I’m ready to file for bankruptcy as I’m unemployed & in two months I’ll be out of money if I don’t get a job. I’ve borrowed about k in a reserve line of credit at my bank. My bank deducts about 0/month for this from my checking account. If I file for bankruptcy will my reserve line of credit be taken care of in the bankruptcy or do I have to pay it back, IF I’m able to file bankruptcy? Thanks.
I lost my job just under two years ago & have been struggling to keep up with bills ever since. It’s actually somewhat amazing that I’ve lasted this long, but it’s coming to a point where there’s no way I’m going to be able to keep my creditors from filing for foreclosure and repossessing the vehicle.
I’m considering bankruptcy, it would probably be better for me to go ahead & do it now while I still have enough money to pay for the lawyer and filing fees, but I’m still worried that this isn’t the best way to go. I realize there are different types of bankruptcy, and that I may be able to keep the house & car if I have enough steady income & can work out some kind of deal with the creditors (I’m really vague about how this works, but that’s my basic understanding).
Is bankruptcy really the better alternative? Should I hold out until foreclosure begins to file for bankruptcy? What’s the best way to handle a situation like this?
I have a lot of debt (all credit cards) and I need to find a way to settle all this debt! I would much rather settle my debts than file bankruptcy. Currently, I am approximately ,000 in debt between about 8 different credit cards.
Does anyone know a good person/company that can help me settle? My good friend said she hired an attorney who helped her & her husband settle their debts for less than 40% of what was owed. Is that possible & how can I settle for a similar percentage?
but since that was money OBAMA borrowed how much did it cost me & you with interest?
I don’t really know what does happen. My friend is under water on her house in Las Vegas, can’t rent or sell it & has decided to file bankruptcy. So what happens to her house now?
I tried asking last night & did not get much help, all any one wanted to do was tell her to do something other than the bankruptcy – I don’t want any suggestions about short sale, or any other alternative options. She has decided on the bankruptcy & I am ONLY trying to figure out what this means for her house.
One person said that she could give the bank possession of the house during the bankruptcy & it would turn into a foreclosure? I’m not sure I understood that correctly or not. Is that right?
Yes. she has other debt. She has been living in Las Vegas for 10 yrs – of course she has other debt. She works 3 jobs & still cannot pay all her bills.
Ok so when she files bankruptcy, it does not automatically get foreclosed on…right? She has to contact the bank to start that process…. Right?
The kid – I know that. She is NOT trying to get away with anything.
Her current jobs don’t give her any time to research. I sit in front of a computer all day & sometimes I’m not busy. I’m just trying to figure out what all she has to do – like if there is another step – like what acermill said.
I have one large bill, (,600) and 2-3 small ones (0)
I would like to settle these accounts. Should I try myself dealing with the collection agency or go to a debt consolidation company to negotiate for me? Which & why??
*also- recently the letter came from a law firm. Does that mean they may sue me? Or just another debt buyer company?
-in Texas btw THANKS!!
This was settled wih another collecon company. Can Nelson & Kennard continue to collect from me? I’m responding to the summons to let them know this as settled. Is there anything else I need to do?
400,000 illegals get in every year, you can’t just deport them all because businesses will go bankrupt and eventually they will unite and want rights.
In 10-15 years there will be more illegals in the US than Canadians in Canada.
I wonder how many illegals are having kids which become legal.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aXesybqZcKsU&refer=us
With all the people going bankrupt and being in debt 10s of 1000s of dollars, should we bring back indentured servitude? Heres how it would work…you spend money on your credit card…if you stop paying on it, you are taken from your family and forced to work for the bank, 16 hours per day at a set 10 dollars per hour (no more interest is allowed to be added once you are a slave). The bank you owe the money to has to feed you rice & beans (because its cheap) and they also have to put you up in a place to live, but they can cram as much as 10 people in one room. During this time of servitude, you are not allowed out until your debt is paid. If you have kids, they go straight to the state and you get them back when your service is over.
I think this would stop many people misuing their credit and get them to get second jobs so they dont have to go into servitude…what do you think?
Im pretty sure all the debt free people will agree with me and people with debt say its cruel
I’m trying to grasp how such a large & seemingly strong company could go bankrupt. Is it because they broke the # 1 cardinal rule in finance/investing ? – by not D-I-V-E-R-S-I-F-Y-I-N-G ?
…….and have any European banks gone bankrupt for the same reason ?
