 I'm a single mom at age 23. My income is less than 30K. Which way should I go? |
After a long 2 year struggle, I finally can say I have no debt. Thank goodness.
Now I need to focus on step 2. But what IS step 2?
Saving for retirement, a downpayment on a house,... |
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 My father recently passed away from Liver Cancer, he ran up $18k in debt .Who is responsible for this debt? |
He gifted a car to me right before his death. Will creditor's come after the car????
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He gifted a car to me right before his death. Will creditor's come ... |
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 You have $5000. You never want to work again. How would you do it? |
'Work' means for someone else... In otherwords, acting independently and legaly, how would you parlay 5 grand into enough money to support yourself on an ongoing basis....
Additional ... |
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 How do you become debt free? |
I'm tired of paying bills!
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Thank you everyone!!! I'm glad most of you guys had meaningful things to say tht will help me! =D... |
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 What costs 250 dollars? |
I have 250 dollars and wanna spend in something cool what should i get? (not counting phones)
... |
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 Are you/have you been in debt? |
| How did you cope, if you did?... |
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 What would you do with $10,000? |
just out of curiosity...
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i just happen to have been awarded a little over $10,000 in a settlement, so it's tax free. i have a student loan to pay, but i don'... |
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 Can someone please tell me what a 401(K) is?? |
| Can someone please tell me what a 401(K) is? I am really not to sure.... |
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 I owe $8000 in credit card debt. I have 4 different cards? |
First owe $4800
2nd owe $2400
3rd owe $640
4th owe $90
How can i get this paid off fast?... |
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 Can an 18 year old get a car loan with no co-signer? |
| I have a steady job, have three credit cards, a cell phone account, and have always paid my bills on time. I'm completely paying off my credit cards in a month and I'm hoping my credit ... |
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| I need to get a loan, How do I do this? What are the qualifications? |
| Actually, My best friend is 18 and moving out of her house for good, and she wants to get a loan in order to pay off the bills her parents had forced her to pay, rent an aparment, and maybe get a new ... |
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 How do i get out of my car payments? If i let them repo it, will i still owe the company the $ on the car? |
| I bought my car 2 years ago brand new with only 7 miles on it, and i was making monthly payments on it just fine. But recently i had a child and my child's expenses are costly to a point where i ... |
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| Starving college student!!? |
| so i have -133 dollars in my bank account and 22 dollars before my credit card maxs out, im sooo broke. i do hold a fulltime job but my bill are insane. i can never seem to get caught up. i was ... |
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phil | How do I declare myself bankrupt? |
how much does it cost, and what are the implications i have no assets ie property? |
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Bernie c
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If in the UK get in touch with the County Court and they will give you the correct info you can declare yourself bankrupt laws change all the time in some cases this may only stay with you for 2 or 3 years in bad cases where there are thousands something like 25 then it can stay with you for 5 yrs after that period you can get it taken off your credit rating only if you feel you must then you really wouldn't want to get credit again for a few years so as not to get in the same situation get the correct info from the court or call in and someone will go through all of it with you before you make a decision Good Luck |
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Softball Mom
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See a lawyer that specializes in bankruptcy. I don't know if it differs between states, but in my state the documents are filed electronically and there is a credit counseling requirement. I just filed this year and it cost me just under $1,000. I also had no assets or property, so basically I was just relieved of my obligations to pay back my creditors. Child support and tax obligations cannot be discharged. It's not something to do on a whim, make sure it is your last resort. I considered it for a year and only filed after I had exhausted all my other options. |
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Rob M
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In the UK it's a very bad move. Creditors have the right to seize and sell your assets to raise moneyIncluding house and car and to take any inheritance you may be due. Your credit rating is zero for at least five years.
If you default on a bankruptcy agreenment you may well end up in prison. It is NOT an easy way out. |
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st_evenuk
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First of all, well done for realising the state of your affairs, and deciding to do something about.
You will find lots of info at the site on the link I will give you.
First thing is, don't panic, and don't worry.
Have a read through the bulletin board, and if you decide to go ahead, then good luck, its easy, in fact 1,000's of people are doing it. |
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EL1
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I'd suggest going to see the citizens advice bureau. I've been before and they were very helpful, friendly and professional. And FREE. (Assuming you live in UK!) |
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primum non nocere
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if you're in the UK, contact the CAB. They can arrange for the forms to be sent direct to your home address, and will help you complete them. Currently if you're not employed you need £300 for the court fee, slightly more if you're working.
It will stay on your credit file for six years as things are just now. However once that time period is over, banks and creditors are normally more interested in the activity of the last two years, they don't actually pay too much attention to anything previous to that, so if you can cope with the hassles of bankruptcy, and then have a couple of years quietly rebuilding your credit, you should be alright.
I've just had a family member go through this and the CAB were wonderful. |
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Karen M
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How much depends on the lawyer you choose. Choose carefully. I loaned a friend money for a bankruptcy filing a few years ago and it was $1200.
Don't take the decision lightly, and don't think that bankruptcy will solve all your problems. It won't relieve you of certain debts, like taxes, child support, etc. You'll still have your monthly expenses, like rent, insurance, etc.
