Here’s my situation. I was on the top of the world before I even turned 21. I worked so hard to accomplish my financial goals of basically owning my own house and own vehicle before my 21st birthday. Some where down the road I got lost… The great job I had to get the house, I had to eventually step back from to take a slightly lower paying job that offered insurance. To make a very long, struggle-filled story short. I lost everything. And when I say everything, I mean everything. My then fiance` and I split, needing to find our selves again. My new job wasn’t what I thought it was going to be. I inevitabley lost my house, my car, and had to stop making payments on all my credits cards because I quit my job to move across country (with my now husband) who is an Active Duty Marine (now deployed ). I know this is all over the charts, but since my husband is now gone, this is giving me a lot of time to fix/figure out our financial situation. Since my credit score is basically at the lowest point possible now, which bankruptcy should I file for? How does Chapter 7, 11, 13 etc work? My husband does make a decent amount of money, specially being deployed now. But really only enough to pay the bills and pay down his credit. Any and all information on this would be great.
Thank you so much!

God Bless our troops! God Speed be with you. Hurry home!!
Thanks KMcG. Yes – I am aware of th 7-10 year rule with bankruptcy. We’re even considering staying in the military (boo) to bandage all our debt.

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please don’t scold me for having so much debt or being financially responsible. Whats done is done. Only the present and future advise i need now.

I can’t find job. It is very hard. Even though i have bachelor degree in math, i can only get .50 an hour which is nothing to fight the ,000 unsecured debt.

I defaulted on my payments since february 2009. The .50 hour an job — almost all of it goes on cell phone bill, broadband bill, car gasoline, dog food and dog vetreneary expenses (i have 2 large dogs).

I get 100’s of phone calls by harassing creditors. I no longer pick up the phone. I can never raise 00 for bankruptcy lawyer in such poor financial situation. My interest rate has hiked to 36% APR and i keep getting slapped with more and more fees of interest and penalties. I QUIT!

What will the creditors do to me now? there is not 1 single asset i own, except for my 2 beloved dogs.
Will creditors send me to jail? how will this situation end?

Please advise. I see no end to this at all as long as job market is stagnated.
.50 an hour job is as good as being unemployed. right?

Technorati Tags: bachelor degree, bankruptcy lawyer, beloved dogs, cell phone bill, dog food, financial situation, gasoline, harassing creditors, interest rate, job, math, phone calls, unsecured debt

Car accident with no insurance, over ,000 in debt, what should I do?
I was leasing an ‘07 BMW and back in November of 2008 I was in a car accident a few days after my insurance ran out. I paid for my insurance up front the last time for a year, therefore because of some circumstances, I was unaware that it ran out when it did. Not saying it wasn’t my fault, but that’s the truth.
Anyway, like I said I was in an accident and it was MY fault. The other guy had a Saab and the damages to his car were about ,000. The damages to my car were about the same. Bmw has sent me a couple letters, but I haven’t spoken to them yet. I made a plan with the other guy’s insurance lawyers to pay them like 0 a month for the next twenty-some-odd years! I am definitely not in the same financial situation that I used to be in (it’s a long story). I’m basically broke. I want to know if anyone has any advice as far as filing for bankruptcy goes? Can I even file for bankruptcy under something like this? Or will I completely lose my license? Or do I have some other option to lower something? I am unemployed and have no assets. I am only 22. Someone please help me with some advice! I was stupid, I want to change, thank you for not judging me and giving some positive advice.

Technorati Tags: assets, bmw, car accident, circumstances, couple letters, damages, few days, filing for bankruptcy, financial situation, insurance, insurance lawyers, last time, saab, truth

Hello.

I am currently 20 years old, and my father is 49 years old. I find him to be extremely repugnant. He is abusive (emotionally, mentally, and physically). Though, I haven’t received any physical abuse from him in years ever since I was 13 when he attempted to abuse me when I was doing my homework and eventually fought back because his logic was incoherent, he is a repetitive user of mental and emotional abuse. (He blamed me for hacking his computer proclaimed me a computer savant, whom I did not hack.) In the last ten years, he has been compulsively borrowing money from several banks eventually leading up to my family’s current financial situation, which is bankruptcy. He blames us for his mistakes, which I presume, is scapegoating. I’ve noticed that he has chronic narcissistic personality disorder. (If you don’t know what chronic narcissistic personality disorder represents, please do research.) He believes he is always right even when dealt with the reality of the situation, always blames his problems on my mother and I, compulsively threatens me that physical abuse is coming my way if I do not apply for jobs (not knowing that I have already and was unable to be accepted into any), he is lazy and sits in front of the computer everyday after work (internet addiction disorder, IAD), he procrastinates on his office work in the morning and blames his habits on us stating that he is unable to sleep at night when he is the first to sleep but wakes up several times throughout the night and goes to the computer to chat with the women he has been using to cheat on my mother with which lead to the debt and bankruptcy. Every time I use logic against him, he threatens me with statements of upcoming physical abuse and mentally stating that he is sick, holds his heart and head saying that he is going to die of an aneurysm or heart attack or stroke. (My grandmother from his side of the family died of an aneurysm or a stroke while sleeping.) I’ve told him that if he continues to walk down this road, this road of threats of physical abuse, I will call the police and press charges and file a restraining order. Oh, by the way, he isn’t paying rent and hasn’t paid rent in almost a decade and a half and my mom is paying for his debts. Technically speaking, he is considered a deadbeat loser at this point.
My question is do you believe I should detach myself from this bastard? Should I have the police take care of this potentially dangerous situation if he continues to threaten us? Should I press charges? Should I file a restraining order?

