Bankruptcy questions

[QuitBanningMe]

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

 

[Ausm]

Originally posted by: QuitBanningMe

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

I know ...I should scan and send them the hundreds of credit rejections I got through the years. Really makes a guy feel good . 😉

Ausm

 

[QuitBanningMe]

Again, how much debt? Do you still have the house? You mentioned an apartment.

Anything less than 25K get a second job and a better first. Don't BK unless you are in real danger of losing the house or you already have a second job.

 

[chowderhead]

Originally posted by: QuitBanningMe
Again, how much debt? Do you still have the house? You mentioned an apartment.

Anything less than 25K get a second job and a better first. Don't BK unless you are in real danger of losing the house or you already have a second job.

OP said that he had around $150,000 in medical bills because they did not have health insurance and their son got sick. I think OP should call up the hospital, threaten them with filing BK and see if they will lower the bill.

 

[QuitBanningMe]

Originally posted by: chowderhead

Originally posted by: QuitBanningMe
Again, how much debt? Do you still have the house? You mentioned an apartment.

Anything less than 25K get a second job and a better first. Don't BK unless you are in real danger of losing the house or you already have a second job.

OP said that he had around $150,000 in medical bills because they did not have health insurance and their son got sick. I think OP should call up the hospital, threaten them with filing BK and see if they will lower the bill.

Sorry, missed that.

Quit job. Then BK.

 

[Ausm]

Originally posted by: chowderhead

Originally posted by: QuitBanningMe
Again, how much debt? Do you still have the house? You mentioned an apartment.

Anything less than 25K get a second job and a better first. Don't BK unless you are in real danger of losing the house or you already have a second job.

OP said that he had around $150,000 in medical bills because they did not have health insurance and their son got sick. I think OP should call up the hospital, threaten them with filing BK and see if they will lower the bill.

I think that is a good idea because out of 150,000 bill probably 50K is actual expenditures. You would be surprised how creditors attitudes change when threating bankruptcy. it would be in there best interest to get some instead of none.

Ausm

 

[iliopsoas]

your lawyer sounds like a newbie. get a bankruptcy attorney. if you're over your head in medical bills and have no assets, consider filing BK now. Especially before Bush signs the new bill into law.

Bankruptcy was designed to help people get a new start...sounds like you need one. The new law won't be so lenient though.

 

[halik]

Originally posted by: xalos
Before I start talking about this I just want to be clear that I am against bankruptcy in most cases but after weighing our options it seemed like the only good option.

Ok, I lost my job about 1.5 months ago. We fell behind in our bills and got some nasty medical bills due to not having health insurance ( my son has some health problems). From the lack of income from me and the costs of having to go and stay at the hospital we started to fall really behind in bills.

Last Oct/Nov we met with a lawyer and he said chapter 7 would be a good idea due to us getting ready to lose our house and recommended we move and start the process to file.

We just now got enough money to file bankruptcy because I got an $8 an hour job at Comp USA (I know, I know.. But, it was close to my new apt and I needed the money since I cant drive)

So, we made an appointment and met with the attorney this morning. He went over our budget and seemed to think Chapter 13 would be the only way we could file because we make like $2400 a month and after our cars are paid off we only have $1900 in expenses a month and that chapter 7 probably wouldnt happen. Oh, my wife also gets a bonus every period that can be around $1500 dollars. Its not money we can count on but he seemed to think it may have to be included he said he would contact a trustee to find out.

I'm afraid that chapter 13 might make things worse than they are now and I'm just curious if anyone knows where I can find on what criteria they deem you ineligible for chapter 7 or knows first hand.

Thanks in Advance

how much do you pay for house / cars?

 

[Koing]

Do you have any real close friends and family?

I'd ask them first and and pay off the loans etc before BK if it was an option.

Good luck with it and everything.

Btw how is your son?

Koing

 

[xalos]

It's not realistic to ask family for the money even if I could get the debt dropped to $500 dollars, let alone 50k or more they just wouldnt have it.

