I am 23yrs old my debts are from 07 i have a car repossession, 2 credit cards, a loan, a cell phone bill, some medical bills in my credit including a judgment and all that equals out to about 10k in debt. I have dreams of someday owning a house. maybe when I’m 30? but for now i would like to obtain a credit car for everyday expenses. Should i file bankruptcy? I am obviously more conscious about the responsibility and importance of a good credit history that’s why my debts are all from 2007 but idk what steps to take. should i? is it beneficial?

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I get letters from creditors offering to settle my debts for a lower amount. I owe about ,000. Some debts have been charged off and I don’t know who to contact now. Doesn’t it still hurt your credit to pay off the debts anyways? Isn’t Chapter 7 just easier? Please help from anyone who has gone through Chapter 7. Thanks!

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I live in Florida and have spoken with a Bankruptcy lawyer about my situation. I had excellent credit prior to a house I had up for sale being on the market for 6 months and tried to sustain two mortgages plus expenses on both houses and a lot of credit card debt, mostly used to fix up both houses.

It’s been since March 2007 that I made my last credit card payments. I took all of the 00 I received as a tax refund and paid it on 5 different cards.
I called the credit card companies and tried to set up a payment plan of some sort because I was drowning. NONE of the 5 would and acted really crappy when asked. The phone calls also bordered on harassment.
So, eating ramen noodles and peanut butter started pissing me off. If they didn’t want to work with me, then I wouldn’t work with them.
I changed my telephone number and stopped paying them.

After speaking with an attorney early this year, he stated that unless I was faced with court papers to appear, to stave off filing for bankruptcy. If I did file, it would be for Chapter 13 he stated.

I wanted a second opinion so here I am. My questions are…

If I do not file, the statue of limitations runs out in less than 2.5 years for the state of Florida. If I am not served a summons, after the SOL runs out, can they still serve me with papers?

If there is no summons or judgment, will the charge off debts stay on my record for 7 years from the last time I paid the credit card company? Or when the debt was sold to a collection agency which I think is usually a year afterwards (they all have been sold).

If the debt is sold again to another collection agency, does my time start over?

On my credit record, will there be an entry for the credit card company debt AND the collection agency?

I simply want to know when the credit card company debt and charge offs will drop from my record if I do not pay them.

Thanks for any help you can provide…
The SOL is 4 years, it will run out in 2.5 years since my last payment is what I was referring to.

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I have been in debt for quite some time five years. I am working full time. I have no assets. But I also cannot afford an attorney since I am living in a hotel and have 2 child support obligations. I have seen many online prep services but I do not know if they would work or not. I also will be having most of these debts off my credit report in about 3-5 years. I am wondering should I just wait it out and let those debts fall of my report and then try to build my credit back up with secured cards or just file for bankruptcy and have hopes in it getting discharged.

Technorati Tags: assets, bankruptcy, child support obligations, credit report, debts, full time, quite some time, secured cards

In 2001, we signed a deal with an auto consignment dealer that they would sell our 2000 Pontiac Grand Am for 250, which they did later that year. However, about a week after they sold it, they declared bankruptcy themselves, which left quite a few car owners pretty ticked. In all, I believe they had sold 60-70 automobiles, kept the money, and then filed bankruptcy. So basically no one got paid after they had sold their cars for them. My husband and I had a loan for the car through GMAC, which we continued to pay while it was at the consignment dealer. However, after the car was sold and we realized we were not going to receive any money, we realized that we would not be able to afford to pay GMAC 000 for a car we did not have (this was why we were selling in the first place). So our loan defaulted and we were forced to file bankruptcy in 2005. Our case was closed and all debts discharged on July 29 of 2005. Today, I just finally received word from the trustee of the consignment dealer’s bankruptcy case, stating that we should get 0 out of the settlement (about 6% of the 250 they owed us). Now my question is ths: what do I do when we get the check? Is it supposed to go to GMAC or have they written this off as closed since the bankruptcy was closed? I am going to try to call our bankruptcy lawyer in the morning, but if I remember correctly, he’s somewhat hard to get ahold of, so I thought I would check to see if anyone knew on here. Thank you so much for any help you have.

