I know of a person who fell on some very hard times and now has let 8 months go by without paying on his credit cards. It appears that now some of the cards have written off his loan as bad debt, or have turned the delinquent accounts over to collection agencies. This person is unfortunately still so pennyless (and so in debt- close to ,000 between a handful of credit cards) and he still cannot afford the legal fees to file for bankruptcy. At this point, since he is so delinquent on his credit cards, and his credit is already turned bad after being delinquent for 8 months, is there any reason to file for bankruptcy? He has heard that the bad debt will drop off his credit record after about 7 years, just as one’s record of going bankrupt would. Can anyone validate that this is true? Could there be any advantages for him to go through the bankruptcy process at this point? In other words, what would be the difference in his credit ultimately?

Technorati Tags: bad debt, bankruptcy process, collection agencies, credit cards, delinquent accounts, handful

Here is the situation, my wife and I are married and she is petitioning me to be a US citizen. We filed I-485 (Application to Register Permanent Residence or Adjust Status. USCIS send me a letter that requesting us to submit I-864 Affidavit of Support. I used my wife and one of my close friend to be my sponsor but their income does not meet 125% of poverty line (which is about K) since they are both students and do not make that much. We are really stressed out because it seems no one could help us. Is there any alternative way to find an sponsor? If I can provide a statement from my employer that showing that my estimate annual income is above the 125% of poverty line, will that help?

Also,my wife’s parents agreed to help us but they are also in the process of filing bankruptcy. Will that affect their process? From what I know, the I-864 is an agreement between the sponsor and the US government saying that if the immigrant (Me) can’t not support himself and need to take social welfare. The government may ask the sponsor to pay for it. So in theory, as long as I have a job that can support myself. it should not affect their bankruptcy process right?

Please help. Thanks
Thanks for the quick response. What if my 2010 adjust gross income doesn’t meet K. I’m getting a new job that pays much better (around K). Will a company statement from my employer shows that my estimate annual income help???

Technorati Tags: affidavit of support, bankruptcy process, citizen, filing bankruptcy, gross income, immigrant, new job, parents, permanent residence, poverty line, quick response, social welfare, us government

I might have to file for bankruptcy in a few months. I have a little cash I want to invest in the stock market or in mutual funds. If I do invest and get luck, will some or all of it be taken from me to pay back creditors? Or should I wait for the bankruptcy process is all over before I invest the money?

Technorati Tags: bankruptcy process, creditors, money, mutual funds, stock market

Well, I had to file for bankruptcy because i was a victim of credit fraud. I had a clunker. My lawyer told me to get a better car before I file, even if i have to pay for high apr. Basically i’ll be screwed if my old car breaks down during the bankruptcy process- theres no way i’ll be able to get a new one. She said that as long as I keep paying for the newer car, it won’t be taken away.

I’ve been paying for the car flawlessly for a 1 1/2 yrs now. My wife and I check out a dealer to see if we can get her a car. The checks my credit and tells me the there is no record of my new car on my credit report. I’m shocked because I’ve been paying all this time and it has not been helping my credit. I check my credit report online and it says that the account has been closed during my bankruptcy. I asked my wife if we’ve been getting any bills from toyota, and she says we don’t get any bills anymore we just maintain payments every month like what my lawyer said.

Ok, a friend of ours said that i should return the car to the dealer and get a cheaper car. Since it is closed on my credit report, it shouldn’t affect my credit if i return it. Pls tell me if this is valid and why.

Thanks!

Technorati Tags: bankruptcy process, checks, credit fraud, credit report, lawyer, new car, toyota

I am a co-signer on a leased vehicle. The primary signer recently filed bankruptcy and I told him not to reaffirm the lease since I got a terrible deal but had no choice at the time. His discharge is coming up this month. I on the other am going to file before his discharge happens. Will I be able to keep the car until my discharge happens or will they take it when his discharge happens? Will they take the car if I don’t make payments on it during the bankruptcy process?

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If a creditor ask for an item to be returned but the item is no longer in your possession while you are in your bankruptcy process what happens then?

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While beginning the bankruptcy process my husband and I paid our attorney in full and then continued to gather the necessary paper work, in the mean time with refinancing and sitting down with some of our debtors we now feel that we don’t need to file. Our attorney is trying to tell us that he is only able to refund us 0 out of our original 00. We have not signed any of the final paper work nor were we ready to proceed to the actual filing. I don’t see where he has done anything so far can any one tell me the steps of filing before filing. I just don’t feel that he’s done 00 worth the work yet.

Technorati Tags: bankruptcy process, debtors, mean time, necessary paper work

Need to find reputible bankruptcy atty in Plano or North Dallas servicing Dallas County to file ASAP. Don’t want to be taken advantage of and would like referrals from people who have actually gone thru the bankruptcy process.

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I started the bankruptcy process and I have not finished paying it off yet. I advised a collector I have filed bankruptcy. And they continue to calls all day everyday 7 days a week. Is this a legal issue?

Technorati Tags: bankruptcy process