It's been the plan to have me go back to school this fall, I could just bump the plans up to this summer. If I decided to go with another lawyer, would I be able to get the retainer back that I paid? or is it gone? or does it just depend on the lawyer?


Edit:

My son is well, he's pretty healthy now (Which really helps with the stress). Thanks for all the advice everyone. It's helping my anxiety levels.

 

[KMurphy]

Go here to find numerous people in your situation; some with good advise.

http://creditboards.com/forums/index.ph...cbb19ef57fc1f296337ea3f92&showforum=34

 

[masterxfob]

never borrow money from friends or family, that'll kill your relationship with that person real quick.

 

[waggy]

Originally posted by: QuitBanningMe

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

My sister-in-law just had hers discharged a little over a year ago. Since she filled for bankruptcy she has gotten 2 car loans (now a total of 3) with interest around 14%! before bankrupty she was 20+%.

She got a loan to buy a $12k trailer (giggle) and applied for a business loan. She has applied for and gotten 5 credit cards 2 for $800 and the rest for $100-500. She got a cell phone plan etc.

Before the bankruptcy she couldnt get any of this. She had the one car loan at 20% at a buy here pay here place. Now she has 2 other decent loans.

So while she does not have great credit i would call it ok.

 

[JoeKing]

Originally posted by: waggy

Originally posted by: QuitBanningMe

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

My sister-in-law just had hers discharged a little over a year ago. Since she filled for bankruptcy she has gotten 2 car loans (now a total of 3) with interest around 14%! before bankrupty she was 20+%.

She got a loan to buy a $12k trailer (giggle) and applied for a business loan. She has applied for and gotten 5 credit cards 2 for $800 and the rest for $100-500. She got a cell phone plan etc.

Before the bankruptcy she couldnt get any of this. She had the one car loan at 20% at a buy here pay here place. Now she has 2 other decent loans.

So while she does not have great credit i would call it ok.

And it seems like she's going for another bankruptcy in 7 years :Q

 

[waggy]

Originally posted by: JoeKing

Originally posted by: waggy

Originally posted by: QuitBanningMe

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

My sister-in-law just had hers discharged a little over a year ago. Since she filled for bankruptcy she has gotten 2 car loans (now a total of 3) with interest around 14%! before bankrupty she was 20+%.

She got a loan to buy a $12k trailer (giggle) and applied for a business loan. She has applied for and gotten 5 credit cards 2 for $800 and the rest for $100-500. She got a cell phone plan etc.

Before the bankruptcy she couldnt get any of this. She had the one car loan at 20% at a buy here pay here place. Now she has 2 other decent loans.

So while she does not have great credit i would call it ok.

And it seems like she's going for another bankruptcy in 7 years :Q

yeah thats what me and my wife think.

3 FRICKEN car payments. just amazing she didnt learn a darn thing.

 

[IEC]

Originally posted by: xalos
Before I start talking about this I just want to be clear that I am against bankruptcy in most cases but after weighing our options it seemed like the only good option.

Ok, I lost my job about 1.5 months ago. We fell behind in our bills and got some nasty medical bills due to not having health insurance ( my son has some health problems). From the lack of income from me and the costs of having to go and stay at the hospital we started to fall really behind in bills.

Last Oct/Nov we met with a lawyer and he said chapter 7 would be a good idea due to us getting ready to lose our house and recommended we move and start the process to file.

We just now got enough money to file bankruptcy because I got an $8 an hour job at Comp USA (I know, I know.. But, it was close to my new apt and I needed the money since I cant drive)

So, we made an appointment and met with the attorney this morning. He went over our budget and seemed to think Chapter 13 would be the only way we could file because we make like $2400 a month and after our cars are paid off we only have $1900 in expenses a month and that chapter 7 probably wouldnt happen. Oh, my wife also gets a bonus every period that can be around $1500 dollars. Its not money we can count on but he seemed to think it may have to be included he said he would contact a trustee to find out.

