My husband and I were always on time with our bill NEVER a day later had good credit.Then he got laid off.After about 6 months we were still keeping up but was pinching pennies.We had tried getting a home loan and other loans before this when we were making decent money but even with our credit scores being almost 700 still could not get approved.So we sat down and decided that we were going to file bankruptcy to relieve us a little bit until things looked up for us again so we did actually had to let stuff go for a few months before we filed.Now after he was laid off for over a year hes been back to work a few months and we still have a new home in our hopes for the near future.We knew that with filing bankruptcy the odds are against us to get a loan until after it had cleared from our credit report but my question is with the way the economy is loan companies should realize that people are facing tough times and some have no other option that bankruptcy If they would see our history up until that point they could see.Anyway does anyone know of any place that gives loans to people with "bad" credit for home loans these days.We filed in August last year and got our discharge in January this year.Please only answer this question if you have helpful information not if you are going to be judgmental

Technorati Tags: credit report, credit scores, decent money, economy, filing bankruptcy, home loan, home loans, little bit, loan companies, odds, pinching pennies, tough times

I have a delima and this seems like the right place to ask this question.

I have a home in Las Vegas which I am trying to short sale, which I believe will ultimately end up as a Foreclosurer. I lost my job 10 months ago when my industry took a crash due to the economy and have been burning through my savings to support my family.

Now that I am working again my payments are the same but my pay check is 1/2 of what I use to make, so its a struggle. I have almost depleted my savings and come to a fork in the road. I have about 25K in credit debt and my credit card company just raise my interest rate so high I can’t possibly afford the new monthly payment. I have tried to get them to help and they said thats the way it is and when I check the internet, this is happening to millions of people.

So here is my question.

Since I will have a foreclosurer on my record, is it worth trying to work to pay off the credit card company or just file for BK and start over.

I have always have perfect credit (790) and this is really bothersome to me. I buy cars every 2 years and always got the best rates, so I want to try and save my credit, but with a foreclosurer on there, will it really matter if I pay off the credit card or not?

My credit is already shot and need to get on the road to rebuild it and I can probably get ,000 to pay off the card, but that will be my entire savings and would leave me in a more volerable state.

Sorry to ramble on and advice would be appreciated!

Technorati Tags: 10 months, bk, cars, crash, credit card company, credit debt, delima, economy, fork in the road, interest rate, job, las vegas, short sale, struggle

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.

Technorati Tags: bad situation, chapter 7, credit card, credit score, doctors, economy, emergency room care, filing bankruptcy, job, medical bill, medical debt, parents, paycheck, poor wife, retinal detachment

my spouse (not me ) is over 40K in debt he is retired and gets a monthly income of about 1,800.00 after taxes. I would like for him to file bankruptcy, he wants to save his credit and take out a loan on the home to pay the credit off. (which sounds good because it would to cheaper to pay the loan back and he can pay it back in about six years) but my thing is that the 1,800 is all that he has as income, with the economy if his company says they have no more money to pay pension we will be out on the street.

What do you guys think would be the best.

If their ae any bankruptcy lawyers logged on please type in your info so when can call and speak with you.

Technorati Tags: ae, bankruptcy lawyers, economy, money, six years

I write a blog for a large newspapers website, but I wanted to see if someone would be interested in a series of articles about a middle class family losing it all in today’s economy.

The story would basically be mine talking about what it is like to file bankruptcy, lose your home, apply for medicaid and adopt a family. I figured it might go in features but not sure.

Thanks

Technorati Tags: bankruptcy, blog, economy, medicaid, middle class family, newspapers

Unfortantely due to divorce and the economy I’m very behind on my utilities and credit cards. I feel helpless. I need to file bankruptcy ASAP. I live in Pennsylvania. Does anyone know of a very cheap attorney? Is it possible to do it by myself? I’m looking for as much information as possible.

Technorati Tags: bankruptcy, credit cards, economy, pennsylvania

My husband and I both need to file I’m afraid. We live in Michigan where the economy, as reported, is the worst in the country. I have a job I love but my company is on a pay-increase freeze right now, otherwise I’d be making about more an hour. My husband lost a really good job in September of 2007 and did not receive unemployment. He finally was able to get a job in Jan of 2009 but it pays less an hour than his old job.

