When I turned 18 I made the huge mistake of applying for every credit card anyone would ever give me. Now I am 22 and have a boat load of debt including judgements, collections, student loans, car loans, pay day loans, etc. Totalling 40,000.00 plus!!!! I want to know if bankruptcy would be good route for me as my credit is already poor. Can it make it any worse?
away from you? How does that work at all? I have three kids, so so so far far farrrr behind on EVERYTHING… personal loans, car loans, home loan, electricity, water gas etc…etc.. etc…. lost my job, SAVINGS is GONE… am so screwed. The downside is… where would we live? and how would i drive to my dead end job i got JUST to feed my kids?
What are the advantages and more so what are the disadvantages? I think i’m pretty up to date on the advantages, I hire a lawyer, he notifies companies I owe money, they have to write me off and can’t call anymore? Is that about right? As far as disadvantages I know it hurts your credit but so does defaulting on loans and credit cards, I owe about ,000 right now not counting my 2 car loans, and what happens with those, it won’t pay off your cars right? But it won’t hurt what you already have set up will it? I try to look stuff up online but can’t find any real help because it just pops up a bunch of debt consolodation companies and I already talked to one of those and realized it was only gonna save me about a month and stretch out what I already owe longer! Thanks for the help and ideas:)
my grandmother filed years ago and the lawyer was able to get everything written off and they kept their home and truck so I was under the understanding that maybe there are different levels or branches of bankruptcy? It is very confusing and hard to get a straight answer it seems for my particular situation, I think I may try to call a lawyer today and see if I can figure it out a little better. I went from making .00 an hr to .75 an hour because of helping a family member and my hubby makes about 0 to 00 less per week then he was making so that’s why we are in such a bad spot now, and there are no good jobs around here right now trust me I have been looking and applying for something better for over 6 months now.
Bankruptcy is the root of all injustice. When someone can finance 0,000 for a house, file bankruptcy, and then continue living in the house scott-free, there’s something wrong with our government.
I’m a FIRM believer than bankruptcy shouldn’t exist. I’d rather receive someone’s detached arm in the mail as compensation for unpaid bills than a government issued judgment against that person, or bankruptcy papers. Because both mean the same thing: you get nothing.
Bankruptcy is truly the most gross example of injustice in the United States and people do it multiple times in their lifetime. Nothing good can come from bankruptcy. What are you thoughts?
By the way, the "injustice" I’m referring to is to the people who have loaned that person money. If you are considered an "unsecured loan", it’s about a 99/100 chance you’ll get absolutely nothing. If you are a "secured loan", in which only home mortgages and car loans can be, you will get your money though it will take forever. Finally, the lawyer who performed the bankruptcy gets 100% of his fee. Where’s the justice in that?
Bob Zoo down the street who loaned John Doe 00 to get a new car, and even had John sign a promissary note now gets absolutely nothing due to the bankruptcy, and is out 00, AND John Doe gets to keep his car.
WHERE IS THE JUSTICE?
slimick, there were no incorrect assumptions. I don’t know what state, country or planet you live on, but here in Arkansas that’s the way it works. I’ve done my homework. I know who gets paid, who doesn’t, and why. Unfortunately your response had nothing to do with anything I was talking about. You just wanted to hear yourself talk about medical issues. Great job there in the relevance category. Not.
And you’re right. I don’t care about Enron. I care about the little guy. The little guy who owes people money and files bankruptcy. Money or an arm. It’s that simple. Or I’m gonna take it out of their ass.
At crazyjes… yawn. Too much to read, too ridiculous. Who cares about what companies do, I’m talking about people vs. people. Never seen Goodfellas. Not a collection agency agent. Just a regular ole Joe Blow who’s been screwed too many times by people, whilest people like you sit there and defend the unjust bankruptcy system that lets them get away with it. I certainly hope someone screws you out of money so you can be on the receiving end of bankrupty. It’s such a nice feeling.
Oh, and as for your hypothetical woman with so many kids who had to file bankrupty, well she should have thought about that before she married the first guy she met in high school, and then quit school to have four kids. Yeah. She did it to herself out of stupidity. I want her money too if she owes it to me. It’s like that. Justice for Justice. Money for Money. None of this, "I charge up stuff and not pay it." Totally unjust. The laws should be changed. People should be shot for this.
We thought we would be ok then my husband lost his job and we’ve been jobless for a year. We have 2 car loans and credit card debt. Should we file for bankruptcy? What are the pros and cons of filing for it. What happens when we do file. I don’t understand bankruptcy and am trying to, so i can figure out if this is the right option for us.
Got laid off and cannot afford to pay mortgages. I have 1st home refinanced and cashed out ,000 3 years ago when all was still good. Total balance left is ,000 First home is only under my name which was rented out.
Then we bought a bigger house 2 yrs ago at the peak of housing and Our 2nd home was under my name and my wife this time which became our primary residence which was also foreclosed recently. Balance owed on 2nd mortgage is ,000 was not paid during the auction (purchase loan not refinanced). Both 2nd mortage lenders are now asking for payment on the deficit. I have around ,000 credit card debt also. My questions are;
1) Will any of the 2 2nd mortgage lender be able file judgement against me here in California for garnishment?
2) Considering the concerns above, would it be better to file for bankruptcy? We do not have any car loans as 2 cars is fully paid.
3) If bankruptcy is an option, should I file on my own only considering it is only I who’s on the 1st home 2nd loan which was refinanced and only I who is owing all the ,000 credit card debt? Or is it better for us to BOTH file?
4) Will we be issud a 1099 for tax on those deficit? Are those not going to be forgiven?
5) If we don’t file for bankruptcy what is the advantage considering we have forclosed homes on our record? I noticed all our credit card limit are getting lower and lower every month bec. of the foreclosure.
I appreciate all the help I need in this difficult times. thank you!!