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I am 21 years old when I was 19 I bought a car and took out a loan for it. Then six months later I lost my job and soon after I surrendered my car up to be repossessed. Then like six months after that I got a letter saying I owed the company over seven thousand dollars for the money they lost. also at the same time my sister who was 16 ran up my cell phone bill and i had to disconnect it. adding another 400 dollars to the already 900 dollar phone bill. Since I lost my job I was not able to pay these bills and when i finally did find a job I barely made enough to cover the bills i had. now I am just wondering if it would be easier to just file bankruptcy and start over or should I try to pay the thirteen thousand dollars. With all the stuff on my credit it comes up to a little over thirteen thousand dollars in debts. What do I do?

Technorati Tags: bankruptcy, cell phone bill, debts, dollar phone, job, money, six months, thousand dollars

my ex wife and i have been divorced a lil over 2 years. my credit report is full of medical collections with her name as the patient. When i file my bankruptcy what happens to those debts? Are they wiped out completly or do the collection agencies look to her to satisfy the debts?

Technorati Tags: bankruptcy, collection agencies, credit report, debts, medical collections

In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than 0,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than 0,000 and had approximately 0 in the partnership bank account. Should the petition for involuntary bankruptcy be granted?

Technorati Tags: bankruptcy filing, beren, chapter 7 bankruptcy, debts, disagreements, estimates, hamilton bank, harrisburg pennsylvania, involuntary petition, mannino, partnership, petition for involuntary bankruptcy, renovation costs, walnut street

I have a bachelors in business finance and I will complete my MBA next month. I was laid off about 20 months ago. The same week I was laid off I found out my wife was pregnant. We now have 3 children. I was eligible for unemployment and it did not last for very long. I then picked employment where I made 60% less than I was previously making to make ends meet. I now have gainful employment and I am making about 15% less than 20 months ago.

My wife and I will have student loans coming due in about 6 months and I am considering using my credit cards to payoff auto loans and other secured debts that are in both our names. When the student loans come due we will not be able to pay all of what is due every month with no end in sight. After being unemployed, we did very well keeping our heads above water however we are now feeling the pinch of our delayed situation. We feel if bankruptcy is our only solution we should use our credit cards to pay off everything.

We are considering filing bankruptcy under one of our names and NOT a joint bankruptcy so as to avoid having to forfeit any assets like the autos, etc. If we do this we should be able to retain all assets because it is not a joint filing. All of the credit cards we would use would be in wife’s name. Are there any issues with this?

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I’ve had perfect credit since I was a teenager. Last year we opened a business and it has failed miserably. We have tried selling it with no luck as the lease is too high. We just lowered the price dramatically but my lawyer says only give it a few weeks at the low price then I’ll have to file personal bankruptcy.
It makes me sad but I have no choice. Only I am filing, not my husband. Most of our debts are in both of our names which will transfer to him. But, the store lease, our back store rent, my credit cards and some of my student loan could go into the bankruptcy. I will be bankrupt for 9 months and then discharged. It will be on my file for 6 years after discharge. I’m in Canada.
I’m scared that it will affect our home as when it comes up for renewal my husband may not qualify on his own. Do you have to requalify at every mortgage renewal or are you safe for the 25 year term as long as you pay every month?
We have 5 children and I just need some peace of mind.

Technorati Tags: 6 years, 9 months, canada, credit cards, debts, lawyer, mortgage renewal, peace of mind, personal bankruptcy, student loan, teenager

My husband is planning on filing for bankruptcy. He has student loans of about 0,000 & has already exhausted deferments. We have to prove due hardship for student loans to be considered. I have about 00 in credit card debt. My family has offered to help me pay off my debts, but i’m wondering if my debt will be considered when he attempts bankruptcy. Would it be in our benefit for me to have this debt to prove due hardship? Would my debt be covered if he did get bankruptcy, so I should save my family the $? Thanks for the feedback.

Technorati Tags: amp, benefit, credit card debt, debts, deferments, filing for bankruptcy, student loans

I filed for Chapter 7 in april ‘09 and had all my debts discharged. I recently applied for a FAFSA loan. At the end of the filing, the file said I might be eligible for a certain amount of pell grant money.

Will the bankruptcy have any bearing on whether or not I will get approved for either a loan or grant?

