View Full Version : Questions about filing for bankruptcy...
aprilfuulz
02-16-2008, 05:08 PM
thank goodness i am not the one who has to go through this, but some people I know are.... and it's been very hard for them. They've been carrying the debts for a while and it is next to impossible to repay these debts (not going through the details), and debt consolidation doesn't really help either. filing for bankruptcy looks like the best bet for them right now and they are going to talk to an attorney next week.
Does anyone here know the difference between filing a chapter 7 and chapter 13? All i remember is that one wipes all debt clean but you have to sell all your asset & the other one takes some off your back and you don't have to sell your possessions. is that right? and how does the court determine whether to approve chapter 7 or 13? does the person's income affect the decision?
any help would be appreciated, thanks.
dollface
02-16-2008, 05:21 PM
hire a lawyer. H-I would be the last place I ask for legal help. even if there were any lawyers here, they probably couldn't offer you much advice (legal issues). good luck with everything.
aprilfuulz
02-16-2008, 05:27 PM
they are setting up an appointment with a lawyer next week, who will hopefully clear up most questions for them, but they also want to be better prepared, just wondering if anyone knows anything about bankruptcy that's all. b/c i have no clue....
thanks~
Narcissistic
02-16-2008, 07:36 PM
new laws, even if you file for bankrupcy you still have to pay your debts back.
aprilfuulz
02-16-2008, 07:51 PM
new laws, even if you file for bankrupcy you still have to pay your debts back.
:hsrun: isn't the point of bankruptcy to get rid of all your debts that you cannot pay?
more details?
Prissy
02-16-2008, 08:51 PM
new laws, even if you file for bankrupcy you still have to pay your debts back.
That is correct, they are making it harder for you to run away from your financial responsibilities.
Bankruptcy will hurt more than help. It will carry on with you until the day you die. Every single application for any kind of credit, housing, etc will ask if you have filed for bankruptcy.
It's like selling your soul to the devil.
aprilfuulz
02-16-2008, 09:05 PM
i've read up on it tonight with them for a while. i saw the BPACA bill signed by Bush... but even if they have to repay some debts still, they only have to pay usually 32 months (60 months max) and the rest are forgiven. still trying to figure out which chapter fits their situation the best and how long the bankruptcy is going to stay on their records.
TOP CONNECTIONS
02-17-2008, 12:38 PM
i think 7 years
lol, NEVER file for bankruptcy. You'll be thrown credit when you immediately file for it but after a few months you won't get credit from anyone, anywhere. Job applications will pull up the fact that you filed for it (since most employers are checking your credit history also now) and everytime you apply for credit it will show that you filed for bankruptcy.
Just do a better job handling your money. Get a loan if you have bills you need to pay off.
RACER X
02-19-2008, 10:24 AM
www.daveramsey.com
That is correct, they are making it harder for you to run away from your financial responsibilities.
Bankruptcy will hurt more than help. It will carry on with you until the day you die. Every single application for any kind of credit, housing, etc will ask if you have filed for bankruptcy.
It's like selling your soul to the devil.
That is incorrect. Please don't give advice or information that you don't know is the truth. And filing for bankruptcy maybe the only option for some people so please don't act all high and mighty. People do lose their jobs and have a hard time finding new ones that paid anything remotely what they made before. Hard times still falls on people.
Sometimes bankruptcy is the only way out.
aprilfuulz
02-19-2008, 09:09 PM
That is incorrect. Please don't give advice or information that you don't know is the truth. And filing for bankruptcy maybe the only option for some people so please don't act all high and mighty. People do lose their jobs and have a hard time finding new ones that paid anything remotely what they made before. Hard times still falls on people.
Sometimes bankruptcy is the only way out.
true.
if it's not for desperate measures, they would not have considered this. they realize the dire consequences that may follow the filing of bankruptcy... the couple are very close to me and they've been going through very hard times and they are current on all the payments so far (no late payments ever, 750+ credit scores, platinum AMEX cards, houstonian memberships, etc.), have good tax records, but the debts are going to catch up with them within several months or so....
they went to see a lawyer today and received very helpful advices. chapter 13 is going to stay on their credit for 7yrs, chapter 7 is 10 years; they are probably going for chapter 13 b/c of their income bracket, they are going to have to repay the creditors for max. 5 yrs with their disposable income and the rest will be forgiven, and they are able to keep their retirement plans, house and cars by keep on paying the secured mortgage payments, i guess that's good news.
:hsrun:it really sucks to see them go through this
true.
if it's not for desperate measures, they would not have considered this. they realize the dire consequences that may follow the filing of bankruptcy... the couple are very close to me and they've been going through very hard times and they are current on all the payments so far (no late payments ever, 750+ credit scores, platinum AMEX cards, houstonian memberships, etc.), have good tax records, but the debts are going to catch up with them within several months or so....
they went to see a lawyer today and received very helpful advices. chapter 13 is going to stay on their credit for 7yrs, chapter 7 is 10 years; they are probably going for chapter 13 b/c of their income bracket, they are going to have to repay the creditors for max. 5 yrs with their disposable income and the rest will be forgiven, and they are able to keep their retirement plans, house and cars by keep on paying the secured mortgage payments, i guess that's good news.
:hsrun:it really sucks to see them go through this
Shit happens. You learn from your mistakes. Luckily they can still afford and keep the home..
Slim ThuG
02-20-2008, 08:13 AM
www.daveramsey.com
+1, great info from this guy, i listen to his show almost everyday all day
aprilfuulz
02-20-2008, 10:22 AM
www.daveramsey.com
i will advise them to look into this, thank you! :)
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