Anyway, when he lost his job we had to make do the best we could and decided that if we couldn’t afford to pay something, let the credit cards go so that we can keep our home. Now it’s been 2 years and the economy SUCKS. We would both like to get 2nd jobs to pay off our credit card debt but we are lucky to both have jobs at all! The unemployment rate here is over 15% ! Anyway, he talked to a lawyer a few months back about himself filing bankruptcy without me because I was able to make some credit card payments of mine still. Now because of the rise in my health insurance premiums I cannot afford any of my credit card payments. How do we file bankruptcy jointly on only our credit cards as we can afford and do not want to lose our house and car?

Technorati Tags: credit card debt, credit card payments, credit cards, economy, filing bankruptcy, good job, health insurance, health insurance premiums, insurance, jobs, lawyer, old job, unemployment rate

I made some very stupid decisions when I was 19. I’m 23 now. In 2004, I got into alot of credit card debt. I racked up about ,000. I then panicked and never made a single payment. I was a very stupid and naive person at the time. In any case. I have been hiding from creditors for four years now. I want to fix my debt, or at least do something about it so I don’t have to be afraid anymore. I know I should probably consolidate and make payments, or file bankruptcy. I’m now a Dean’s List student, I live at home with my parents, and I am between jobs, but I would be looking to make payments. I could never afford all of it to be paid back. Is it reasonable to think I can go to a lawyer, contact my creditors and make a settlement for 25% of what I owe? That would be ,500 and I could pay that off with 0/mo for about 5 years. I want to have great credit someday.

Please help.

Thank you

More wiser and more scared
I just pulled a credit report from 2006. The total is actually 36,000. Thank you for your answers. I will consult a lawyer and see what I should do. I could just ‘wait’ I suppose, but I’m a legal US citizen from a poor hispanic nation. I want to do the right thing and fix my problem and own up. I can’t pay all of this back, but I want to try.
Speedbum…

I never said that I was proud of this, I am not. And yes, I agree. Creditors should have NEVER given a stupid, immature, dumb 19 year old like myself this much money to toy with. I think each person should have a debt consultant when they start to establish debt.

And to further add, we also have a war going on, so it’s not helping our economy. I didn’t cause of national deficit, thanks for asking. I do however, pay my taxes.

Technorati Tags: alot, bankruptcy, citizen, credit card debt, credit report, creditors, dean, do the right thing, economy, jobs, lawyer, much money, naive person, national deficit, parents, single payment, stupid decisions

Ok, so unfortunately we are so far upside down on our house because of this crappy economy…and not to mention there is a TON of work that needs to be done on our home. We bought the house 2.5 years ago and were blindsided by the crap that has happened to it! It needs about 20K worth of work done to it, so even if we could fix it we would never get the money back out. The neighbor hood has gone down hill really bad…drug dealers moved in next to us, a sex offender behind us, and we are on a MAJOR road, which was ok when it was just my hubby and I but now we have a baby. my question is, is filing bankruptcy just slowing down the foreclosure process..meaning if we file to get out from our house (have been told foreclosure is worse than bankruptcy by 4 different ppl) are we filing to get rid of our debt only to have the house foreclosed on anyways? No bashing please trying to make a hard decision for our family. We dont want both on there. Thanks for all the help!

Technorati Tags: crap, economy, filing bankruptcy, foreclosure, hubby, money, neighbor hood, ppl, sex offender

This is what I think about the automaker bailout:
The big 3 need to throw away old baggage of inefficient operations, high executive pays, and high union powers.

My suggestions are:

- Declare bankruptcy (only option to cut all ties with inefficiency)
- Merge operations and create a new company
- Sell off plants to foreign automakers to create more capital(to Hyundai, Kia, or any company that is looking to have production in US), this way workers can still keep their jobs but just with different bosses

What is your take?
I believe they are trying to go green but they are late compared to Japanese manufactures.
If an restructuring was to happen, I say screw it with the half-ass green-wannabe hybrids and just go green. Set goals to produce electric, bio-fueled cars and phase out existing cars.

