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Guest
0.10 Dollars($)
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| We are planning to file bankruptcy. Let me explain the scenario a little bit…It’s bad to hear but we have a lot of credit card debts. This is because I lost my job last November. I wanted to keep the house in order and wanted that my kids to have a decent living…thus, I neglected the credit cards. You can understand that it’s the house which is more important to me than those credit cards. Well… in the present times… all those credit card accounts are in collection and I don’t think I’ll be able to pay off. The worst part is that 3 of our daughters were hospitalized for a week and thus the medical bills added up quickly. Do you think we should file bankruptcy? Do we need a lawyer and what steps do we take first? |
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Niicss
Joined: 03 Oct 2005
Posts: 4110
Location: New Jersey
400.49 Dollars($)
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Hi guest
I am so sorry to hear about the hospitalization of your daughters. I pray to God that they get well soon.
As far as credit card debts are concerned, you can definitely file bankruptcy to come out of it. Yes, consulting a bankruptcy attorney will be the best thing before filing it. The attorney will help you in knowing the pros and cons of filing bankruptcy.
However, in my opinion, filing bankruptcy should be the last option for you. You can try for a debt settlement in this situation. This will help you in reducing your credit card payments by 40%-60% depending upon your situation. You can contact any debt settlement company and check out their plans. I hope it'll help you.
Thanks.
_________________
Good is the Enemy of Great. |
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Sheryl
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| Well…hope anyone can help me with an answer. I had lost my job and I left USA a year back. Few months back, my house went through a sale but I didn’t make much money from the sale. Presently, I have only $20K in a bank account in US. But I don’t have any other property in USA. However, right now, my credit card payments are now defaulted. I was advised to file chapter 7 to avoid any arrest warrant during future immigration. I have decided that I would file bankruptcy. However, I want to know whether I will have to be physically present in California to complete the process? Can't my lawyer to do all the job? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi Sheryl,
As far as I know, your lawyer will not be able to do the entire job alone. You will have to be present at the 341 meeting yourself.
You have stated that you are filing the bankruptcy only to get out of the credit card debts. Rather than filing bankruptcy, I would suggest you to go for debt settlement. This will help you in paying off your credit card debts by taking help of settlement companies. The debt settlement company will negotiate with creditors thereby reducing your outstanding balance by 40%-60%. Thus, you can save good amount of dollars as well.
Thanks |
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alured
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Post subject: Thinking BK |
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If I go BK, Chapter 7, What effects will it have on my savings and small check account that I have. Will the BK Court order to have this money out to partially pay my creditors?
Anonimous |
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adonis
Joined: 22 Oct 2005
Posts: 6712
Location: ALASKA
548.02 Dollars($)
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As far as I know, when you file Chapter 7, you can keep $4,000 in your savings account. Anything more than that will be taken by the court to pay your bills.
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Procrastination is the enemy of your financial success |
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deperate 1015
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Post subject: chapter 7 |
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| My husband is filling for chapter 7 the lawyer has asked for my information why? If he's filling single my home is under my name and my cars as well can someone let me know if this will affect me in any way???? We live in NY |
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crisis
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0.10 Dollars($)
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Post subject: bancruptcy |
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| hello, my wife and i filed chapter 7 in 1998. I believe I would be able to file again (not that I want to). We bought a house in 2004 and since a year after I have been laid off several jobs. We tried to keep the house several times with remods. we are now at a point where we are 7 months behind. We owe several credit cards. Didnt really want to go back into CH7 but looks that way. Should we include the house or try and settle it with the bank for a short sale? How will have BK and foreclosure affect us in the future? Thanks so much! |
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WARREN930
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| I HAVE ASSETS OF 14000.00 IN CASH WITH 50,000.00 IN CREDIT CARD DEBT. IS IT POSSIBLE TO SAVE THE 14000.00 I HAVE FROM BEING TAKEN. IM ON DISABILITY. CAN I FILE FOR BANKRUTCY? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6933
Location: Nevada
475.17 Dollars($)
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Hi,
To desperate,
If your husband is filing alone, then you should not worry about your credit. However, you can contact an attorney and get his opinion on this issue also.
To crisis,
It would be better if you could immediately speak to your lender about the option of short sale. This will also save you from filing bankruptcy. However, you should note that, if you go for the short sale, you'll be responsible for the deficient amount.
As far as your credit card debts are concerned, you can go for a debt settlement. You can contact any debt settlement company and check out their programs. This will help you in reducing your debts by 40%-60%.
To WARREN,
As far as I know, you'll be able to file bankruptcy. However, I would suggest you to contact a bankruptcy attorney and discuss your options with him.
Thanks |
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SicknTired
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| I'm in a worse situation. It will be great if someone of you can help me…My wife was serious ill few years ago and we had incurred a lot of medical bills. However, we had a dream to buy our new home and thus got one. I knew that the post-transplant treatment would be expensive but though that it would be taken care by the insurance. But now things have gone for the worst and we have ended up with more than $10,000 in medical bills. Apart from this, we also have some credit card debt around $75,000. Though the insurance is taking care of some of our debts, we are behind on our credit card payments and mortgage. I guess I make too much money to qualify for a Chapter 7 and my wife brings about $1000 a month in disability. We always had good credit and now have numerous 30- and 60-day delinquencies. We would appreciate your advice whether we could qualify for Chapter 7 or Chapter 13. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi Guest,
You haven't mentioned your income but you have stated that you do not qualify for Chapter 7 bankruptcy. I would suggest you to contact a bankruptcy attorney and take his opinion in this regard. You can ask your bankruptcy attorney to go for a detailed review of your situation and tell you about the suitable options. This will let you know whether you qualify for Chapter 7 bankruptcy or not.
If you do not qualify for Chapter 7, then you'll definitely qualify for Chapter 13 bankruptcy. After your bankruptcy is discharged, you would get a three- to five-year repayment plan with the court. The payment will depend upon your financial situation. Apart from this, the credit cards debts and the medical bills will be eliminated after you complete the Chapter 13 repayment plan.
Take Care. |
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Myera
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| Hello everyone… I must say there are lots of informative posts in the forum. I would like you all to answer one of my queries…I'm planning to file Chapter 7. I have heard that the bankruptcy trustee will call back payments made to the creditors in the previous 90 days. Is it true??? |
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Niicss
Joined: 03 Oct 2005
Posts: 4110
Location: New Jersey
400.49 Dollars($)
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Hi Myera
The bankruptcy code allows a trustee to recover payments made to creditors shortly before you file bankruptcy. The court may feel that you are giving preference to some of your creditors if you pay them as compared to your other creditors. Your bankruptcy trustee is allowed to take back such payments from a creditor and place the money in your general estate. All your creditors will then receive equal payments from your general estate based on their priority.
However, you should note that your trustee will not recover payments which you made to your secured creditors such as mortgage company. But again, this is not a rule so some trustees recover anything they can. It should also be noted that your trustee will look for the payments you made to your family members. The trustee can look back one year to recover this type of payment.
Thanks.
_________________
Good is the Enemy of Great. |
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disfunctional6
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Post subject: IRA and chapter 7 |
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| I currently lost my job and had to rollover 12k into an IRA., but now I am having trouble paying extra bills. I own nothing. I do have a car, but I have a loan on it. I am still on unemployment at this time. If I file Chapter 7, will I lose my retirement? |
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