I have filed a Ch. 7 bankruptcy and my attorney told me of other debts that were outstanding that they could get rid of. I identified these debts for him as I did recognize them. If I didn’t file bankruptcy, my credit would have gotten worse. My credit score never went over a 666 because of this. Has anyone ever had this happen?
I was laid off in August of 2009. I still have not secured employment. I had stellar credit until October of 2009 when all my savings were depleted to keep up with my bills. I have over 5,000 in credit card debt as the late fees etc. have been adding up monthly. My credit score was at 720 before October of 09. I’m guessing it is now in the 400’s. No payments have been made on any of my credit cards since October 09. Should I file bankruptcy or just keep postponing any payments until I secure employment? I feel that my credit is ruined for life anyways, so why bother stressing out and paying it off. I’m confused as to what to do. Thanks.
Also, I took the time to write and mail letters to each of my credit cards companies three months "prior" to even knowing I would be laid off. I had requested that they drop the interest rate to 0% so that I could get them all paid off. They ALL declined. It wasn’t until 90 days after each of my payments were due that they contacted me and at THAT POINT wanted to work something out. I was enraged to say the least. I thought…"Now that you’ve destroyed my credit, you want to work something out". Again, I was livid. Had they just done that when I asked, I probably wouldn’t have gotten into more of a mess. I feel now that had they settled for 0 percent interest, they would at least be getting most of their money back, now it looks like they won’t be getting any. Part of me feels bad, but part doesn’t. Also, do I pay taxes here in CA on the released debt through bankruptcy? Because I don’t even have money to do that. Yikes.
One of the responses said I should have filed bankruptcy a year ago, but a friend advised me not to due to my ongoing health problems. Had I filed and needed hospitalization, etc. I would not have been able to add that debt for another 10 years. I have no medical nor dental insurance because it’s so expensive. As far as living beyond my means, a huge portion of my debt is medical and dental charges. Please don’t assume people are careless who get to this point. I had to charge alot just to survive.
I don’t know a lot about bankruptcy, what is necessary to file bankruptcy? What does it do to your credit score? I have heard it is bad but I can’t see how if your debt is erased. I would like as much info as possible on this topic, and are there different types of bankruptcy?
Why is bankruptcy bad? Why is it good? Does it actually pay off your debt or just put it on hold?
Thorough answers ONLY please =)
Say you get evicted. You file bankruptcy. 2 yrs later you have started over, have a squeaky clean credit report, and have gotten your credit score to 700. (I don’t know if thats possible, just guessing). You go to apply for a mortgage. Will the eviction matter or bankruptcy really even matter with such a high credit score? Thanks for any info.
I have a 500 right now, so the bankruptcy can’t do much harm
No i never said I had a bankruptcy 2 yrs ago, or an eviction. And I never said 500 was high, I said it is so low a bankruptcy won’t matter anyway. A word of advice EDITORGUY: Try reading my answer before ejaculating stupid answers. Thx.
how much debt do you have to have in order to file bankruptcy? What damage does it do to your credit score and for how long? And is having an attorney necessary? We are trying to get financially stable again! Any advise or help is appreciated! Thank you in advance.
Hi, I’m in a bad situation. I’m uninsured, and I had a severe retinal detachment a week ago. I had to go to emergency room, and then treatment. The hospital is going to bill me with huge amound, probably around 30k they said. And doctors are not even sure if I’ll get my vision back, as I still can’t see after the treatment. I applied for country programs, but they are not covering them because I went into emergency room care before applying for those programs. I do not have a job, and my poor wife works to support me and makes only about 600 dollars a month after tax. I don’t know what to do. I’m a student who has no job, and my wife and I live in my parents house. Therefore, I’m interested in filing bankruptcy. I have no way of paying this amount, and I certainly do not want my poor wife’s paycheck going to the debt. What happens when I file for bankruptcy? Will it affect my wife’s credit? I had perfect credit with excellent history until this happened. If I file for bankruptcy, will I lose all my current in-good-standing credit card with my bank? I don’t owe anything nor do I have any outstanding debt except this medical bill. Is it possible to file for bankruptcy but keep my wife’s credit score out of it? What are the requirements to quality for chapter 7? I heard that medical debt is unsecured, so it can be discharged. I have no job, unable to find job in this economy, I was going to cheap community college when this whole thing happened. What should I do? I need help. Will they put me in jail for not paying this debt?? thank you, kind people. I’m totally screwed.
