so destitute that nobody could collect anything from you anyway. Except for Chapter 13, which means you pay the court instead of the creditors. It's often easier to see if the creditors will negotiate for a lower amount.
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Diito on what Mulewagon has said. My DH and I had to file a chapter 13 many years ago but we did not own a house. So that could make a big difference for you.
Diito on what Mulewagon has said. My DH and I had to file a chapter 13 many years ago but we did not own a house. So that could make a big difference for you.
Do your homework thoroughly. This is a big step and there are SOooo many scammers out there preying on desperate people. Please be careful.
Laws vary greatly from state to state over what you can and cannot keep. Courts vary greatly over what they consider reasonable expenses you can live on or what debts they consider not dischargable.
Like mulewagon said sometimes it is easier to negotiate directly with lenders to refinance your debt, but of course mortgage companies have been notorious of late for telling people to skip payments and then foreclosing on them!
Good luck! This is a rough time to file.
Laws vary greatly from state to state over what you can and cannot keep. Courts vary greatly over what they consider reasonable expenses you can live on or what debts they consider not dischargable.
Like mulewagon said sometimes it is easier to negotiate directly with lenders to refinance your debt, but of course mortgage companies have been notorious of late for telling people to skip payments and then foreclosing on them!
Good luck! This is a rough time to file.
We were having a lot of financial issues a few years ago. Bankruptcy was looming! We did some research and came across a man named Charles Phelan, here's his site. http://www.zipdebt.com/ His free advice started us on the way to fixing our problems, a paid session got us on the road to being debt free. It isn't easy and he doesn't promise a quick fix, but he's a reputable person and had done right by us. If most of your problems come from student loans he won't be able to help, as they have no bankruptcy protection and the companies that own them have pretty much free reign as far as collections go. Good luck!
Best advice I would have is before you wipe yourself out financially and stress your health while you desperately try to avoid bankruptcy is to go ahead and talk to an attorney. Ours looked at our whole situation and was very upfront with us. He said he had a company he usually sent clients to for pre bankruptcy counciling but our situation was pretty dang hopeless. We still went to counciling but had already started gathering what he wanted to file. My only regret to this day is that I wiped us out so badly just trying to clean up our mess. I didn't give in till our only asset was the kids and ourselves. The day after court it was like a huge weight had been lifted. 6 months later things were already much better. 4 years later and we have never been in such good financial shape. It took a lot of work but it started with admitting that we were in over our heads. Our attorney also suggested other financial counciling that was available free in our area to help us avoid the same mistakes.
Also if possible, if you have one creditor that you have a great relationship with, who you can pay off, and who is willing to keep your account open then you might consider keeping that debt and allowing it to help you rebuild. Our credit union agreed to do this and it made things much easier. We still avoid debt. It happens at times but we work hard to quickly get rid of it but that one account allowed us to quickly start rebuilding our credit history.
Also if possible, if you have one creditor that you have a great relationship with, who you can pay off, and who is willing to keep your account open then you might consider keeping that debt and allowing it to help you rebuild. Our credit union agreed to do this and it made things much easier. We still avoid debt. It happens at times but we work hard to quickly get rid of it but that one account allowed us to quickly start rebuilding our credit history.
- Mar 19, 2009
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There is an excellent book published by Nolo on filing for Chapter 7 bankruptcy. It takes you through the whole process step by step and helps you decide whether you need the services of an attorney. Also helps you decide whether bankruptcy is in your best interest. I helped a friend file with the aid of this book. It is a little daunting, but if you just go through it form by form it is doable. There is a section on state laws and you need them to be able to file. You may end up being able to keep far more property than you might think. With a little work, I was able to exempt all my friend's personal property. Unless your case is complicated, you should have no trouble filing bankruptcy yourself with the aid of this book. It is available from amazon.com.
I had to file bankruptcy about seven years ago and glad I did. I lost my job, my home, my truck and the court cleared all my medical bills while I was pregnant. It was so hard to find a job while you are pregnant and not married and have a huge debt.
Best decision I have ever made and to this day, I never regretted it nor I ever touch a credit card. Those things are EVIL! Nor do I missed them. I have everything I need and if there is something I want, I save up for it.
Best decision I have ever made and to this day, I never regretted it nor I ever touch a credit card. Those things are EVIL! Nor do I missed them. I have everything I need and if there is something I want, I save up for it.
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If you havnt yet check out Dave Ramsey and his total money make over we didnt file but we were headed that way real fast were doing much better now thanks to his teachings good luck
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