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 Can unpaid hospital bills ruin your credit? |
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 Should I file for bankruptcy? |
| I'm 29, and my debt is under but probably close to 10K, much of it sent to collection. This debt includes student loans, credit cards, and my bank account balance, which was in the negative and ... |
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| How do i establish good credit? im 18 and dont have a credit card, bank account, car.....how do i start? |
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Additional Details
so if not a credit ... |
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mrsjara | I am in serious credit card debt. Should I claim bankrupcy? |
My husband of 15 years walked out on me and my 3 kids 10 day before Christmas of 2006. He was our soul provider. I make only 18,000 a year. I had a 2000 a month mortgage and bills. He paid for a while and stopped about 1 year ago. He has since lost his job and pays nothing to us. I have a child support order but he has no job to pay me. So I have since used my credit to take care of myself and my kids. I have been looking for other jobs but it is hard because I can not afford babysitting. I work in a school during the day and they are at school. I am now in 40000 in credit card debt. Ya I know, I tried to save my home and it didnt work. I have a BS degree but I have no bites on a job. I just would like some insite on the bankrupcy process.
Additional Details
how much does a bankrupcy lawyer typically cost? I live in California. I already get state help for food stamps and have applied for day care help. Still no answer. I know that I dont want to always be this way. I am just scarred of the process. I had high 700 credit score for years and hardly used my credit cards till now. I went for an 80000 a year come that included his and mine and now I just have mine and he convinently lost his job.I just want to know that I will be ok and I can reestablish credit later. That is for a house, car etc. I hate credit cards. But they did help me when I needed it. Unfortunatly I thought things would of been financially better by now. |
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TaylorProud
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Yes, you should find a good BR Attorney.
He can advise you.
Collect statements from all your debts, medical, payday loans, signature loans, home, cars etc.
all bank statements and divorce decree, child support order and pay
stubs etc.
You must report ALL DEBT and ALL ASSETS.
Then it will cost 200-300 to file, once you file you can notify all your creditors and they will all get a notice from the court, once you tell them you have filed and give them your file number you will not have to pay any of those debts.
If your X is a co-signer on those debts, he doesn't file, they will go after him for payment (kind of a nice payback...lol) anyway.
you can often keep a car and home if you own and can afford them without the other debt.
You can probably get help with Daycare from the state if you apply.
You can send your kids to even Kindercare with a voucher from the state. You just need to look into it, based on your income.
You could also get a job at a Daycare, often they let your kids attend free or for less.
anyhow, I would do the BR , we did it in 2002 and I have not had any trouble with credit since, for a short time I paid Higher interest on loans for a couple years and after that, since I proved myself, NO problems,
I have good credit now. I have bought cars and everything through my credit union.
We kept house and cars, too,....
My lawyer allowed me to make payments to him after we filed, I didn't have any other debt so I made him $50.00 a month until paid for for his fees. |
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alanaim
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I think you would be best served if you went to a bankruptcy attorney who could answer your questions in more detail with all the facts present. The first appointment is usually free but it does cost money to go bankrupt (how ironic is that?). Credit counselors are usually funded by the banking/credit card companies in order to get you to avoid bankruptcy so you can pay your bills and they don't always (if ever) serve your best interests. Owing $40,000 with an $18,000 income and a family to feed is a bad place to be. Look after your family first (shelter, food, heat and light) and find a good attorney.
I doubt you will have to pay any of this debt based on your income and current situation. The new bankruptcy law (lobbied for by the credit card industry) did make it harder to avoid all debt but the court must also consider your ability or lack there-of to make payments. You can't pay if you don't have any money. As far as future credit goes, there is always some place that will lend money. The rates will be higher but they will lend it to you. |
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lvgrammie
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Bankrupcy is nothing to be afraid of. If you have gotten into a jam like so many Americans right now, it can be the perfect answer. Bankrupcy lawyers will usually give a free consultation and they will answer all of your questions. It doesnt hurt your credit any more than not paying your bills. So, if you cant make your payments your credit score will go down anyway. Make sure you file a chapter 7, not a chapter 13. A lawyer can explain the difference. It can be the best thing you ever did for yourself if you cut up all of your credit cards and dont do anything on credit again. It seems hard but I think you'll like it. |
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havenskylar
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i think in your case, u should. i highly recommend not to but i can't find a way for u to go about. what if u have relatives watch ur kids and temporary get 2jobs even if its not ur major. |
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Noel C
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Hi there,
Credit card debt is a massive problem millions of people are facing at the moment and can really ruin your life. Repossessions are going through the roof because people cannot afford to live with the massive rises in the cost of living.
You really need to minimise your credit card debt and ideally get rid of it.
Firstly, consolidate your cards into one with a zero interest deal, if you can. Then get rid of all the others and start paying the one that is left off. It does mean you are going to have to cut back and live within your means, but that is no bad thing.
Paying off your credit card debt can take some time and will require discipline on your part but it can be done.
Hope that helps, but please let me know if you need any more info :) |
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Doctor Deth
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unfortunately - you can't discharge most credit card debt any more - you will be forced to file chapter 13 and go on a court ordered/monitored payment plan if you want to file bankruptcy |
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Gertie
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Well when you decide to file you need to collect every bill you have even if you have bills from 10 yrs ago that never got paid. just because they don't show up on your credit report any longer doesn't mean you still don't owe them just go in prepared. Make sure you take all your bills with the current balances this way your attorney has an idea of how much you will be filing on.
If you are going to file you should stop paying payments to your credit card companies and whoever else.
Also don't tell them about any expensive items such as jewelry. |
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The Debt G
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Bankruptcy is definitely an option of last resort. You should do whatever you can to avoid it. You may want to consider a debt settlement company. They can help you settle the debt with no long term negative effect on your credit. |
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puckbunnietwo4
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You should speak to someone first regarding your finances. Most times arrangements can be made with creditors for lower payments and much lower interest rates. I am unsure where you live, so I can't recommend where to go, but just check out any (free) credit counselling places.
Remember that claiming bankruptcy isn't always the best route. You have to re-establish your credit after discharge and it can be a long and difficult road. A professional will let you know the best route to take.
Good luck! |
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