For those of you who are asking how I’m asking these questions if I’m currently blind: I’m having my friend type it for me and read the answers to me.
What can i do to increase my credit score and be able to buy a home ASAP while i am still in chapter 13 bankruptcy? what is the best way to repair my credit, legal/illegal
I currently have no late payments in 10 years with over 45 accounts, but unfortunately I have to file bankruptcy (bk). Even though the bk will heavily impact my credit score, I want to minimize the damage. If I’m 10 days late on a payment and then file bk, can the creditors report me 30 days late once I reach the 30 day point? This is assuming I was only 10 days late when I filed bk with the court. Will filing bk prevent them from being able to report me if I wasn’t 30 days late when I filed? If they do report me in error, do they have a legal obligation to remove the 30 day late?
It took the lawyer and the court system to actually finalize (discharge) the whole thing in September of 2007. In the meantime, our home was foreclosed on, which was included in the bankruptcy. Now it is impossible for us to buy a home for our family until the foreclosure has been 3 years or more. We didn’t want to file bankruptcy, I mean who really does, but I lost my job when my company closed and his (husband) paycheck couldn’t cover enough for us to keep our home. The bankruptcy isn’t what’s hurting us, at this point. It’s the foreclosure. Is there anything I can do to appeal the existence of this foreclosure on our report since it was the lack of filing in a timely manner by the lawyer that caused the process in the first place? Or is there any way around the foreclosure to purchase a home?
I’m not looking to sue….The lenders are the ones telling us that the bankruptcy is not the issue. Our credit score is good, we have established credit again, in good standings, just like before. We were never late EVER until the bottom fell out 3 years ago. Divorce was on the horizon….we have 2 children…I could go on and on. All I am asking is why is it that the foreclosure is so much more detrimental to our report and ability to get credit than the bankruptcy? we were trying to buy a house before the market went back up and we can’t afford it…….that’s what we have been advised to do by our lawyer. Is that not right after all?
My husband and I filed Chapter 13 bankruptcy and it is to be discharged next year. When it is discharged we will have no debt except for my ,000 student loan that we were not able to include. Our gross annual is k+ now and we have opened and maintained two 0 limit credit cards that have perfect payment history for over a year now.
What else should I be doing between now and then to qualify for a first time home loan once this is discharged? Approximately how much down payment should we be looking to save? Should we be looking to get our credit score be at a certain level considering the bad mark bankruptcy left? Any other tips? I sincerely want a home. We are responsible people who got into a mess because of a medical hardship. We are paying back debt and just hope to come out of this able to purchase our own house.
Thank you all for taking the time to answer. Any help is sincerely appreciated! 
If you have debt including car loan, credit cards, and other misc debts more than the amount you make in a year or more is filing Bankruptcy the best option? I am young with a child and have accumulated so much debt making bad decisions and now I have to face the situation sooner or later. There really isnt any other option I can think of besides consolidationg or a debt management plan and if I were to consider a program like that I would be able to afford that. I am young and I figure if I was to file BK and get a fresh new start things will get better for me. but then I will have to face the penalties of filing BK and after that your credit score is ruined and alot of companies try to charge you an arm & leg with rates and everything. Eventually I want to buy a home dont want to have to rely on people for a co-signer everytime I will need credit. I sure can say this is a learning experience. Please respond if you fell you have good advice in this situation.
Thanks to idenity theift i pulled my credit, i found alot more than i expected but as it turns out they do all pan out. I am thinking about filing chapter 7 bankruptcy but since my wife’s credit is good we dont want it to show on her file, heres the thing. We are young we have nothing in our name our house is owned by her parents our cars are paid off we have no loans or anything of that nature with both of our names on it I would be filing by myself with out her. All my bad credit is old starting when i was 18 and I want to get a fresh start and with all the old medical bills and things bankruptcy seems the best for our family. I’ve read alot on these sites saying your credit is there credit and when you are married there debt becomes yours, this isnt true my wife’s credit score is over 700 while mine is in the 500’s this is why i am asking i dont want it showing up on her file…. does anyone get what im trying to say???
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.
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.
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.
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)?
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?
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.
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.
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.