And as far as capitalist governments go.. well.. the companies are US companies..
*Meg

The cost of bankruptcy to the economy and the auto workers and the auto industry is astronomical.. which i understand, but without an revolution will things get better?

Any suggestions for the problem?

Technorati Tags: auto industry, auto workers, automakers, bailout, bankruptcy, economy, fueled cars, governments, hybrids, hyundai, inefficiency, inefficient operations, jobs, kia, meg, plants, restructuring, ties

In the fall of last year, I thought the economy might be turning around by now. Now Chrysler is going into bankruptcy and GM is following. This means all the dealerships will suffer and the suppliers etc. etc. We have tent cities going up and more people are losing their homes.

Where will all the "blue collar" workers find other employment opportunities? I know that there is a push for alternative energy and infrastructure rebuilding, but I can’t see that this will be enough.

If we can turn it around, what do you think the economy will be like in 10 years. Where will the manufacturing jobs be?

And not just in 10 years, when do you think the economy will turn around?

Technorati Tags: 10 years, alternative energy, bankruptcy, chrysler, economy, employment opportunities, gm, infrastructure, manufacturing jobs, tent cities

Both husband and I lost our business because of the economy-in construction. We are unable to collect unemployment. We have an small income coming in from another source. When we could not make a payment in early March we called Ford Motor Credit to discuss the situation. They stated that they were all for working with us they did not want the vehicle back. They would send us paperwork to have the loan rewritten. Never got the paperwork. So we called again asking for the paperwork. Person we talked to said there was nothing listed about that she just wanted payment. We went round in circles. Finally on March 23, we spoke to someone who knew what we were talking about and said the paperwork would definitely go out. Still have not received paperwork. Also explained that we were going to file bankruptcy. Bankruptcy was filed on March 30th. Ford Credit got notification of filing on March 31 though E-mail-verified by attorney. Sunday evening April 5th. 2 thugs came to repo the vehicle. The repo guys thought it would be an easy take. However, the key Ford sent them didn’t work. They were really pissed, came pounding on the door and yelling open the door we want the keys or they would tow it. They were going to get it no matter what. Said we had filed bankruptcy and they could not take it. While I went to get the notice we got from the court. They continued to bang on the door and yell. My son in the meantime called 911. Showed them paperwork we got from the court through the glass door. I am female and these guys were hugh and the way they were acting I felt my safety was in jeopardy. They said the paperwork was garbage and they had a legal court order to take the vehicle. Got notice to pick up the vehicle on the 3rd. Husband came home and they were all over him. Told them all the cops had been called and they got even madder. I told them that they had no right to come to my house, continually bang on the door and yell and they were very threatening where I felt my safety was in issue. They guy rushed towards me and his face came so closed to mine that I could smell his breath. He is twice my size. My son thinking the guy was going to hit me came running up and pushed the guy away from me telling him to get away from me. Then the repo guy also decided to call the cops. Just before the cops came they settled down. I told the cops what happened, said they guys were definitely out of control in the manner in which they did this. Cop said to let them take the vehicle, Ford could be held liable. By the time the repo guys left with the vehicle things were calm. Monday morning we called our attorney, he told us to call Ford Credit and yes they had been notified of the bankruptcy and the paperwork we showed these guys was a legal notice from the court. Just as we were going to call Ford Credit, Ford called. Some guy wanted to discuss the missed payment- which is another violation. He had no clue that we file BK and that the vehicle had been repoed. Stunned-or seemed to be-when I told him of the treatment we received Don’t’ these departments talk to each other. He wanted to know what he could do to make this situation better-guess he was trying to cover for Ford. What recourse if any should we take-have not discussed options with attorney yet? Today we have to call Ford back at a number what was given us to reclaim the vehicle and then call the attorney back. Help, what should we do as far as Ford is concerned? This whole thing has left me a mess, cant sleep, eat, I am still so nervous my hands are shaking. Please save the nasty comments for another time. The repo guys said it all.
To Missy it was the only one payment missed, and as of yesterday it is 2. You got the whole story. Also, attorney said that the vehicle was protected under the bankruptcy code. We can decide if we want to reaffirm or whatever you call it. Attorney also told us to call and get to the vehicle back. At this point, as suggested, I don’ think I want it back.