I ask because I am NOT knowledgeable in finance – and any time I see an expert on TV they specify being "diversified" as the single most important rule. So, I was thinking our big banks got a bit greedy and broke afore mentioned rule.
I remember seeing it on my credit report recently, but I can’t view my report at the moment. I stupidly forgot to write the name of company down. Anyway I can find out who my debt is with so I can go ahead and settle this? They haven’t sent me letters or called me. The debt originally was with AT&T.
My girlfriend and I have been dating for four years and we feel like it’s about time we moved out together as we have just finished college. For a variety of reasons, my parents really don’t like her. My view is (being the oldest) they view me as the ‘perfect child’ and that nobody is ever good enough for their precious son. They’re both lawyers and they rant and rave about how I could do ’so much better’ because my GPA was ‘much higher’ than hers, that we have ‘nothing in common’, that her parents are ‘rednecks’, that she is ‘disrespectful’ and *gasp* she is older than me. I think my parents are stuck in a time warp: not dating someone because of their GPA is beyond pathetic (and my girlfriend is very smart too!). While my passion is politics and hers is music, we still have loads in common (eg movies, restaurants, good food, health & fitness, travelling, similar careers) – we’re crazy about each other and talk about each other constantly. Her parents are a bit weird, but my parents are just as weird in their own eccentric and old-fashioned ways. They’re also very culturally conservative, so they don’t understand practical jokes at all – we make practical jokes all the time on each other (eg she created a fake newspaper article that the company I’m working for has gone bankrupt and must sack all its employees), it’s just they see the ones she plays on me but I don’t tell them the ones I play on her because they’d berate me for it (eg pretending to be questioning my sexuality). And despite her being a whole 18 months older than me (shock horror! lol), my parents are absolutely adamant that men should only date women younger. I think my parents are just really old-fashioned and stuck in their ways, but I still feel the need to please them (as stupid as that sounds). I love my girlfriend and we’re definitely moving in together, no questions asked, but I wish my parents approved! How can I win over my parents’ approval? More to the point, how do I move on without their approval?
i’m in process of doing my own chapter 7 bankruptcy & we are seriously considering putting house on market in a month or so- should i wait until i file to put house on market? if so how long?
I am a joint owner of a credit card,& the other owner has filed bankruptcy on that card which makes it all my responsibility to pay. Can I also file on the same card. Thank You for your time.
We are up to date on all payments for our mortgage & vehicles. Our truck gets paid off next year & I would hate to lose it. I have 2 children, so I really need my car as well, and we built our home ourselves (like literally, we physically built it) & would hate to lose it. I was just wondering if we would be able to keep this during a bankruptcy?
First I would like to say my first wife was a gold digger!!! I married her back in 1997 & even though I make great money now & made great money in 1997! After my divorce from her in 2005 I continued to make all the payments towards our home,cars,credit cards,4-wheelers,etc….. Since then I got remarried & things are great with this marriage "Thank God!" but last year I finally had to file chapter 7 bankruptcy due to the fact the mortgage my first wife left me with was ,700.00 per month 
After almost five years of trying so hard to make the payment it all caught up with me last year. Even though I was up to date on my mortgage I finally had to call the bank & tell them I couldn’t make the ,700.00 payment no more & asked the bank if they could just give me a 4.5 interest rate & if they couldn’t I wouldn’t have to file bankruptcy ! After a week went by my bank called me back & said no sir we can’t sorry ! Stunned that my bank had rather me file bankruptcy as to give me a lower interest rate because of a credit score I was floored !!! What the bank was basically telling me was if I couldn’t continue to pay them 8 percent in interest I could go fly a kite !!! So what do I do now ??? What bank would loan me money ? The judge has already granted my bankruptcy!
It’s only been two months since my bankruptcy was granted !!! I want my home back or one like it !!! My home was nice & I can’t live in a shit hole over a credit score system !!! Its all BS if you ask me !!! My income is around 52,000.00 per year & still is ! I need a bank that will work with me on a new home loan & not give me a high interest rate due to a freaking credit score !!! THE CREDIT SCORE SYSTEM IS WHAT GOT ME IN THIS MESS IN THE FIRST PLACE !!! The system is way the hell to picky !!!! If a bank checks your credit it hurts your score lol & if your not even but a few days late on a payment "not months" it hurts your credit score, it just goes on & on… it’s stupid!!!
