Need around 2400 dollars for lawyer fees. Bankruptcy won’t even be "filed" until that’s paid. Current on credit cards but starting to fall behind and have medical bills. Will take around 6 months to come up with the money unless I can find a way to get it sooner.

I will stop making payments on credit cards now that I’ve decided to declare bankruptcy–which was a tough decision. Is it better to file bankruptcy ASAP, or later, or doesn’t it matter either way? Can the damage be lessened in terms of heartache, credit score, etc. depending when I file? Do I look better to the court as far as financial hardship, etc. if I file later since my credit cards will be totally behind by then and I’ll have more debt, etc? Lawyer seems to generally act indifferent to these things (only had initial meeting so far, signed papers that I am retaining them).

Any help on tnis or general bankruptcy advice is appreciated.

Technorati Tags: asap, bankruptcy advice, credit cards, credit score, financial hardship, lawyer fees, medical bills, money, tnis

I am currently being sued in civil court, and have no money for an attorney, the case has gone on for a year now in federal court, and have basically lost my business because of all the time I’ve put into defending myself from something I did not do, and am being "lawyered" to death by 6 lawyers. Because of all this, even if I "would easily win" if I could afford an attorney, I will have to file bankruptcy (chapter 7 for me).

Therefore, relating to an ONGOING CIVIL case and a need to file BANKRUPTCY, here’s my QUESTIONS if you would please use the same numbering system to answer them so I can keep track (thanks thanks thanks):

I would LOVE it if filing the bankruptcy would END the case so I could go on with my life, find another job, build another company etc. I read a lot of yahoo answers and one said “If they haven’t gotten judgment against you … then your bankruptcy filing can and will stop the case.”, but I need to be sure.

1) is there any ADVANTAGE to me in filing bankruptcy BEFORE the judgment (now is preferred so that I can go on with my life which has been destroyed)?…. and what will opposition do if they know I’ve filed for bankruptcy? Will they attempt to continue the case when they know the bankruptcy will go thru? If so, why would they continue the case?

2) Since I’m going to be filing In advance" of the judgement, can I "claim" the "injuries" they haven’t yet enumerated " …on my petition for bankruptcy? …or do I just “list the case” and say “amount pending”? THANKS.

I know about the "automatic stay" (keeps creditors (I currently have NONE and a perfect credit score I’ve worked hard to build all my life) from coming after you etc).

3) After I file for bankruptcy (I know it takes so many months to go thru), these additional related questions, thanks:

3a) what happens to the current civil case?
3b) what do i tell the judge? Do i have to tell the judge or just inform the other side?
3c) will i still have to finish the case (expected one more year of my life)?
3d) if we’re currently in discovery, will it / can it stop discovery / subpoenas etc?
3e) ….or…does it just “suspend” the case until the b/k procedings are over? …or does the case just continue on in real-time?

Thanks so much for answering all of these "sub-parts" to my ‘compound" question. They’re really important to my life and my families lives.
Ryan K,

That was totally useless. I can’t believe you actually answered 195 other people. You’re a joke.

Technorati Tags: 3b, bankruptcy chapter 7, bankruptcy filing, civil case, civil court, credit score, creditors, filing bankruptcy, job, judgement, judgment against, lawyers, money, numbering system, opposition, petition, yahoo, yahoo answers

I am currently in the process of filing for chapter 7 bankruptcy. I have not yet had the meeting of the creditors. At the same time I am in desparate need of a new car. I spoke with my attorneys office and they told me to apply for financing before filing for bankruptcy. I have read online that the car could be taken away. I am seeking some guidance on how to go about this. I know that once the bankruptcy is filed my credit score will drop so badly that I probably will not be able to get a car loan, however on the other hand I am also afraid that once I file bankruptcy the bank will take away the new car.

Technorati Tags: attorneys office, car loan, chapter 7 bankruptcy, credit score, creditors, filing for bankruptcy, guidance, new car

My credit score is not that good (between 584-624 for each bureau), and I was wondering if I should get a credit card to raise my score, or if it will go up substantially when my brankruptcy goes off of my report (in 2008)?

