minor0123
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It depends on if it is chapter 13 or chapter 7. chapter 7 wipes out all bills chapter 13 is a repayment plan. |
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simplysexy
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Girl I did it and regret it , Although I had no choice it is hard to get back on track for a house, car loan or even store card . If u havent done it yet try to call your creditors and get a settlement amout which is usally 50% of the debt then add all together and get a small loan and pay it off , if you have no choice do it but keep one card open because it will be impossible to get credit from anyone but secured(the ones you have to put your money on..sucks ) . If in fact you are asking this question after the fact , make sure you wiped it all out then leave it alone for 6months after that a bunch of creditiors will be knocking down your door! pick only two with the lowest A.P.R and use it to buy gas and groceries keep them up to date for 1yr and u will be back on track . Even though Bankrupcy stays valid for 7yrs you qualify to buy a home after 2 and finance a a car after 1 but to avoid the high rediculous rates get 2 cards ...
Take care,
Signed
Simply been there:) |
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coolmom
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It depends on how much your stuff is worth. If you own a home and the equity of your home is enough to pay off your debts, the bankruptcy court can tell you to liquidate your house. If you have a car that doesn't have a resale value worth liquidating, then the court may allow you to keep your car.
You need to counsel with an attorney before you file. In most case, you can file by yourself just as effectively as an attorney can. Counseling first can give you insight regarding the laws and your qualification.
Good luck. |
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technical difficulties
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nope.
your stuff is safe.
when you file.. you pay the lawyer.. he looks over your situation.. he stops the harrassing phone calls.. (or she) and in a month or two.. (after you're done paying him/her) you go to see the us trustee and they ask you the questions you'll be told about via your lawyer and bang it's over.
i did it.. i'm not sorry about it either.
look in the phone book and online for legit bankruptcy lawyers in your state, city.
you ain't going to lose a thing.
also you'll be told to start immediately to rebuild your credit.
you'll be freaking happy you did.
honestly those companies don't want your junk it's worthless really.. besides they get reinbursed by the insurance companies they pay to protect them.
just be honest, open and ask questions when you need information... tell the lawyer the truth now.. they're sharp as tacks.. :D
but very helpful and sympathetic.
you have alot of rights... don't consolidate either.. you'll just end up broker than you are now and running to a bankruptcy lawyer anyways.
if you need to do it.. do it.
don't listen to all those myths. it's not that bad and if you really need to file just file.. you'll be happy you did.
it stays on your file for 7 years... but you can rebuild credit way before that. :D |
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helpme1
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depends on what your stuff is worth. If it's worth enough $$ then yes. Then your credit goes down the drain and it is a LONG 10 yrs getting it back and you have to have good credit for those 10 yrs too!
And now it costs more than it did when I did it.
And they want you to make some sort of repayment plan. Granted it will help you credit to make a repayment plan but not that much. |
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di05712
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your credit falls of the face of the earth for i think about 7 years |
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sameer s
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Strange things start happening.
Some of your creditors faint, others have heart attack, some die of shock.
The survivors come rushing to get a piece of whatever is left with you. |
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hollywood71@verizon.net
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thats only under chapter 7 where all your possessions are taken. most people file chapter 13 which allows you to only pay a small portion of all your debts for three years and you get discharged by the courts after that but the bankruptcy will stay on your credit record for ten years. |
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Mr.Morgan
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talk to a lawyer usually the first visit is free...good luck |
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brokenrhino
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You have lost all self respect. |
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Virtuous
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After you file bankruptcy, it stops people you owe money to from collecting. Its called an automatic stay. An automatic stay is basically a court order that stops anyone you owe from collecting. All your creditors will be served a court order once they get the order of the court it forbids them from collecting. That means the Tax Man, your Landlord, and any company from repossessing your stuff. For more details check out the site below….. |
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Cyn
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You may legally keep some of your assets, and other assets are up for grabs. It's important to see a lawyer regarding just what you can keep. (You can usually keep your car [if it's not worth a whole lot] and "x" dollars worth of your personal assets.) Also, there are SOME debts that you cannot wipe away with a bankruptcy (tax debts, child support, etc.). This is why you should always see a lawyer to consider all of your options. For example, did you know that there are two forms of bankruptcy, and that one is more-severe than the other? There are lawyers who specialize in bankruptcy, and some of them do it "on the cheap" for poor folks, so call up a few lawyers before you think this thing through any further. |
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Michael B
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they won't just come and clean you out; there are other things considered. You mainly have to clean up your debts to various creditors . Most of them will just wipe your debt clean; some however will try to get you to pay back monies in increments. |
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Jen
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Your money is gone. Boom- just like that. |
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cinson1999
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The laws have currently changed. Now when you file bankruptcy, you will have to make arrangements to repay the unsecured debts. All of the Visas, Master Cards, Discover Cards, and American Express Cards. If you have a Sears Card, they will take the items back you have purchased, like any T.V.'s, or things of this nature. It will stay on your credit for 10 years now. But if you want credit later on you will still have to check that box on the application that asks: Have you ever filed Bankruptcy before? So it really stays with you for the rest of your life. If you are having real financial problems, you can call your creditors yourself and tell them that you want to close the account and make payment arrangements yourself, and ask them to stop the interest and the late charges. Figure out how much you can pay each one each month and don't be late on paying them. Most creditors will work with you if you are straight up with them.