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Help I hear so many diffrent stories and read so many diffrent answers who is right? I do not owe alot of money maybe 15,000 but I am tired of having bad credit! I just want a new start. I know because I have seen it people that file bankruptcy get to start over and enjoy having good credit again I just want mine clean! When I say I have seen it it’s because my god mother went through this and she has more credit cards, a new house better than the one she had before! I am only 25 I will turn 26 this year I only have one child and I want my own house before I am thirty so should I try to file and start with a new slate? Yes I know I owe the debt so before I get insults just give me advise I learned my lesson I want a new start and better life for my son
These are debts from 2001 and I don’t make a lot I am considered a low income individual.

Technorati Tags: bad credit, bankruptcy, better life, credit cards, debts, god mother, insults, money, slate

i consolidated all my debts through a company that deals in bankruptcy, i had a few debts but was never actually bankrupt, and they just put there that i am bankrupt, now i cant finance anything. so how can i get this gone from my credit history report. thanks, please only serious answers.

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I have like a 10,000 dollar accident debt from getting in an accident without insurance. I was under 18 at the time and my parents filed bankruptcy but it came back to me when I turned 18. I plan to file bankruptcy because with the amount and the interest on that amount it would take me way to long to pay that off…but I was wondering if I should load up some credit cards or something before I file, just to get something out of it. My credit bad already apparently so it doesnt look like I can get any credit cards or even loans. Any advice?
Im only 18 and I feel like these are my prime years, I dont want to work full time for free basically to pay off some stupid debts. I would rather pay the 1,000 dollar bankruptcy and deal with bad credit for awhile. I guess Im more so asking if theres anything I can do before that to get something out of it.
I dont know how it came back to me, but my mom sent the a letter to the judge showing where in there bankruptcy thing it showed it got rid of that debt but they still said I was responsible.

Technorati Tags: accident without insurance, bad credit, bankruptcy, credit cards, debts, full time, insurance, loans, mom, parents

With our national deficit reaching new heights and social security fund projected to be exhausted in the coming years, how long do you think it’s going to take before the country tells people that it can not pay its debts, what do you think will happen when the country does this?

Technorati Tags: debts, national deficit, reaching new heights, social security, social security fund

I have a friend that has over 000 in credit card debt.He makes approx/ 000/year.He has conferred with an attorney who has told him he needs to file Chapter 7 bankruptcy.Would it be better to file bankruptcy or charge off the credit cards?Which one would take the shortest timeline to be removed from his credit ?He just can’t continue at the rate he is going now ,trying to pay the minimum payments on his cards and pay other debts as well(mortgage,auto,utilities,etc)He is desperate and needs some insight.

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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?

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ok so i looked on my credit report and i seen that i have alot of debt heres what i owe
30,000 in hospital bills when i had my daughter
700 in cc debt not that bad
3,000 for a repo car
2,000 in other debts
so i owe a little over 35,000
and i dont have a job i`ve been looking for ANY job even fastfood jobs but nobody is hiring
my husband makes only 1,500 a mo
all of our bills come up to about 1,200 a mo thats without car gas and food so that only leaves us about 300 for food and gas !
i really want to pay off my debts but i cant and they keep going up should i file bankruptcy and what would that do to my credit does it ever go off my credit

we live in a kinda small town not to meny jobs i put a profile up on care.com and sittercity.com my husband did have a second job for about 5 mos but got fired because it was slow we thought about moving but we dont have the money to move and we have cell phones no land line we just we only pay about 60 a mo for cable and internet i`ve been useing the inter net to try and find jobs out of town so i dont want to get rid of my internet
we never get to spend money on clothes forour selfs we do for our daughter we dont go out to eat we always eat at home which gets boring
i even beged for my old job back at walmart were i worked for 3 yrs

Technorati Tags: car gas, cell phones, clothes, credit report, debts, gas and food, hospital bills, jobs, money, old job, second job, selfs, should I file bankruptcy, walmart

my house is for sale
i just relisted it
i had taken it off the market when my boyfriend asked me to stay and not take new job out of state
now we’re broken up and i just listed my house
but im set for a tax sale mid september and in foreclosure.
if my house goes under contract shortly after i file for bankruptcy what should i do ?
withdraw the bankruptcy petition ?
i have some equity in the house and the sale would wipe out all my debts and of course the real estate taxes too.
also i feel stupid because ive couldve applied for a homestead exemption to lower my taxes the last 2 years. can i do that retroactively ?

im in pa
thanks

Technorati Tags: bankruptcy petition, debts, foreclosure, homestead exemption, new job, real estate taxes