But anyway I’m a great person & I was good to always pay my mortgage but my banks greed over a credit score system got my bank & myself no where !!! What do I do now ? How can I get a good home without another bank stiffing me? Any help would be appreciated !!!! Thanks
I would have addressed this issue personally, except the offender does not allow email.
So I will address it in public. I am not happy that there is a "pseudo" Marxist revolutionary in Office who wants to "completely transform America", but personally I don’t care about race or where someone was born. What I care about is the content of their character and what they are trying to accomplish.
But calling POTUS "Buckwheat"?? I am old enough to have seen (on black&white TV, back in the day) the Our Gang TV show, so I know who Buckwheat was. And calling POTUS Buckwheat is just stupid. Why do people do that? Doing so completely invalidates whatever otherwise valid points they were trying to make.
If we "cons" are to stop the Zombie Apocalypse of (the 51% of Americans who don’t pay taxes) mongrel Hoards from overrunning what’s left of what we thought was America, we really need to get over all this race crap and focus on more important things like "money" and how the heck we are going to prevent America from going bankrupt. Seems to me that’s a lot more important than school prayer or the status of gays.
OK, I ranted, sorry. Just answer the headline, please and thanks.
@Just Thinking: Exactly. Well said!
@Poolplay… You said "irrational exuberance". Are you Alan Greenspan? No, probably not, because you make too much good sense. 
@Warrior: All this week I’ve been thinking (Bin Laden) that we live in an Orwellian 1984 Matrix, in that we are lied to about everything. But now you say Buckwheat was really a girl. If so, the rabbit hole is deeper than even I thought. Thanks Hollywood!
What is the best way to settle on tax debt? As in settlements for paying less then what you owe.
My parents made bad decisions young in there life and had a HIGH credit debt, to get out of it my mother worked a full time job and a part time & my father for more than 8 years had two full time jobs just so they could clear all that debt. Within the past year they got it down tremendously and for the first time in years my parents oonly have to have one full time job. But now because they were making more money the IRS came in and wants 30k of it. They just got a letter saying th IRS is going to start taking money from there bank accounts.
If any one has any advice please let me know, it is greatly appreciated!
(please no smart ass remarks like: pay your debt or pointing out what got them in this situation.)
I thought your debt can be wiped off after 6 years without bankruptcy, so whats the difference? or is it that you MUST file for bankruptcy to rid ur debt from ur file & debt in itself
I’m a 29 year old teacher. I’ve accumulated about 00 in credit card debt since I was in college. I cut up my credit cards about three years ago & have been paying on the balances, but card I fell 9 months behind. The minimum payment was over 200 a month and on a teacher’s salary, I just could not make it. They’d send me settlement deals, but I didn’t even have money to settle. I’d send them periodic payments to try to show them I was at least trying. Now, they’ve sent my account to a Debt Collection Agency. The collection agency seems to want me to come up with the entire amount or file bankrupcy. Is there any way I can get a big debt collection company to work with me on small payments until I can get ahead? I recently took a part time job to give me extra income to work with. I don’t want file bankrupcy @ this age and it is the only marr on my credit report. How can I get them to give me repayment options in writing? They want me to do everything over the phone. Help!
The lame teacher’s excuse, is not an excuse. In the state of Montana, a beginning teacher’s salary is barely ,000 a year and with student loans, a rent payment, insurance, etc., at the end of the month I have maybe left over.
Also, I have tried debt consolidation and because I work "-" in the red each month, they would not take me.
I am thinking of filing for chapter 13 bankruptcy. I don’t qualify for chapter 7. There is a few things I don’t understand, if I owe a total of 30,000 with creditors, some of which had interest and late fees accumulate. Will I be able to have the court take of the interest that accumulated. For instance I have a credit card with 00 balance and due to late payments & interests its 00. Will I be able to remove the extra 00 that was incurred.
Can I file the paper work myself? What would it entail? I checked a lawyer in NY and he wanted 00. The reason why I am filing for bankruptcy is because I can’t afford the bills. Does anyone know the typical fee for a bankruptcy attorney in NYC.
Do I have to pay the attorney in full for the creditors to stop calling?
How does filing chapter 13 affects getting a job down the road, particularly in the engineering field, IE utility, phone, construction etc.?
In the USA people say "we need cheap mex." No we don’t. In fact we don’t want them!
