Bankruptcy advice. Got any?

[graywarrior]

I'm thinking about it.

[tjdee]

1. Do it in the next week, for one thing....

Apparently the new bankruptcy laws go into effect in July.
I try not to follow money news, I'm very stick your head in the sand-ish about it. Which is awful.

I hate talking about money. Now you've made me all worried. :scared:

Good luck, LOL!

[SoCalDem]

4. SHIT.. I thought it was October.. are you sure it;s July???

I better call my son.. he's thinking about it..

[johnnie]

5. It's October

[tjdee]

6. Seems my info is bad...

See below, it seems you're right about October. Sorry!

I hate talking about money!

I'm thinking about Ch. 7... but I'm trying a credit counsely thing first. Which isn't turning out to be a walk in the park either!

I hate money.

[MidwestMomma]

2. If you decide to file, look up bankruptcy lawyers in the yellow pages

and start calling. They all charge different amounts and if your financial life isn't too complicated, no reason to pay more than you have to. Some will take payments, some won't.

Do the bankruptcy that discharges all your debt. (I think that's Chapter 7.) From what I've heard about the other one where you are put on a payment plan is that while you are in repayment, your credit is as bad as if you discharged your debt and therefore, if anything comes up that might require good credit, you are out of luck. But if you get all your debt discharged, sure your credit sucks but at least you're not still having to try to budget money to repay and end up in the hole again.

Go do research on the internet about what to expect so you're prepared when and if you do decide to contact a lawyer.

That's all I can think of for now.

[johnnie]

3. The laws change in October

After that it will be harder to file chapter 7 (discharge of your debts). Go to a bankruptcy lawyer who specializes in it. You might try a credit counselor first to see if you can go that route.

[madmom]

7. each state is different...

do some research on the internet talk to lawyer, we filed chapter 7 last oct. we are still in the "penalty phase" banks don't want to talk to you for about 2 years after. you will be inundated with credit card offers afterward though (especially capital one)be strong say NO!

[graywarrior]

8. Everything we owe has been charged off.

We saw a credit counselor today and he recommended bankruptcy. I hate doing it, but some creditors are still hitting us with a finacne charge.

I had an accident a few years ago and we just cannot catch up. It is impossible to talk with collection agencies.

I know they are changing the bankruptcy laws, but I have not been paying attention to what those changes are supposed to be. Fuck, I hate being in this situation. All it takes is one accident, illness, someone losing a job and you're screwed.