Good Luck |
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tankgirl_84
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Depends, sometimes you can keep the house etc. by working with the creditors. The ding does stay on your credit for about 10 years making it hard to reestablish credit. think twice before filing. maybe you ould work things out with those you owe so you wouldn't have to file?? GoodLuck!! |
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Earl D
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As a general rule no. The laws have changed so you need to consult with an expert like an attorney.
Bascially, any credit purchases you made within 30 -90 days may have to go back unless you agree to pay them off in full.
Taxes and student loans are totally exempt so you have to pay those back.
Secured loans such as a house or a car has to be paid off, but you can reach better terms.
Credit cards and medical bills you have to negociate and reach terms for repayment.
Generally you get to have an "exemption" on items like house, one car and personal belongings against attachment.
Under the new law you generally have to make repayments at negociated terms, unless lawyers have found loopholes. |
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Bigmama
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Each state has their own laws regarding this subject. Basically, you can keep your home if you choose and erase all other debt. It's best to have a list with all of your debt, income and expenses- remember to include daycare and or child support. The bankruptcy stays on your credit report for seven to ten years and after you are discharged you will be blowed away with offers to reestablish your credit- generally with a yearly fee and high interest. Employers and potential landlords generally pull your credit report to get an idea of your character, responsibility level- insurance agencies even pull your credit report. If they see a bankrupcy they may give you higher rates or not insure you. Good credit can be rebuilt but it takes time and alot of work. Consider your options carefully- you can often work out payment arrangements with your creditors. They would rather lower your payments, fees, and interest rates than for you to declare bankruptcy and them get nothing. |
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CA Girl
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I do home loans and they can take things that have been secured by credit (car, furniture etc.) but the creditor has to show up in court at the creditor hearing.
Most of all, and listen very careful, make sure you don't forget to file on everything. Medical bills, credit cards and vehicles. Then, after you've completed the full process and it's been discharged, start trying to rebuild your credit immediately. Get a secured credit card, pay your rent on time. This will take several years, but it can be done. Credit is so important to your future. It will affect your interest rate on a home loan, but with proper care you can recover. GOOD LUCK!!!!! |
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razorbuck
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there are several types of bankruptcy, chapter 7,11,13 etc.they allow you to make one payment per month which is divided among your creditors under chapter 13. consult an attorney. |
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sanecrazy49
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YOU NEED TO BECOME BETTER AT BEING A THIEF,,,,,,SHEEEEEEEEEESH,,,,WAKE UP AND SMELL THE GREEN$$$$$. NEVER FILE ITS BETTER TO HAVE BAD CREDIT THAN NONE AT ALL!!!!!! |
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jairarodrguez
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You have no more credit. |
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scubadiver50704
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It depends upon what kind of 'stuff' you have. Some assets are exempt and you get to keep them. Others are not and you have to have them considered as part of your asset basis when determining your net worth, or liquidate (sell) them. After all, the only reason you are considering bankruptcy is because you are insolvent; you liabilities total more than your assets. Actually bankruptcy occurs after insolvency and when one can not cash flow the obligations, but that is another road we will not take right now.
In general you get to keep a house, your car, basic furnishings within the house, (but not to excess), and other lesser assets accumulated. However, if someone has collected a certain commmodity, say antique furniture, and has a barn full of it, then it is no longer considered household use furniture, rather a liquid commodity.
Hope this makes sense and is of help. |
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nora7142@verizon.net
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all creditors are notified by yr attorney and they have to stop collection efforts depends on state you live in what you can keep and how they are paid off some of what you owe |
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old school
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You now have to repay part of your debt. Yes, they can take certain items. Seek out a good attorney. Most offer a free consultation.
It will stay on your credit record for 7 years. |
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mama
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I filed for bankruptcy about 2 years ago.. I let my house go into forclosure and filed all of the debt that my ex husband caused for me. Now i basically have bad credit, and i was advised to get a credit card and spend a little and make minimum payments to build my credit again. It's 2 years for a chapter 7. If you file chapter 11, it's 7 years of no credit. Ask a lawyer. (Incase I am wrong..) No, nobosy will take your things, but you will have to put everything you own on paper. |
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?
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Sometimes its a waste of time for creditors or banruptcy courts to repo your stuff. It just all depends on the value of the stuff you got.
You'd be better off getting another card, one with a high limit, and then transfering all your debt to that. That would really improve your credit rating, just make large payments on that card every month and never miss one.
If you can't find someone to give you another credit card then take out an equity loan, second mortage, or a personal loan and do as you would if it were a credit card. |
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nadaclue
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no they dont come and take ur stuff |
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Corky
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Before - you thought you were bankrupt.
After - you know that you are. |
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mrklcoac2002
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i'm not sure but here is the name of a friend of mine that can put you in touch with an attorney for a very affordable price, i pay $ 17.00 a month . her name is debbi carroll and you can call her at 1-866-471-3782 or www.debbicarroll.com and tell her mark referred you plz |
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