I have really BAD credit that there is NO way to repair it unless I file for bankruptcy… I’m currently a student and have several more years of school left. I am up to date on my current student loans right now and I’m so afraid of filing for bankruptcy because I don’t want it to effect future student loans.
Let go from my f/t position and am now working p/t, but not making any money! I am currently 5 months behind on my mtge and have over 30k worth of debt that I can no long afford to pay. I have checked my credit score and it is 578..just 5 yrs ago I at 800. I am seriously considering filing for bankruptcy(chpt 7)…at this point I feel as though I will have nothing to lose. What impact will this have on my life?? Will I be able to purchase another home within the next 7 yrs or will my credit be ruined forever?? Will I even be able to get an apt or should I begin looking into shelters for myself and my 10 yr old son. LIFE!!! HELP!!!!
Thank you to everyone that took the time to answer my question. I was able to feel the sincerity and effort in your answers!! Again, thank you for giving me a different perspective. Ugh…LIFE!
I am 24 years old and I am considering filing for bankruptcy. I know that there is a good chance I’ll be able to keep my car because I still owe money on it and I’ve been makinng those payments successfully, but I’m worried that filing will seriously effect my ability to one day become a home owner. Need guidance from someone experienced.
I’m considering filing for bankruptcy. What does it cost?
What can you still buy a car and necessary things while under bankruptcy ?
I am thinking of filing for bankruptcy. Can creditors touch the equity I have in my home? What assets can they cease?
Ok I have around ,000 in credit card debt. I also co-signed with my mom to buy a house 4yrs back and it is due to go in foreclosure soon due to the fact that her husband lost his job (construction) and I couldn’t make the payments by myself which is why I defaulted on my mortgage and credit cards.
I also suffered a broken ankle in December and upon returning to work in May I lost my Supervisor position which was nearly a / per hour pay cut. To top it all off they decreased our work-week to 32 Hrs.
So my question is can I get away without filing for bankruptcy and just wait til everything clears up in 7 years or do I have to file?
Unfortunately my injury happened at home so I was receiving Disability insurance which was about %60 percent of what I made normally.
My mom or her spouse haven’t been able to find a job and their unemployment ran out 2 months ago.
I don’t have anything of value that I see the court selling off to pay back some of my debt. I am really broke and don’t have much in the way of assets. I only have about ,000 in my 401k other than that I am broke
I’ve recently been contemplating filing for Bankruptcy (Ch. 7) because I am in so much debt it hurts my brain to even think about it!! I am currently over k in debt. Most of the accumulated debt I owe is from past bills I ran behind on due to some unnecessary circumstances. Right now I am attending school full time and working part time making a measly 20/month as my take home pay. With my salary I pay for all the usual bills: rent, utilities, wsg, car insurance, car note, and use whatever I have left over to pay down my debt. For the past year and a half I haven’t opened any new credit accounts and I’ve been on a tight budget. I take full responsibility for all of the finanical debt I put myself into but am stressed and afraid that some of the creditors I owe will soon take legal action (as some have stated in their threatning letters). I’ve attempted to set up payment plans and have tried to negotiate a reasonable payment plan with my creditors but even with some agreeing to this others are not as willing. I am just seeking some advice because my credit is already horrible and even if I decide to paydown my debt it will take well over 5 years relinquish. I figured if I file for Chapter 7 it will stay on my credit just as long as if I tried to paydown all my debt on my own.
Big T: THank you very much for the advice and the many suggestions. I have been trying to stay optimistic about the whole ordeal and I have to give it up to you because I understand first hand how hard juggling work and going to school full time can be. I understand my debt is nothing compared to others but it is still a debt I have to take care of. I appreciate the encouragement and will look into other wage earning opportunities and try other ways to cut back!
Barnaby J: Thank you, I didn’t really factor in my wage earnings after college because they are still unbeknowest to me. (maybe if I looked into a crystal ball I’d know for sure..lol) But, since you have mentioned it I am predicting my salary wages will increase quite significantly after college which will help me drastically in cutting my debt!! However, I am not trying to rely entirely on those predictions! Thank you!!
Is there help available that will help us cover the costs of filing for bankruptcy?