When you file, you are entitled to a "homestead exemption" that should protect your personal effects, furniture, etc.
If you own nothing of major value, the biggest impact will be on your credit rating, and it might actually be good for it. Oh yeah---and the creditors will have to stop calling you. It's kind of fun to ask for the name of the company (so you can note it) and advise that you've filed bankruptcy. They are never allowed to call you again!
Choose a lawyer that will help you assess your situation, determine whether Bankruptcy is right for you, and offer guidance on credit recovery post-discharge. |
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john.moyles@btinternet.com
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don't...you'll be paying for it for at least the next 10 years of your life. Best thing to do is to go and see your bank manager or if you haven't got one then try citizens advice and they will tell you the next best option |
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Bamma
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Bamma say get a better job and pay off your debt. Bamma say why you putting burden on others. Bamma say be a man and live up to your responsibility. Bamma say here the implications. Bamma say you marked "loser" for the rest of life. Bamma say only car dealers talk to you from now on. Bamma say that look good on resume. Bamma say tell future wife you plan on bailing out on her when things get tough. Bamma say that how it look to Bamma. Bamma otta know. |
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thereisonlyonebrightstar
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go to the cab and they should be able to tell you but have you tried getting intouch with a debt management company i did and found they really helped |
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RICHARD M
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yo uwill need to find a bankrupt lawyer to help you file and do the paperwork its not easy but it takes time |
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Max
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If you o tax it wont go away. |
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Everona97
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It depends how much do you owe. I don't recommend that at all because it will go for 1 year and after that will stay in your record for ever. You will have a trouble to get loan, credit card.. anything. And if you manage to get something in credit it will be much higher APR than for any other people. Try IVA. It is better than bankruptcy |
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Venice Girl
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You don't necessarily have to hire an attorney. That depends on the amount of assets you have and how complicated your case might be and how comfortable you are filling out the forms yourself. Give it a try. If you feel confused or unsure, then it is time to consult someone. There is also the option of using those paralegal services. They are allowed, by law, to assist you in filling out the forms, but they cannot give you advice on what you should do. They only charge maybe $500. If you decide to hire an attorney, it can cost. For instance, in California, $1,200 for a Chapter 13 is mandatory. But, on the other hand, the law puts a limit on what an attorney can charge for a bankruptcy.
You can obtain forms online through your state court's website. If you file a bankruptcy yourself, you will only need to pay the filing fee. The filing fee will vary from state to state and it also depends on what Chapter you file; however, the filing fees for both a Chapter 7 and Chapter 13, which are the two Chapters individuals file, is probably around $300.
That other guy was wrong. First off, Chapter 11 is a restructuring bankruptcy for businesses and corporations. The two bankrutpcies for individuals are Chapter 7 and Chapter 13. Chapter 7 bankruptcies are for those who have no assets and basically, only unsecured debts, but can include a car, school loan or taxes which are considered secured debts. A credit card would be considered an unsecured debt. Chapter 7 bankruptcies discharge all unsecured debts, which means you no longer owe any of those debts to the creditor. Chapter 13 bankruptcies are for restructuring and repayment of your debts to your creditors. You file a plan with the court that tells your creditors how you intend to pay them back. Chapter 13 are for those who have more secured debts, such as a house. If you file a Chapter 7 bankruptcy and have secured debts, you have to make arrangements with the creditor to pay them back if they're governmental agencies, or in the situation of a car, to decide whether you want to continue paying the debt or give the car back. You do this with all creditors for all secured debts. There is more that you should/could know, but this is getting long enough.
With regard to whether you should file bankruptcy. Sometimes, it really is the only way out. But, even so, it shouldn't be approached lightly. Consider your options carefully. See if there are ways of paying back your debts.
Your credit is ruined one way or the other whether it is because of failure to pay your debts or because you filed a bankruptcy, but you can repair your credit more quickly by paying back your debts vs. declaring bankruptcy. Achieving a good credit standing after paying back your debts may take 3-5 years to achieve; a good credit standing after bankruptcy is going to take well over 7 years. |
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robert k
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Read up on Chapter 13, that's a personal bankruptcy as opposed to a business bankruptcy which is usally a Chapter 7 or if you have a business you might want to check into a Chapter 11 which is where the court holds off the predators while you make arrangements to pay them. Even if you are ineligible for a Chapter 11, you could contact each of your creditors and attempt to make payment arrangements as they might be happy to get something rather than nothing if you file a Chapter 13.
The cost will be dependent on the lawyer you hire. I would assume that the absolute minimum would be $500 with the emphasis on absolute. The final figure will be determined on how much time the attorney need to spend on your case. If you are in particularly dire straights contact legal aid.
The primary implications are that your abrility to attain credit has ended probably for about 7 years.
Also, filing a bankruptcy cound hinder you in the job market |
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diva
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you gotta see a lawyer, pay his fees which can be costly.. and your credit is basically ruined for life |
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no n
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cost you a few grand. you can do it yourself or have a lawyer do it |
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.
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run down the street shouting iam skint |
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Don't Tickle Elmo
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Stand naked on top of Mount Etna and scream 'I'm SKINT!!!!!!' |
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