I’m thinking about filing Chapter 7 but do not know if im eligible. Here’s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car’s creditor and that’s the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don’t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don’t want to do Chapter 13 for my credit card debts– this will waste my time, money and get a ruined credit report.

I’ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
My question is if i’m eligible to file for CHAPTER 7.

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So I have bad credit my credit score is 458, I experienced with credit cards right when I turned 18 no one told me what kind of damage they could do I am paying the consequences now. I am 25 going on 26 and I am considering bankruptcy. I have sat down and reviewed my debts and I am thinking that I can probably pay some but they are old from when I was 18. The last think that hurt my credit the most was a car that I purchased and had to let go it was repossessed, and I am now being sued. I have been stressing out so much about all this I will outline what I owe below and I would like advise about what I should do file or try to pay things little by little. I live pay check to pay check am a single mother and only make 10.00 and I only work 30 hours to 35 a week because I have doc appoints for my son or he gets sick or I have to miss work because there was no school and I can not afford a sitter. So please give me some advise I am young but I have already ruined everything I know that
bankruptcy will stay on my credit for 10 years but honestly I don’t think anything else matters . This is what I owe
Credit card 2000 capital one
Credit card 1000 verizon
credit card 500 exxon
credit card 800 walmart
apt 2000
apt 2000
repo 5000
medical 5000
These are all rounded numbers and I don’t know if I can really afford to pay this I have to go to court concerning the car in may please help need advise
These are all cards that have been closed and are on my credit everything is on my credit. I don’t have a hs diploma or ged so it’s hard to find a better paying job. I have tried looking for a second job but no one can work with my hours I work 9-6 every day. My current bills are
rent 640
light 150
food 200 month
gas 40 week
and thats not including emergencies such as doctors co pays meds, and personal necesities
I do have family but they always back out on me I have learned that I have to do everything on my own and I can not count on anyone but myself. I have not tried debt consolidation because I thought that your debts had to be current and mine are not but I keep getting collection letter and calls I keep changing my number and it’s getting old because I dont know how these companies get my new number I don’t even have a regular cell it’s pre paid, and where I live now my mom got me the apt i’m just tired of all this

Technorati Tags: 10 years, bad credit, bankruptcy, capital one, capital one credit card, consequences, credit cards, credit score, debt consolidation, debts, doctors co, emergencies, exxon, exxon credit card, hs diploma, necesities, second job, single mother, verizon credit, walmart

We recently lost our home (foreclosed) recently moved out, we havent been able to pay any debt including CC’s, Personal Loans, Retail Accounts etc. Since My husband and I are currently unemployed but we havent filed bankruptcy either..what can be the consequences or do We still have time to file BK? (Since 2009 is almost over)Does anybody have an idea of the costs to file it?? Thanks for the help..and understanding..Please no unnecessary comments it’s hard to go thru this situation when u have kids to feed.

Technorati Tags: bankruptcy, bk, consequences, personal loans, retail accounts

In April I filed Bankruptcy. I quit my job after having a devastating miscarriage and felt like there was no other way for us to survive financially. My husband’s job with the Army requires him to have a security clearance and with already shaky credit we decided it would be best for me to file alone. Most of the debt was in my name anyway, so I filed a Chapter 7 in April. Due to my lawyer’s incompetence it wasn’t discharged till December. We’ve been told that with my husband’s low score and my recent bankruptcy our only option is to wait 12-24 months to apply for a mortgage. This makes sense to me, but I’m hoping there is another option out there. We were foster parents for a time and hope to continue that next fall when my husband returns, but he’s stationed in central Texas where CPS prefers foster parents who own their home. We had established a small business in training and boarding horses and would like to continue that in our own back yard and grow from there.
I’ve contacted the three major credit bureaus to clean up any inaccuracy and I’ve been working at my job for almost a year. Our debt to income ratio is great and despite my bankruptcy my credit score is slightly higher than my husband’s, but still low. I’ve done all of our baking with US Bank in hopes of establishing a relationship with them and I have a low-limit credit card I use for gas and pay off monthly and a secured card I use for business expenses and pay off monthly. So, this is probably much more information than you needed, but it will hopefully be enough to help you answer my question. I would hate to spend another 12-24 months paying 0-800 a month in rent and 0 a month boarding our horses when that could be -30k we’ve paid toward a mortgage.
I understand that all actions have their consequences, but we’re a Christian family and hope that through the right network, education and of course prayer there may be some chance of purchasing our first home so my husband comes home from Iraq feeling accomplished and secure.