Technorati Tags: 911, bankruptcy bankruptcy, circles, cops, e mail, economy, ford, ford credit, ford motor, ford motor credit, garbage, jeopardy, key ford, paperwork, sunday evening, unemployment, yell

my husband filed bankruptcy when he was married to his ex wife and i was wondering how long he has to wait to refile?
i asked for advice so i would appreciate it if you people that are going to sit and put your nose into something you know nothing about just move on and dont answer my question! dont sit there and say that we are the reason the economy is the way it is cause thats so far from the truth and how do you know me that well to say something like that!

Technorati Tags: bankruptcy, economy, truth

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?

Technorati Tags: bankruptcy, banks, consequences, contracts, difficult decisions, disaster, economy, fdic, foreclosure, great solution, long time, losses, money spent on, mortgage, truth, worry

No job, only -50 per week of misc income, 20k and rising law suit judgments threatening to take my single remaining possession, my home worth only 000. Nearest bankruptcy court is 100 miles south and I have no transportation.
What options are there since I cannot afford a lawyer, legal aid does not handle these cases and no lawyer in my county does pro bono work (contacted all 3 of them listed in the phone book).
To clear up a couple things. My home has no mortgage, although one company is threatening to place a lien on my home since I am unable to pay the judgment.
In terms of a job I would love to have one if someone can hire me with no transportation. Most jobs require reliable transportation which is the #1 reason I get turned down. I have been making oney from home and attempting to start a business but that requires money I do not have but I am able to get small jobs doing general labor but this usually gets me less then per week and in winter months are very difficult to acquire.
I manage to do ok now but all the law suits re from my business which failed in th worst way back in 2007. I am still trying to recover from this but the current economy works somewhat against me with no job history.
Of course the main point I need to answer is how can I file with no form of transportation to the court and no money to pay filign fees. Can I protect my assets from lien being applied?

Technorati Tags: 20k, assets, bankruptcy court, economy, job, jobs, judgment, judgments, law suit, law suits, lawyer, legal aid, money, mortgage, oney, phone book, possession, pro bono work

I have about k in credit card debt. I just recently have been having trouble keeping up with payments due to job and economy. I spoke with the creditors to make arrangements to pay lower amounts and close out the accounts. Over 0 a month just in paying those back. Now am being sued by a former employer for charge offs (commission job). I cannot afford an attorney for a civil suit (don’t know what to do about that either) and two if I lose I can’t afford to pay more than I already am (more than the 0 i’m already paying). Do I wait until after the lawsuit to file BK? Or should I start the process now? Not sure how civil suits can be handled and if you can file BK on a judgment like that. Please help as I am in over my head and am scared I won’t be able to survive if majority of my paycheck goes to creditors and lawsuit judgment. Thank you!

Technorati Tags: bk, charge offs, civil suit, civil suits, commission job, credit card debt, creditors, economy, judgment, paycheck

I am a 19 year old college student living 3,000 miles away from my family. I pay for college myself with a combination of scholarships and student loans, and I have a part time job that pays my bills. I pay for everything myself; food, rent, transportation (I don’t have a car, I ride the bus), medication, etc. My parents do not support me monetarily in any way.

Three years ago, the company my father worked for went bankrupt. Because of the economy, he has been unable to find a job. There is zero chance he’ll find a job that pays what his old job paid, but he won’t take any menial job, even for a few years until the economy gets better. My mother’s company is on the verge of going bankrupt and she has had her salary cut in half. They lost the house to foreclosure and are now living in a small rental.

Because of these issues, my parents have asked me to start sending parts of my paycheck to them. I have been giving them enough to help them pay smaller bills, like heat or water, but I can’t afford to give them more. Recently, my work hours have been cut back (economy), and I’m not making as much extra money as I used to. I told them I would be unable to continue helping them, but they got upset and told me it’s my duty as a daughter to help my parents in a time of need. They say that with all they’ve given me, I should give back to them. I want to help, but I’m running out of money. What should I do?
Because the first answerer asked, I have a 16 year old sister.

