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Bankruptcy(YALT)

1) Hire bankruptcy lawyer
2) Tell him you want to be billed at twice his rate, but all upfront.
3) Declare bankruptcy
4) Profit
 
After spending 5 hours today at the bankruptcy court, I'm getting a headache just by reading the word "bankruptcy."

That said, it's way too complicated of a subject to give you any meaningful info. There's Chapter 7, 11, 13, etc. depending on your circumstances. You can do it all yourself, and your local court's website will generally have useful info/videos, but it's such a complicated area requiring specific forms etc. that you're probably best served by an attorney.

For a standard bankruptcy without adversary proceedings/objections to discharge, you can find a lawyer for very cheap, especially in this economy. Just make sure it's someone actually experienced in bankruptcy - otherwise, they're just as useless as you trying it yourself.
 
Yeah I already perused the yellow pages for bankruptcy lawyers. People with no money need money to pay a guy to fill out the forms to tell the judge they have no money. Can't I just roll over and die instead?
 
I have no experience in this, but I heard that credit companies look at all Chapters the same, so you might as well do the full blown Chapter 7.
If you are going to file, you might as well take a vacation first. 🙂
 
Court clerk can provide you with the forms.
They can not provide you with advice.

Fill out the forms, pay the court fees and follow instructions.
Others are able to do it. Some will pay the $300-800 for a lawyer to handle all the paperwork.
 
Malak, I feel your pain. I too had to file bankruptcy several years ago, and I am starting to regret it. Any "decent" bankruptcy lawyer (i know, is there such a thing?) will make sure you have exhausted all possible means of repayment to your creditors.

Please look at bankruptcy as the VERY last possible "solution". I use solution very loosely here because you must weigh out the option of whether it's worth the long-term problems having a discharge on your credit report or not. You may not find it to be too bothersome, but I do and I wish I could do it over again.

If you have come to this solution after having exhausted all other options with your creditors, my advice would be (as others have stated) to find a specialty lawyer who deals in nothing but bankruptcy. They will give you a packet to fill out that lists all items you currently own, and what their values are. What my lawyer told me about "value" was.. "think garage sale value. What would you get from the item if it was put in a garage sale. Use that as the value on the packet."

Also, if you have a car that is financed and you would like to keep the car out of the bankruptcy, you may have to pay extra for the "re-affirmation form" (I think that is what it what called). It's extra money for that form (I think for me it was $100 extra so I could keep my car).

All in all, my only advice to you is to be 110% positive that bankruptcy is the ONLY option you have left. 10 years to have a major negative impact on your future credit is a long time. Best of luck to you Malak, and I am sorry to hear it has come to this.
 
Luzah said:
Malak, I feel your pain. I too had to file bankruptcy several years ago, and I am starting to regret it. Any "decent" bankruptcy lawyer (i know, is there such a thing?) will make sure you have exhausted all possible means of repayment to your creditors.

Please look at bankruptcy as the VERY last possible "solution". I use solution very loosely here because you must weigh out the option of whether it's worth the long-term problems having a discharge on your credit report or not. You may not find it to be too bothersome, but I do and I wish I could do it over again.

If you have come to this solution after having exhausted all other options with your creditors, my advice would be (as others have stated) to find a specialty lawyer who deals in nothing but bankruptcy. They will give you a packet to fill out that lists all items you currently own, and what their values are. What my lawyer told me about "value" was.. "think garage sale value. What would you get from the item if it was put in a garage sale. Use that as the value on the packet."

Also, if you have a car that is financed and you would like to keep the car out of the bankruptcy, you may have to pay extra for the "re-affirmation form" (I think that is what it what called). It's extra money for that form (I think for me it was $100 extra so I could keep my car).

All in all, my only advice to you is to be 110% positive that bankruptcy is the ONLY option you have left. 10 years to have a major negative impact on your future credit is a long time. Best of luck to you Malak, and I am sorry to hear it has come to this.
Click to expand...

:thumbsup::thumbsup:

Absolute LAST resort.
 
Malak said:
Less than what the average ATOT person makes in a month, more than I can afford.
Click to expand...

You should talk to a lawyer or financial adviser, don't take the decision lightly. If you only have 10k or so in debt you are going to be better off in the long run trying to work something out with your creditors.
 
TwiceOver said:
:thumbsup::thumbsup:

Absolute LAST resort.
Click to expand...

This is good advice. Stick it out if you can. If you are alone in this world you will not get a rent or anything else. I had two students several years ago go through it. One came out a shell it has taken years to get over it the other we put in a box. They were both highly skilled artisits.
 
XZeroII said:
How much debt do you have?
Click to expand...

Malak said:
Less than what the average ATOT person makes in a month, more than I can afford.
Click to expand...

the DRIZZLE said:
You should talk to a lawyer or financial adviser, don't take the decision lightly. If you only have 10k or so in debt you are going to be better off in the long run trying to work something out with your creditors.
Click to expand...


HAHA!
Contrary to what all these "Ballers" may say, I would put the average ATOTers monthly income at around $575.00 a month, including allowance and Student loans.
A lawyer would cost you more than that.
:biggrin:

OP, sorry I have no advice for you.
 
I filed almost 3yrs ago (ch. 7) and it was $800 and lasted a month or 2 at the most until everything was discharged. Just find a decent attorney and make sure you list 'everything' you want to file on, have your account numbers ready and your money up front and they should be able to file the next day. Then you go to court a couple weeks later (forget the term but it's a 'meeting' of some sort) and just say you want ch. 7...then you just wait for everything to be discharged.

**I agree with everyone else here...if there's a way to NOT file, then go that route. I filed with a 750, but I had $100k+ plus debt due to a divorce and we didn't do the divorce quite right since we did it ourselves...it cost me b/c she defaulted on house/car so I had no choice since she couldn't refi anything in her name b/c her credit was bad.
Honestly BK isn't HORRIBLE, but you to take a shot at your pride when doing it. I'm a little more than 2.5yrs out and I'm buying a new house @ $127k and I've got (2) new 2010' cars (not the smartest choice I've ever made but we needed cars and I wanted reliability...although I would NEVER buy new again).
 
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I'll admit I don't have much advice although I'm sure one of my mother's brothers would be able to as he has QF successfully dodged his creditors for years. He just stocks up, goes to a different doctor, hospital, dentist, store, etc each time, has a P.O. Box, shifts it around, and the creditors start calling his brothers. The only thing I can think of is to start searching for a job quickly and to invest all of future savings in gold.
 
jupiter57 said:
HAHA!
Contrary to what all these "Ballers" may say, I would put the average ATOTers monthly income at around $575.00 a month, including allowance and Student loans.
A lawyer would cost you more than that.
:biggrin:

OP, sorry I have no advice for you.
Click to expand...

It's widely known that the average ATOT'er makes 200k/year. I assumed 10k per month net of taxes.
 
CPA said:
do you have a debt problem or an income problem?
Click to expand...

Both. Lost my job and the student loans and credit cards are just too much on top of mortgage and car. Never made much money, never had savings. Been poor my whole life and going to school didn't help. Ch 7 would clear the loans and keep my house and car, which I would be fine with. That'd leave about $1200/mo in bills, something unemployment will hopefully cover. I can't catch a break and my resume is awful because of it. My credit was amazing 3 years ago, when I bought the house and car. Lost the job, lost the next job, lost the next job...
 
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