Technorati Tags: brankruptcy, credit card, credit score

I’ve known a couple people who have filed bankruptcy and I think they use it as an easy cop out, because they don’t want to have bills.
Two of my friends have put all their assets in their parents names, filed, and then get to keep their stuff.

I would be more concerned about the bad mark it leaves on my credit score. What are you thoughts on it?
Would you ever file bankruptcy? Why or why not?

If you have, [and don't mind sharing] how much debt did you eliminate?

Technorati Tags: assets, cop, credit score, parents names, who have filed bankruptcy

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

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.

Technorati Tags: back yard, bankruptcy, business expenses, chapter 7, consequences, cps, credit score, debt to income ratio, foster parents, horses, inaccuracy, incompetence, lawyer, major credit bureaus, network education, prayer, secured card, security clearance, three major credit bureaus, us bank

I purchased a Condo in Florida (investment property) at the height of the real estate market. The purchase was made with a friend as a joint owner. As luck would have it, my partner lost her job a couple of years ago and cannot pay her half anymore and is proceeding into bankruptcy.

Obviously, I am liable for the loan and am searching for any alternatives, either short term or long term. The Condo mortgages along with my personal residence mortgage is 48% of my gross pay. At this rate, I’ll eat up my savings within six to nine months. I am current on all payments. The value of the property was financed at 90%, with a mortgage and HELOC. Both are interest only loans. The current value of the property is 72% of the loan amount.
This means the value of the property is currently about 65% of what we paid.

We have been renting the unit as a vacation rental, but only have been able to rent it about 25% of the year. It generates enough income to cover about 20% of the cash outlay. Long term rental prospects are slim.

Any thoughts on how to either keep the property and minimize damage or is foreclosure an option I need to consider down the road? Is a loan modification possible, even on investment property? My credit score is very good at 805, so I guess I would sacrifice that as well.

I’m not looking for an easy way out, I just want to understand all my options.
thanks
The condo is in Panama City and I am working as an engineer in Georgia about 350 miles away. So, a business in the unit is not really an option. I guess another investor is an option. 50% ownership at 25% of the cost. That may work.

The the intent was to rent about 200 days a year, however, the rental market in this area was saturated with new condos, thus only able to rent about 3-4 months a year at best. Additionally, the with the hurricanes several years back, the insurance and property taxes more than doubled, which was not anticipated.

Technorati Tags: 4 months, bankruptcy, cash outlay, credit score, current value, engineer, florida investment, foreclosure, gross pay, hurricanes, interest only loans, investment property, loan modification, new condos, nine months, panama city, personal residence, property taxes, prospects, vacation rental

Last year at this time my credit score was 750, but over the past year I have had some financial crisis and am very deeply in debt. I talked with a lawyer today and I understand the difference between chapter 13, and 7. My question is, other than the obviouse destroying my credit, how will filing chapter 7 affect me? Will I ever get a credit card again? Will I lose my atm/debt card? Will I be able to rent a house or apt after my foreclosure? Please, anyone who has any experience with this, any info would help.

Technorati Tags: atm, chapter 13, credit card, credit score, debt card, filing chapter 7, financial crisis, foreclosure, lawyer, obviouse

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

We are having trouble making payments. We have reduced what we buy. how often we go out, and even our phones and cable are on the lowest plans. This debt is just to much. The credit score we have is great but I’m afraid to mess it up. I don’t think bankruptcy is for us. I just heard that either of the alternatives can be just as bad… I really need some advice. Never been in a situation like this before!