I am considering filing for bankruptcy due to extensive medical bills. I have a car that was totalled, but I owe ,000. I had a co-signer sign for the car. Does anyone know what happends to that person after i file?
Do I get to keep the car? The car has no value and barely drives.
Also does anyone know of inexpensive alternatives to using a bankruptcy lawyer. In california we had a legal document service called "We the People" I am residing in TX.
Can i do the paperwork myself?
Is there help available that will help us cover the costs of filing for bankruptcy?
I own a house and 4 rental properties and I am worried that if I file for bankruptcy, I will lose them. There is little or no equity in any of these properties. The debt that I am looking to get rid of is mostly credit cards. I have never been late on any payments, but if I don’t look into filing for bankruptcy, it will eventually lead to not being able to keep up with my payments.
I heard that the government has made it more difficult to file for bankruptcy. Is this really true? I’ve heard that you can still file for bankruptcy but you need to get a lawyer.
Can anyone give me some tips on filing for bankruptcy?
Can you file bankruptcy on only some debt items but not on credit cards that you still want to be able to use?
well, Im not filing for bankruptcy, but a friend of mine is and they think that they can just go ahead and keep credit cards that they want and file bankruptcy on the others!!!! I think thats SO wrong!
Currently I have about ,500 worth of debt that include credit cards, a personal loan, and doctor bills. I recently became unemployed and I haven’t been able to make payments on any of my debts.
I’m fairly young and of course my interest rates are high, ranging from 16%-24%. I use to not only pay my bills on time, I paid them all early. I like paying my bills. I don’t want to file bankruptcy but in this situation I don’t know what to do. I expect to starting working within 4 weeks.
If I try to start making payments, it will take several months to get caught up. I live with my family and I’m basically head of the household. I take care of my family of 5, and that’s why I’m in debt.
I don’t want to go to one of those companies that you make a monthly payment to and they make payments to your creditors. I could do that myself, and I would still be in the same situation.
Is filing for bankruptcy the right thing to do? Will I be able to, considering the new laws?
Our loan was in a "modification" with the mortgage company and we were late on the payments. We sold one of our trucks on Friday for 00.00 to pay the 2 months behind and today we got the letter in mail saying they were continuing foreclosure proceedings.
We called and they said we don’t make enough, but we do so they are working on something, but I have a bad feeling that they are stalling. I want to sell the house, but my boyfriend does not want to. Our home is worth more than we refinanced for, but will be hard to sell quickly. Our credit is terrible and our score is very low. What about filing for bankruptcy or trying to sell fast..before foreclosure starts again?
I don’t think we can do much to get out of the mess we’re in.
(we missed the payments because a/c broke..we live in florida and have new baby so we had to buy window units.)
Im having difficult times economically and im thinking about filing for bankruptcy. I have a student loan with salimae would that go away as well??
Readability Formula: As the text suggests, writers will want to make the content easy to read by simplifying ideas, organizing them logically, and laying out the document in an appealing way. Refer to the Gunning Fog Index and the Flesch Reading Ease Scale to calculate readability formulas. In addition to the course text, search the Internet for information regarding readability formulas.
Good Style: This scenario deals with bad news (a negative message). Not only will classmates be missing out on the trip to Mexico, but they will also lose their deposits. While it is important to be honest, the structure of the message is important. Building Goodwill: The writer of this message is merely the messenger; the situation is out of his/her hands. Although reimbursing classmates would be ideal, the bus company is filing for bankruptcy and may not have much to offer. What other alternatives might be possible?
The writer should also try to determine the audience’s initial reaction, the amount of information required, positive aspects that can be emphasized as well as obstacles that must be overcome, and expectations of the audience.
I am on the borderline of filing for bankruptcy, i have about 9 thousand dollars in debt so i would really like to avoid bankruptcy if possible…i just dont know the different alternatives…BTW my account was charged off so they told me i couldnt workout a repayment plan…they told me that i would have to come up with the amount in full or they could settle for about 60-70% of what i owe em but i still dont have that kind of money
We will be filing for bankruptcy in approximately 1 month. We’ve already contacted a lawyer..we haven’t filed yet because of the holidays. We had our car repossessed last month and received a letter about the sale of it this past weekend. The car sold at auction for approximately ,000 less than we owed. Is this debt considered new debt? And could be it filed under bankruptcy? Or is there a certain "age" the debt has to be to be claimed?
p.s. We are filing in Alabama.
