When To File Bankruptcy » credit cards

Can my dad file bankruptcy?

admin — Sun, 04 Sep 2011 15:23:23 +0000

My dad owe ,000 to credit cards, lines of credit etc..

It all started when we bought a house. My dad was the only one working. After two months purchasing the house, my dad lost his job. So, hoping the he’ll find another job, my dad kept on paying the mortgage, property tax etc from his credit cards.

He did not find any job. My mom found a job but not a good paying job.

After 3 years, we couldn’t afford it and sold the house.

Right now, we live in an apartment. My dad is diabetic and has other medical problems and can’t find any job. Also, his language difficulty is preventing him from finding a job.

My mom works and its enough just for rent and food for our family.

My dad keeps getting phone calls from credit companies and stuff asking him to pay. My mom gives him 50 or 100 bucks per month to pay his credit cards but she can’t do this every month because she only earn that extra if she works extra hours. She has arthritis and her doctor told she shouldn’t work much.
My parents’ first language is not English, hence my dad has difficulties with English.

Technorati Tags: 3 years, apartment, arthritis, credit cards, dad, finding a job, first language, good paying job, language difficulty, medical problems, mom works, mortgage, parents, phone calls, property tax

When is a good time to file bankruptcy?

admin — Thu, 18 Aug 2011 10:51:35 +0000

I was looking at consolidating my credit card debt into a newer home loan with New Day Loans. The fees were over ,000 and would leave me in negative equity on my home for years to come. I don’t want to live here another year. I am also planning to file for a divorce as well. I am not behind on any payments for anything, but I make many payments late, but rarely 30 days late. The new credit card bill rules increased my payments so much its killing me.

When is a good time to file bankruptcy?
Shoud I file on everything?
Should I file on just the credit cards?
Should I file before or after filing for divorce? Or shoud I wait until after I get divorced?

Thanks,

Technorati Tags: bankruptcy, credit card bill, credit card debt, credit cards, day loans, filing for divorce, good time, home loan, negative equity

Can I threaten to file for bankruptcy when negotiating with creditors?

admin — Mon, 18 Jul 2011 13:22:02 +0000

It’s an empty threat though because I’m not going to file really.

I’m trying to negotiate a ,300 debt for 0 – 00. I want to threaten bankruptcy as leverage but is this a good decision? This would be my line: "I am familiar with the law and know that I am ‘judgement proof’. If I file for bankruptcy I will claim all property as exempt, and if you sue and obtain a judgement you could not collect any of my property to satisfy the judgement."

Will this help? Can it hurt? Any other tips? Is there anything else I can use as leverage?

Here’s some background info: I’m not dealing with collection agencies so it hasn’t gotten too out of hand. I have about K in debt (K student loans, K credit cards). I’m working at part time jobs right now but when I do find work I’ll be making -K a year entry level in my field.

Thanks!

Technorati Tags: background info, bankruptcy, credit cards, dealing with collection agencies, empty threat, field thanks, judgement proof, leverage, part time jobs, student loans

I'm married, but most of the debt is in my name.?

admin — Wed, 13 Jul 2011 07:12:53 +0000

Can I just file bankruptcy? My husband is an authorized user on one of my credit cards, he has never signed anything. Can I have his name removed from the account? Where can I find a means test online to see if I’m eligible for a Chapter 7? Any help would be awesome- thanks!

Technorati Tags: bankruptcy, chapter 7, credit cards, means test

Can't clear up identity theft, should I file for bankruptcy?

admin — Thu, 07 Jul 2011 07:15:28 +0000

I’m 23 years-old and my mother began taking out credit cards in my name when I turned 18. My credit is now horrible. I’ve contacted all three bureaus, the police, etc. The bureaus and companies I’ve contacted have told me that I’m still responsible. The police have done nothing. Now I’m apartment searching…except I’m getting denied everywhere because my credit is so horrible. I contacted a lawyer to clear this up, but it’s ,000 down. As a 23 year-old student, I don’t have that money. I’m wondering if I should/could just file for bankruptcy and be done with this. This sucks.
*I had no knowledge of her doing this
*I’m not trying to protect her
*I’ve written letters to all credit bureaus, they’ve done nothing and are holding me responsible
*The cops are fully aware, I even have a police report, and they literally have done nothing
*I’d prefer they throw her in jail, because it’s where she belongs

Technorati Tags: 23 years, apartment, bankruptcy, cops, credit bureaus, credit cards, lawyer, money, police report