I'm afraid that chapter 13 might make things worse than they are now and I'm just curious if anyone knows where I can find on what criteria they deem you ineligible for chapter 7 or knows first hand.

Thanks in Advance

Bump for help for this guy! I know what it's like to not have health insurance! (don't have it now 🙁)

 

[rahvin]

Originally posted by: waggy

Originally posted by: JoeKing

Originally posted by: waggy

Originally posted by: QuitBanningMe

Originally posted by: Zebo
Nothing embarassing about it (unless you commited fraud or were negligent)... stuff happens in life to the most prudent indivduals beyond thier control. 🙂

I'm serious about that article. Went into case detail on about three individual who bought homes and cars just couple months after chapter 7.

It is not impossible to get loans after your BK has been discharged however "good/ great' credit is BS.

My sister-in-law just had hers discharged a little over a year ago. Since she filled for bankruptcy she has gotten 2 car loans (now a total of 3) with interest around 14%! before bankrupty she was 20+%.

She got a loan to buy a $12k trailer (giggle) and applied for a business loan. She has applied for and gotten 5 credit cards 2 for $800 and the rest for $100-500. She got a cell phone plan etc.

Before the bankruptcy she couldnt get any of this. She had the one car loan at 20% at a buy here pay here place. Now she has 2 other decent loans.

So while she does not have great credit i would call it ok.

And it seems like she's going for another bankruptcy in 7 years :Q

yeah thats what me and my wife think.

3 FRICKEN car payments. just amazing she didnt learn a darn thing.

FWIW she is the reason congress is changing the rules. She's one of the people abusing the system and congress changed the law so these people learn something by having to make payments instead of just liquidating their assets.

 

[Zebo]

Three cars and a trailer? Priorites all screwed up. All liabilites no assets.:roll:

She's headed right back to court at that rate waggy, why don't you buy her "millionaire next door" or coach her or something because next time she goes to file, unless she really is flat broke and unemployeed the judge will say no way jose due to new laws.

 

[waggy]

Originally posted by: Zebo
Three cars and a trailer? Priorites all screwed up. All liabilites no assets.:roll:

She's headed right back to court at that rate waggy, why don't you buy her "millionaire next door" or coach her or something because next time she goes to file, unless she really is flat broke and unemployeed the judge will say no way jose due to new laws.

yeah she is headed there now. I told her that she needs to watch it. With the new laws she will have to pay everything back.

but i really dont blame her that much. I blame her parents. Her mother is the same way. they have no clue on how to budget. When my wife moved in with me she was the same way. I actually broke up with her becuase i didnt want my credit ruined.

Just glad she actually listened to me. Now we haave a nice house, cars and can live how we want..well almost no cute maid =(

 

[Zebo]

Originally posted by: waggy

Originally posted by: Zebo
Three cars and a trailer? Priorites all screwed up. All liabilites no assets.:roll:

She's headed right back to court at that rate waggy, why don't you buy her "millionaire next door" or coach her or something because next time she goes to file, unless she really is flat broke and unemployeed the judge will say no way jose due to new laws.

yeah she is headed there now. I told her that she needs to watch it. With the new laws she will have to pay everything back.

but i really dont blame her that much. I blame her parents. Her mother is the same way. they have no clue on how to budget. When my wife moved in with me she was the same way. I actually broke up with her becuase i didnt want my credit ruined.

Just glad she actually listened to me. Now we haave a nice house, cars and can live how we want..well almost no cute maid =(

I started to come down on these new laws over in P&N with images of Debtors prisons and servitude like old england. But now I'm beggining to see the wisdom with this kinda people running around abusing system. Ya parents probably play a big role, mine were the cheapest people ever. We got fruit/clothes for x-mas instead of real presents. My dad drilled assets not liabilites into our heads from about 7 on. And it paid off for the most part. My sister is majorly irresponsible though they excuse that too since she's a female.:roll: Been that way forever too, she got a new car in HS, she got home loan seed money etc, we got nothing. So I've seen both sides up front. (but not quite to that extent)