I "settled" with several credit companies for over ,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was "insolvent" at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt to income ratio. It could make a big difference in my tax liability for the past year but was better than filing for bankruptcy or losing my home. This question even seems to stump tax advisors. Any wisdom out there in Yahoo land would be appreciated.
I need at least 10 people to answer. You don’t need prior knowledge about the subject, just what you know right now. State your age. Thanks a lot for answering.
1. Do you know what bankruptcy means?
2. Do you know anyone in your family or friends who have been bankrupt?
3. Have you ever worked for a company who has filed for bankruptcy?
4. Do you know how many chapters of bankruptcy there are?
5. Why do you think a company goes bankrupt?
6. Do you have a financial strategy to avoid bankruptcy?
7. Do you think your money spending habits will eventually lead you to file for bankruptcy?
8. Do you know if you have alternatives other than filing for bankruptcy?
9. Do you know the consequences of filing for bankruptcy?
10. Do you know how long bankruptcy will affect your credit score?
copy paste the numbers with yes/no answer or however you like . Thank You!
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Question 6 is about opinion, so think of a short answer, thanks
question 10 , answer how many years you think
We are refinancing our house to pay off some credit card debt. I have heard that the debt management companies will negotiate on your behalf and either lower the interest rates or lower the amount they will accept to pay off the debt. I have also heard you can do that yourself.
Anyone have any experience with this tactic? I have also heard that trying to settle for a percentage of your balance will wreak havoc on your credit rating. Is it worth it to save a couple of thousand dollars?
Do you try and reach an agreement with the first CSR you talk with, or does it only count if you negotiate with a manager or other official? Should you get the agreement in writing, as well as any effects on the credit rating? What is an appopriate percentage to ask for (50%? 60%?), or does it depend on factors like amount owed, past payment practices, etc.? Does it help to threaten you might be filing for bankruptcy if they do not settle?
We are filing for bankruptcy and needed to know how long is going to take if we are applying for waivers as well? Can they touch your vehicles after filing?
can i go through wethepeople or divorcesource.com or another do it yourself paralegal assisted divorce site for a non contested divorce if there is a lot of debt involved? we our both residents of california. agreeably the debt doesn’t need to be fought over we can split it ourselves…. will the divorce be granted? or should we attempt filing for bankruptcy first or all at the same time as their is no way to pay the debt down in a lump payment. no kids…married for year and half
Ok so, I have no money, which is why I’m filing for bankruptcy, yet it costs money to file bankruptcy. Make sense? Anyway, I have never been through this before and was wondering if anyone could tell me how much it costs to file for chapter 7 (which I have checked into and am eligible for) bankruptcy? Thank you all in advance for your answers.
I also have a vehicle that I am currently financing. My payments are more than 0.00.mthly. As i have been good on my payments besides 1, should I refinance before or after the filing for bankruptcy. I also know that I will be filing for Chapter 7/W no assets. Thanks for all the help, if at all possible
I am considering filing for bankruptcy. I am paying a collection agency and attorneys for a collection agency. They threatened to file judgments. I also had a judgment filed againstt me last week.
I have about ,000 in debts. Mainly from credit cards dating before 2002. I used to pay my bills on time, however, in 2002 I was diagnosed with a disabling illness and fell way behind on my bills. I no longer am able to work and have been on Social Security Disability Insurance for 6 months now. Would it be worth filing for Bankruptcy? or should I just wait till the "7 year reporting period" from creditors have passed, and not file? I really want to improve my credit rating ASAP! Also, I live in California and I’m planning on moving to Texas very soon. IF I should file for BK, Should I do it in CA or TX?
So I’m considering filing for bankruptcy. Currently about 40K in debt, not including a house I purchased for a close family member but I don’t stay in. Tried to keep keep head above water but string after string of bad breaks has left me thinking there is no alternative. What could I expect if I do declare? would I qualify for bankruptcy? Would my financial situation be destroyed by doing this?
Will they actually consolidate all of my credit cards and personal loan or will they just try to get a decrease in the APR? Can anyone help me with this? I was given this as an alternative to filing for bankruptcy and would like some more info from anyone who has been there and done that…thank you.