Technorati Tags: bankruptcy, credit score

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

hello…
I’m a 22 years old single mother and I’m in debt. I have so many pass due bills like cell phone bills, traffic tickets, etc… my credit score is like 300-350. i don’t wanna file bakrupt and i don’t have the money to pay all these bills. Are there any alternatives to filling bankruptcy. Please help
WOW… HOW RUDE

Technorati Tags: 22 years, bankruptcy, cell phone bills, credit score, due bills, money, single mother, traffic

I have about 23,000 in unsecured credit card debt. I recently lost my job and had to take one making a lot less per month. I went a debt consolidation program that got my payment down to about 700.00 per month. The problem is i am only bringing home net about 1200.00. I then have a mortage utilities and insurance etc so i am running in the hole. Is debt settlememt a good alternative. I do not want bankruptcy . I know settlement will hurt my credit score but at this point I need a way out. I have heard that settlement companies make you hold off on payments and the credit card companies will keep hounding you? Is this true? Does anybody have a suggestion to my dilema

Technorati Tags: bankruptcy, bringing home, credit card companies, credit card debt, credit score, debt consolidation program, dilema, insurance, job, settlement companies, suggestion, unsecured credit card

I recently filed for bankruptcy on october 25th. I just finished doing my last online counseling for my discharge. They told me that my credit score was a 628. I know that is not a good score, but shouldn’t it be lower, like in the low 500’s seeing as how I just filed for bankruptcy. Do they adjust the final score after the discharge, or is that what my score will be till I raise it by doing good credit and paying on time. I guess my question just is, does your credit score go down after a discharge, or does it go down when you file for bankruptcy????

Technorati Tags: bankruptcy, counseling, credit score, final score, paying on time

I was divorced last fall, in Texas, where I still reside. My attorney refused to ask my x for disclosure, so I did not know that my x had ,000 in credit card debt. The divorce papers say she’s liable for debts she incurred from the day I walked out on her, and for all debts that are in her name, which these 3 revolving accounts are. But, she hasn’t paid and yesterday, after getting turned down for credit, I checked my credit online and found out that two of her credit card companies have put charge-offs on my credit, a third one is about to, because she’s 190 days past due on it, and she never paid the phone bill so Embarq has put a charge-off on my credit, too, for 0, which is the least of my worries, but my credit score is barely over 400 now. Everything else on my credit shows "paid on time/as agreed". I’ve never made a late payment on anything my whole life.

I’m considering bankruptcy, but I own two homes (one is a rent house, both are mobile homes). The industry I work in is winding down and I had planned on moving into the landlord business. I’d planned to purchase an RV park, not only as a new career, but as my only retirement income, as well. I’ll be 50 years old in a few months. I don’t have years left over to build more credit.
Suing my x for whatever she owes me will not do any good, because she refuses to work, doesn’t have a job skill and will surely never pay me once I win in court.
My income is excellent, and I may make too much for Chapter 7. Also, one of my homes is in a mobile home park inside a city limits. My main home sits on 2 acres in a subdivision, outside of city limits. I’m concerned that if I file bankruptcy, I won’t be able to keep both houses. I also have two cars. One is a junker that my X trashed and gave back to me while the divorce was still pending. I owe less than ,000 on it. The other car is very nice, only 2 years old, and I owe a lot on it. I’m paying on all this, on time. My only concern is losing my homes and the good car.
Personally, I have no other bills besides the two house payments and the two car payments & their insurance. I have no revolving accounts.
Given my plans for retirement and my unsteady job security right now, which do you think I should do, file or consolidate just her bad bills and pay them off over time?

Technorati Tags: bankruptcy, chapter 7, charge offs, credit card debt, credit score, debts, divorce papers, embarq, home park, junker, landlord, mobile home park, mobile homes, retirement income, revolving accounts, rv park, trashed, two cars, whole life, worries

I purchased a house with an ex, and needless to say things didn’t work out. When I moved out, he convinced me to sign a quit claim deed. I didn’t realize I was giving up all rights to the house without being released from my financial obligations to it. Now the house is in a foreclosure auction. I have no idea what this means for me. My credit was fantastic before all this business began, but now my credit score is plumiting fast! I’ve been told I should file for bankruptcy so that I can have my name removed from the mortgage, but I feel like that would be a bad idea. Is it really my best bet? What effect does this auction have on me? The ex refuses to talk to me at all, so I have no clue what’s going on besides what I can find online regarding the auction.

