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when it gets dismissed what happens there after? Please response if you ever had it happen to you ...and what is put on your credit report?
Additional Details
i'm in ... |
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Additional Details
If a previous occupant has a poor credit history, will this affect my credit score?<... |
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Jesse G | Bankruptcy or not? |
I am a 31yr old married man with a 22 month old little girl. I am the sole provider for my home. I owe over 20,000 dollars in credit card bills. Should I file for a bankruptcy? I make enough money to barely cover the minimum payments. At this rate I will pay all the credit cards in maybe 20-25 years. The creditors will not lower my a.p.r. or help me in any way. I barely have money leftover after my paychecks for groceries and added costs for baby things, diapers, wipes, etc. I recently decided to stop paying these credit cards and bankruptcy is an option. What should i do, any help would be appreciated. |
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artwhiterealtor
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I have a close friend who had to face that question recently and was not ready to talk face to face with a bankruptcy attorney. His finances had been devastated by a former spouse who secretly ran up all kinds of debt on his cards. I referred him to www.nolo.com to look at their self help on bankruptcy. I was not suggesting that he do it himself, although that is an option, but to gain some understanding of the process. After reading the book he felt that he was a good candidate for a bankruptcy, consulted an attorney, and had a successful Chapter 7 bankruptcy. He is now slowly rebuilding his life.
You might also want to explore getting some professional credit counseling to help you in renegotiating your debt. Be careful, there are no legal standards for the term. Some so called credit counselors are just credit card companies trying to sell you their credit card. Do your research carefully before opening the details of your financial life to anyone. |
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newyear2007
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Ok, listen to me seriously, i've been there done that. Bankruptcy can be a huge saving grace but here is what you have to know. If you are still paying everything on time continue to do that all the way up until the bk is discharged. When i filed i thought i did not have to pay anything anymore so in the time i filed and the time it discharged all of my credit cards because over 120 days late and that is what hurt my credit the most. You also need to know that after it discharges you will not be able to buy a home for at least 24 months...if you go with someone who will do it it will cost you 10-11% and that is so not worth it. It will also be hard to get a car for at least 2 years without paying 12-16 percent. Other than that, once you get it discharged you really need to get a credit card...even if its one you have to pay an annual fee on like www.orchardbank.com 's card and NEVER EVER mess up again! Bankruptcy does follow you around but it isn't the end all that everyone says it is. I have the # to my lawyer that was awesome if you happen to be in Texas. |
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MamaBear
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Try talking to a non-profit credit counseling service such as Consumer Credit Counseling (stay away from the ones that charge fees!) In many cases, they can review your financial situation, and may be able to negotiate adjusted payment schedules for you with credit card companies, etc. Bankruptcy can affect your life and abiltiy to get credit for a long time afterwards -- avoid it if at all possible.
Good luck -- you are in a stressful situation. |
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Gillian G
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Bankruptcy is an absolute last resort and you should explore all possible alternatives before you go that route.
If you've stopped paying your credit cards then things could soon get out of control and that will not be nice. It might be better to consult a bankruptcy attorney who can advise you whether to file bankruptcy or find another solution. An initial consultation with a qualified attorney is usually free and that should put you on the right course.
Check out this website which has a lot of useful information for people in your situation. I hope this helps.
Good luck! |
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Studly
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In your situation it will depend on how much money you are making. If you make over $40k you may not qualify for a chapter 7.
Do you own a home or are you renting?
If you own a home have you looked into a home equity line of credit, and consolidating your debts?
In other words, I could use a bit more info to make an educated suggestion on what you should do. $20k is about the lowest I would like to see anyone file for. If you make too much money you will be placed into a plan where you have to pay back a portion of the credit card debts. If you budget is already maxed out it's going to be difficult. But if you can qualify for a Chapter 7 it might be better....but if you own your own home it could be a problem.
Contact a bankruptcy attorney and find out what your options are. Many will give you a free one hour consultation. |
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teepeetop
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I was faced with a simliar situation, with the exception that I was much a few years younger. I really did not have a way to pay back my bills, and with all that I owed, and the late payments and missed payments, my credit would have been just as bad as the bankruptcy showing on my credit history, so I filed.
I am absolutely certain that I made the right decision. Yes, I have established very good credit since then (710 beacon) with the bk still showing on my report. If go this route, make sure you have learned your lesson, and will not make the same mistakes. 1 mistake you can overcome, do it twice, and you are screwed probably for life.
The laws pertaining to bankruptcy have changed since I filed. It used to be that they could not take your house or your car, but they could take just about everything else that you purchased with credit cards. Check into the laws before you file.
Don't forget that you can also looking credit counseling services. I used them before also, and they will work with creditors, and you can get your interest rate reduced to 0% in a lot of cases for your credit.
Also, you cannot claim any student loans, and any unpaid hospital bills(I do believe).
Good luck! This is a very tough decision, and I'm sure you will hear negative responses also, but do what is best for you and your daughters future. I did, and I'm better off for it. |
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rlloydevans
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I've been through bankruptcy, and I wish I hadn't.
The reason is payments and credit are a problem now, but even with the credit cards gowing away, a bankruptcy will haunt you for ten years. Plus, something like 40% of all people who go through bankruptcy go through it again, because they don't learn the skills needed to control their finances.
I understand it is stressful, and if you absolutely have to, then do it. But both you and your daughter will have a much better life if you work through this without bankruptcy.
One option is don't stop payment on all your credit cards. Stop paying on one or two, but keep paying the others, and pay a bit extra on those to get them paid off faster. You'll have a little extra money to handle the monthly expenses like food and stuff, and your credit will be slightly damaged from the ones you stop paying, but the ones you do pay will keep some positives on your account.
Then, when you get a raise or a bit of extra money, maybe a stretch of extra overtime, take 50% for you and your girl and 50% to put extra payments on those cards. Gradually they will go down. The first six months especially will be rough, but it will start to get easier. In 12-24 months, you should be in great shape.
And after a few months, the ones you stop paying on maybe will be in a better mood to cut a deal with you. It can be covered in a good situation for you within 24 months. Much better than a bankruptcy.
Good luck.
I wish you good luck |
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micky b
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Hi.
This site is well recommended for debt consolidation :
http://bestamericanfinance.bravehost.com |
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