P.S. I would like to keep my privacy. Only serious answers please.

Technorati Tags: aneurysm, bankruptcy, banks, borrowing money, coming my way, emotional abuse, financial situation, grandmother, heart attack, homework, internet addiction disorder, last ten years, logic, narcissistic personality disorder, physical abuse, scapegoating, several times, sleep, stroke, work internet

I need someone who is going to be able to look at my financial situation and help me make the best decision. But it is very hard to find a good lawyer so if anyone has a personal reference that would be great.

Technorati Tags: financial situation, lawyer, personal reference

I make ,000/year and have ,000 in debt (credit cards, loans). According to the ch. 7 means test, I have 5/mo. of disposable income to pay to my creditors (my current payments are ,450/mo.). I’m not behind on any payments, but I have been struggling for months now to stay afloat and often have to rob Peter to pay Paul, using the credit cards that I have been trying to pay down to pay other bills or groceries. I’m hesitant to file a ch. 13 right now because I’m 5 months pregnant and my financial situation will change drastically in 4 months. I clearly pass the means test when I add in a dependent, showing a -0 of disposable income/mo. Before I found out I was pregnant (which was unplanned), I was planning to take on a second job and freelance assignments (I’m an Editor) to help me get ahead. But that’s not going to happen now, obviously. Should I file a ch.13 now and convert to a 7 after my baby is born, or should I just wait until my baby is born and file a 7?
Additionally, I’m not married, but I will have some financial support from the baby’s father. And please, no one answer with judgmental advice–I’m a responsible person who fell on some hard times a few years ago when I was working solely as a freelancer, was disabled for a couple of months due to an injury, and had a death in the family. This is a LAST resort, but after stressing and being depressed about this for months now, I have to do what I can to make sure I can provide for my child. I would rather work 2 full-time jobs (I have done this in the past) than file for bankruptcy, but this isn’t realistic when I’m going to be the primary caregiver for my child. Thank you.
Thanks for your response. I have had credit counseling and a phone consultation with an attorney who figured that I currently qualified for a 13, but he did not take into consideration me having an additional dependent in 4 months and having to then pay ,000/month for childcare soon after my child’s birth. From what I have read on the U.S. Trustee’s site, a person can convert from a 13 to a 7 if circumstances change that makes it impossible for them to stick with the agreed upon payment plan. My issue is it doesn’t seem to make sense to begin a 13 now, maybe get into one or two payments, then have to back out of it so soon because my financial situation changes. And then I would have to pay even more money to convert the filing. I hope this makes sense. Thanks.

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So I’m considering filing for bankruptcy. Currently about 40K in debt, not including a house I purchased for a close family member but I don’t stay in. Tried to keep keep head above water but string after string of bad breaks has left me thinking there is no alternative. What could I expect if I do declare? would I qualify for bankruptcy? Would my financial situation be destroyed by doing this?

Technorati Tags: bad breaks, family member, filing for bankruptcy, financial situation, head above water

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

Technorati Tags: 8 years, assets, banks, credit card debt, debt consolidation company, filing for bankruptcy, financial situation, fresh start, full time, gas food, job prospects, living expenses, minimum payments, repayment schedule, salary, stress, telecommunications industry

My husband and I have decided to file Chapter 7. We have already contacted a bankruptcy attorney, but have not officially filed. We are going to surrender our house. It is worth less than what we owe on it. We are currently less than 1 month behind on our mortgage payment. How long after filing would we need to be out of the house? We don’t want to get notice and have to be out all of a sudden. By the way, we are filing in Illinois. Please…no responses about how bankruptcy is a bad thing. You don’t know our financial situation. Thank you.

Technorati Tags: bankruptcy attorney, chapter 7, financial situation, mortgage payment

My financial situation is such that I may need to file bankruptcy. I am starting a new job and as it is a small company I may need to get health insurance on my own instead of through the company and the employer will reimburse me for a portion. I am wondering how filing Chapter 7 Bankruptcy will affect this, if at all. Any assistance would be VERY helpful. Thank you!

Technorati Tags: chapter 7 bankruptcy, filing chapter 7, filing chapter 7 bankruptcy, financial situation, health insurance, insurance, starting a new job