I am going to file a chapter 7 bankruptcy, and I will surrender my cars. I am up to date with both payments, but will not make March 1st payments on them. When should I expect to surrender them to the banks?
We are in process of filing for bankruptcy, my lawyer advised us to switch our checking account to a new bank, I have applied online at 2 banks (compass & us bank) and been declined? Any suggestions from people who have faced this before?
I understand that banks can go bankrupt, but how does this happen?
My husband and I have just lost our jobs and we own 3 properties that are not worth what is owed on them. We have great credit scores but cannot get the banks to talk to us about alternatives to keeping the properties at a reduced payment or sellling on short sale. We have to ruin our credit first and then they might talk to us… We have have the properties on the market but cannot sell without going to the table with large amounts of cash.
If these properties foreclose or we go into bankruptcy.. Can the creditors attach or take our retirement savings to satify debt?
thanks for your help..
Is it the banks’ fault for all the sub-prime loans to those that could not afford to keep up with the payments when the rates change?
Is it the personal financial irresponsibility of those that overspend and file for bankruptcy leaving the rest of us to pay the bill?
Is it the Government funding too many entitlements taking away the motivation for citizens to work for what they have?
Or do you place the blame squarely on the President and refuse to take or give any responsibility to yourself or others?
I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.
I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.
I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.
I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.
I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.
I have five questions:
1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?
2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?
3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?
4) How much with a reputable bankruptcy lawyer cost me?
5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?
Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")
Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.
So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.
I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.
I appreciate any feedback the Yahoo community is able to provide!
Thank you in advance!!
Obviously, Indymac is done and Fanny and Freddy have the gov. support if needed. Do you guys think any other banks have the potential to go bankrupt? Which ones?
We just filed chapter 7 bankruptcy and it will be discharged soon. We are in need of a new car, but when we stopped by to talk with the finance manager at a car lot he said we would have to wait 6 months before any of the banks would touch us. Is this true? Has anyone bought a car soon after they were discharged? Thanks for your answers!
I am bankrupt. I have way too much debt and unemployed along with a long term medical condition. I get 50 calls a day by creditors and i speak rudely to collection agency reps saying, "go fk yourself. eat sht and die"
i also will not file any bankruptcy protection because i cannot afford the 00 fee needed for bankruptcy. i have no assets and no home. I live with parents.
i own no car either. My banks have negative balance and i keep all my cash at home in a lock box. So how will this creditor harassment end?
I will not work anywhere until creditors stop harassing me because i don’t want garnish wages.
i drive 2008 bmw registered in dad’s name, but the car is actually my own.
Banks like Citigroup, AIG, Freddie Mac, Fannie Mae who got bailed out. Are they guarantee to never go bankrupt or go out of business at least in the near future? So would it be good in invest in them in the long run?
If major banks go bankrupt then what will happen to their debt? In other words, if a person owns couple thousands of dollars in credit card debts and the banks go under, is there still obligation to pay the debt?
(This is theoretically question)