Technorati Tags: economy, extra money, foreclosure, medication, menial job, old job, parents, part time job, paycheck, salary, scholarships, student loans, time of need, verge, zero chance

My boyfriend is having a hell of a time with the financial aid department at our university. We attend a university that is ranked 3rd in the Midwest and they definitely make you pay for that type of education. He is in his second of four years here and this year with the economy being as bad as it is, his parents have been forced to file bankruptcy. They are fighting garnishments and all sorts of stuff. Needless to say, they have absolutely no money to send him whatsoever. His fafsa did get filled out, but he can not get approved for any private student loans without a cosigner. His aunt has cosigned for him for 8000 already. The university just told him today that he is still going to owe another 16000 in order to finish JUST THIS SCHOOL YEAR! we are in the second of 3 quarters and he is not even allowed to schedule classes until the bill is paid. I don’t understand how there is no help for him. The Financial Aid department is telling him that he has no choice but to find a cosigner. Isn’t there something the government can do? I mean, I’m in a similar boat, but not that much money. And I have an EFC of 0 which is supposed to mean that my education is paid for. We are both struggling financially and I really want to help him out. Anything that you can tell me about this is great since our financial aid department doesn’t seem to be helping. =( thanks so much!

Technorati Tags: 3 quarters, all sorts, bankruptcy, economy, education, efc, fafsa, financial aid department, garnishments, hell of a time, midwest, much money, parents, private student loans, ranked 3rd, school year, student loans without a cosigner

I just out of the blue received two letters for two of my chase bank accounts, saying that they elected to close my accounts because of: 1 incident of a returned payment on the accounts, too many accounts opened recently, and too many inquiries.

Anyways, these accounts used to be wamu credit cards, which recently switched over to Chase, and not even a month or two into Chase..chase decides to just close my accounts just like that.

Now…what the HECK did I do wrong, so majorly wrong that they decided to do that? why would credit companies do that?

they already jacked my interest rate up to 29.99% and if that wasn’t enough..now they decided to close both accounts.

First of all, will this look bad on my credit score, and how long will this affect my credit score, second of all, WHY are they such …Aholes and out of the blue did this,…even though my payments and history have been on time and great,

and third, can accounts ever be reopened, or once they’re closed, that’s that?

I’m just shocked. Is this because of the economy and the credit card industry suffering, or is this because of something else?

I just am scared..I knew that credit cards were slashing credit lines, jacking interest rates and adding other unfavorable things, but now…I didn’t expect this out of nowhere. I’m terribly disapointed, and I guess there goes two years worth of positive history….just because of one returned payment (which was my banks fault for putting my money on hold), and because they claim i have too many new credit cards and inquiries, because I’m trying to re-establish my credit after going bankrupt in 2005.

Oh well. chase is horrible.

I heard that a new law is being passed to keep them from doing that, to make it harder at least, but at the same time it will be harder to obtain credit.

Any ideas?

Thanks.

Technorati Tags: banks, chase bank, credit card industry, credit cards, credit score, economy, inquiries, interest rate, interest rates, money, out of the blue, suffering, two letters, wamu, what the heck

3 1/2 yrs. ago I filed bankruptcy chapter 7. I was going under from medical bills. Everything was discharged. I recently went to go back to college because of the economy. The college I had attended was one of the creditors that I filed bankruptcy against for 0. It was discharged, like I stated, & none of my creditors ever showed up at the bankruptcy hearing. Now the college told me they won’t release my transcripts unless I pay off the 0. I told them & showed them my bankruptcy papers & discharge letter. They said that doesn’t matter they want their money. I thought that that is one of the wonderful things about our country that we can, when very hard times come, make use of this law. Shouldn’t that 0 since it was discharged be as if it had not existed? I have paid a high price for having filed bankruptcy & should not have to continue to be treated like dirt. How can they take a Federal Law like Bankruptcy Chapter 7 & then put their own spin on it? It isn’t like I just didn’t want to pay them back then. What should I do & what can be done? Thank you for you time.

Technorati Tags: amp, bankruptcy chapter 7, bankruptcy papers, creditors, dirt, economy, medical bills, money, transcripts, wonderful things