Technorati Tags: bad idea, bankruptcy, best bet, claim deed, clue, credit score, financial obligations, foreclosure auction, mortgage, what this means

I am 22 and paying for my financial mistakes when i was younger. I recently just finished paying a garnishment for a apartment I once had, and I just received another noticed today that I would be getting another garnishment starting with my next pay check. I have gone to see a bankruptcy lawyer as well as a credit counselor, but have been to scared and confused to make a decision on anyone of them. I’m not really sure how exactly how much money I owe between, credit card companies, medical bills, etc. I’m not sure what I should do? I mean bankruptcy stays on your credit score for 7-10yrs but I’m only 22, but at the same time I would rather it not be on my score at all. Any suggestions?

Technorati Tags: apartment, bankruptcy lawyer, credit card companies, credit counselor, credit score, garnishment, how much money, medical bills

Well, it is ashamed to ask this question but it is true that I’ve been living in this condition for couple years now and it made me so depress because of my personal financial problem. But I am still hoping and trying to find everything I could to recover my credit. I hope I will get some advise from you guys out there to help me start rebuild my financial life again.

Since last 5 years ago the first time I moved to this country I started apply my first credit card with US Bank, I’ve been living so happy with it, I thought it was cool when using credit card, I spent money like a rich kid, and I got a really good credit, then I applied for any other cards from one bank to other banks till I ended up with 5 different credit cards. Then 3 years gone by I couldn’t handle these credit cards, I ran out of control and ended up with a balance of 22K at the age 27 years old now, so still there is a long way to go, if I am keep paying the minimum payment like this I will end up paying those creditors for my whole life. I did try credit card consolidation but it just reduced my interest rate Now at this time I decided to go with debt settlement company in order to get rip of this debt and start a new life, but of cause it gonna take me couple years to settle this 22K debt. Now I m paying the settlement company 0/month for 28 months to settle my debt.

So first of all please ignore my grammars I know you understand what I am talking about, but I am seeking for advise from you guys out there:

1. I can possibly maintain my monthly payment of 0 to 0 toward my debt, so is there any alternative way beside debt settlement and bankruptcy to get rip of this debt? now my credit score gone so bad and there is one collection on my credit already, and soon there will be more as I am enrolling in this debt settlement.

2. I start looking at peer to peer loan and sound like an other option for me as long as I have a co-borrow with a good credit, but I am kind of hesitated and not sure how legitimated it is. Can anyone advise me if I should go with it?

I am making 90K from my job but I am still living in this horrible life because of my debt. This is a really bad experience that I am currently having in my life and I hope everyone who read this post will learn from what my mistake was, and won’t go on the same path as me.
Yes I will looking into my daily living expense and hope I will cut some of them. Originally, it was 35K on my balance but then I tried to sell most of my asset (Stock, I don’t have a house) and brought it down to 22K. So at this moment of 22K debt I have nothing beside my monthly salary. I am so upset when I see most of my friends now they bought houses even they make less money than me, I was really poor in my money management.

Technorati Tags: 3 years, bankruptcy, banks, credit card consolidation, credit cards, credit score, creditors, debt settlement, grammars, interest rate, minimum payment, money, personal financial problem, rich kid, settlement company, us bank, whole life

I have three loans for land that I purchased a couple years ago (I know…good move) for 35k each that are now worth about 9k each. I can still afford the monthly payments, but I am wondering if it is just best for me to file bankruptcy (or if some other alternative exists). One of the loans is with IndyMac bank and the other two are with Wachovia. Any suggestions other than for me to jump off a bridge?
Also, I have a 780 credit score that I would hate to let go, but I figure as long as I can produce enough income I don’t have to worry about my credit being destroyed.
Well, the reason why I was thinking bankruptcy is because I figure its cheaper for me to repair my credit than to lose 78k (26k on each piece of land). At this point I dont care about the land since nothing is on them.

Technorati Tags: 26k, bankruptcy, bridge, credit score, loans, wachovia