The USA wants:
slums
more health problems
higher taxes to pay for their free (education, health care, anchor/welfare babies, housing, food)
to have their jobs stolen away
for businesses to go bankrupt for them not doing their jobs
higher crime rates
the destruction of the English language
to turn into corrupt hellhole mexico
?????????????????????????
Um, NO. We don’t want this.
And don’t tell me 8u11$#!t like "they do the jobs that we wont do." That is a lie. We wont work at a store? Yes we will. If you look back it was all non-mex working there before stores lost their minds.
Don’t tell me they are "hard workers" as they are lazy as fu(&! They slack off on the job. Don’t bother to learn English (even though there are FREE programs). Don’t follow the rules to be lazy, so people get sick and hurt. If they work hard why did they steal jobs, and not EARN them like other people?
Don’t bother play the race card and call me racist. Because I’m not.
Unless of course we nuke Iraq, Afghanistan, Iran & Pakistan.
I currently have 2 checking accounts. I am considering filing Chapter 7 Bankruptcy next month. I know my bank accounts will be frozen during bankruptcy but will they be opened & usable after the bankruptcy is over with?
I need a new amp, and a new guitar. But I dont have 000 dollars to throw around.
I had 14 different credit cards charged off 2 years ago for a combined ,000. The statute of limitations in CA. is 4 yrs so after 2 yrs i finally got a letter from an attorney threatening Litigation for one of the accounts of ,000. Should I just file ch. 7 BK because if I pay this account I still got 13 other accounts to worry about ?
BTW I only work part-time & berly support myself & dont have any assets so i dont want to get garnished..
Recent law grad & recently unemployed for 8 months. I know loans are unaffected but I have probably -13K in other debts. It has been suggested I will be hit for 7 years either way, but with bankruptcy, the clock starts now vs. paying for 2-3 years…in MN if it matters.
He had alot of income problems with his business so he filed Bankruptcy and my name was never involved ,And last year we filed together and it hurts my income filing with him,I have a daughter from another marriage and I usually get some money back because I only make about 8000.00 a year and now I have to pay in .Is it or am I better off filing by myself to help with my daughters needs or would it hurt more ?
Confused with the tax issues,H&R Block pretty much told me I have to file together..Help !
2gether since 1/’97. Married 6/’05. Been living apart (seperated) since 2/’07. No assets, just debts. Already agreed on custody, so that’s done. We don’t contest the divorce, but we don’t agree on how the debt s/b handled. I want it split 50/50. All was in my name bcuz of his credit (2 credit cards,2 vehicles & loans). He doesn’t feel he’s responsible for all debt accumulated from 6/2005 – 2/2007 (specifically the SUV he asked for that I’m now left with but don’t want).
4 tax purposes he proposes that we split the divorce & debt issues in 2 and for both of us 2 agree 2 sign off on the divorce b4 December 31st. Then all we have to worry about is the trial 2 settle the debt. However, I am a little apprehensive 2 agree 2 this because I’m not familiar w/ this method & I don’t want 2 miss a step & get screwed w/ the debt we accumulated during our marriage. I’ve read that I can ask 2 reserve alimony 2 use for the debt in case we do end up agreeing and he bails. Is it ok 2 sign?
•I thought Bush’s stimulus rebate checks, deficits & Wall Street bailouts were going to bankrupt our country; depreciate the dollar; and cause the stock market to tank. It never happened. Now Barack Hussein Obama is doing everything Bush did by a factor of 10. I mean, $billions for the car companies; billions for people to buy cars; stimulus spending; trill annual deficit; it’s unreal. Yet the 10-year T-bill is under 4% and the US dollar is holding up. Even unemployment, which is approaching 10%, isn’t as bad as it may seem with unemployment benefits lasting 79 weeks; and tremendous growth in fed’l gov’t hiring.
• In summary, can someone tell me how if the U.S. Gov’t can run up such deficits perpetually? Or are we in the middle of another huge bubble; this one centered around gov’t debt?
Why would anything bad happen when the Chinese stop buying our T-bills? Maybe they’ll buy shares of Exxon & Walmart instead? So what? Why can’t the Fed Resv Bank just keep buying billion of $$’s of bonds & Treasuries? In this manner, interest rates stay very low. And paying interest to the Federal Reserve Bank is like paying ourselves the money. Seriously, as long as the Federal Reserve Bank can own trillions of $$’s of debt, which they can do; then I don’t necessarily see high inflation or massive unemployment.