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Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?

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I’m probably going to be filing chapter 7 around the Aug. 1st. I desperately need to buy a car when school starts in the fall around Sept. 1st. I don’t have to worry about my credit rating as my uncle will co-sign for me. Should I postpone filing bankruptcy till after I buy the car or go as I had planned.
Also, My uncle is requiring me to have ,000 as a down payment. I have 0 in a 401k plan at work which I want to liquidate which I wanted to use. Could this have consequences in court. What if i liquidate it and never report it.
PLEASE HELP?!?

Technorati Tags: 401k plan, consequences, credit rating, filing bankruptcy, filing chapter 7

I’m probably going to be filing chapter 7 around the Aug. 1st. I desperately need to buy a car when school starts in the fall around Sept. 1st. I don’t have to worry about my credit rating as my uncle will co-sign for me. Should I postpone filing bankruptcy till after I buy the car or go as I had planned.
Also, My uncle is requiring me to have ,000 as a down payment. I have 0 in a 401k plan at work which I want to liquidate which I wanted to use. Could this have consequences in court. What if i liquidate it and never report it.
PLEASE HELP?!?

Technorati Tags: 401k plan, consequences, credit rating, filing bankruptcy, filing chapter 7

Congratulations! You have been recently hired to the Florida Virtual Water Management Board. As a new member your first task is to consider if your community should construct a dam. The purpose of the dam is to increase the community water resources for the growing population and lift current water restrictions that are in effect. The dam will also provide the community a cost efficient method to generate electricity; however, these benefits come with a high environmental and economic cost. By constructing the dam, you will destroy local ecosystems and drive some small businesses to bankruptcy.

If you are pro dam construction, discuss why the needs of the community are more important than the environmental and economical consequences that will be incurred.

If you are against the construction of the dam, discuss why the environment should be considered more highly and offer some alternatives for increasing water resources.

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I need at least 10 people to answer. You don’t need prior knowledge about the subject, just what you know right now. State your age. Thanks a lot for answering.

1. Do you know what bankruptcy means?
2. Do you know anyone in your family or friends who have been bankrupt?
3. Have you ever worked for a company who has filed for bankruptcy?
4. Do you know how many chapters of bankruptcy there are?
5. Why do you think a company goes bankrupt?
6. Do you have a financial strategy to avoid bankruptcy?
7. Do you think your money spending habits will eventually lead you to file for bankruptcy?
8. Do you know if you have alternatives other than filing for bankruptcy?
9. Do you know the consequences of filing for bankruptcy?
10. Do you know how long bankruptcy will affect your credit score?

copy paste the numbers with yes/no answer or however you like . Thank You!

1
2
3
4
5
6
7
8
9
10
Question 6 is about opinion, so think of a short answer, thanks
question 10 , answer how many years you think

Technorati Tags: age thanks, consequences, copy paste, credit score, filing for bankruptcy, financial strategy, money, prior knowledge, short answer, spending habits

I had to file bankruptcy a couple years earlier due to medical bills that were related to this incident. Now I am worried that my settlement will be seized if I report it as earned income by the court. Is there any legal way for me to keep this money with or without having to report it as income? Are there any consequences for not reporting it as earned income? Is it true that the income isn’t really earned unless you cash it yourself in your name only? What should I do?

Technorati Tags: bankruptcy, consequences, medical bills, money