I have heard it can be done and want to know how it can be done and under what circumstances as I know it’s difficult. I ask because I have over 100k in loans and have been unable to get a job that pays over 30k, and my payments are to be over 1,000 per month and I only make 1,600 per month.
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.
We had 2 loans and our house went to foreclosure. When I called to the second loan, they said that since it wasn’t foreclosure sell – house belongs to the bank, we are still responsible for the second loan. It still a lot of money. We signed the deed when we took the loan and we didn’t ask for transfer, only for sell. What should we do? We really don’t want to file bankruptcy.
I have listed all of my outstanding debts on my bankruptcy (including the 2 mortgages on my home), although I had planned on keeping our home and continuing to keep up the payments. My atty told me that if I needed to walk away from the home at any point after the discharge, that the bankruptcy would help me to avoid any judgements as long as I didn’t refinance the loans. But even without paying the debts that I am filing on, we are still finding that our monthly expenses are far outstrapping our income, so we are thinking about short selling and getting a smaller rental home for a while until we get back on our feet. My domestic partner is on SSI, and is "judgement proof" from what my atty says, so between that and my chapter 7 simply walking away is an alternative to short selling. My question is: what is the best thing to do for the long term?? At this point, both my partner and my credit scores are in the toilet anyway. I’m just worried about never having credit again.
I have loans and I wanted to know does the bankruptcy eliminate a portion of the loans? How does Chapter 7 work? How long will this remain on my credit?
I want to pay off my debt, but I have had a hard time finding work that pays well.
I owe about 35,000 in debt and I only make 18,000. I have not been able to find a job that pays more and I have been searching for a year.
Do the loans get transferred to a new lender, or are the loans discharged?
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.
I filed for bankruptcy about a month ago, and paid him in full last week for chapter 7. Well my bills for my loans and credit cards are due again and I’m wondering do I still have to pay them since i already paid my lawyer and filled out all the paperwork for the chapter 7. Or do I just let it ride until he does whatever it is he does?
I’m 27 and started a business when I was 20. I was making over 0,000 per year when I became sick. I lost my business and owe just over 0,000 to creditors for loans that were made to the business which I personally guaranteed. Because of my illness I haven’t worked in over 4 years and haven’t paid any of my creditors either. I’ve lost my house and my car (live with a family member), my credit is terrible and all I have left is ,000 in cash. Should I try and work out a payment plan to my creditors and get a job? Or should I file bankruptcy and just start fresh (I hate the idea of being ruined for the next 10 years) I’m also considering starting another business with the money I have but am not sure how to handle my debt problem first. The first business I started with only ,000 so I have enough money to start a business and don’t need any more capital or credit to do it. Please serious advice only. Thank you.
I am 24 and i just got a 50k hostiple bill that went to collections i am never going to be able to pay it off– i had no insurance and i made like 20dollere more a month so i did not qualify for medical assistance—
after asking this q 2 hrs ago this is what i would try to get rid of
a 50k hostiple bill
a cell phone bill
a bank for a bad check when i was like 16
and a public defender bill when i was like 17
no current credit lines no mortgage no loans no auto payment
300 doller credit card bill
should i file–yes cuz the hostiple bill is HUGE!
can i file this my self if so how hard would it be/
thanks
I am 23 years old, in college part time and working part time. I am recently divorced and have about ,000 in loans and credit card bills I got stuck with that were all aqquired during the marriage. Since I can only afford minimum payments (and receive no financial aid) I feel like I should look into bankruptcy.
I have two credit cards, so If I file bankruptcy on just my loans (,000) and one credit card, does keeping the one credit card plus an account balance with Dell (for a laptop I financed) help my credit score at all, as opposed to filing on everything I owe?
And everyone says to do it before I get any older if I’m going to do it. And I don’t expect any new bills (I have a dependable car and low rent) anytime soon.
Sometimes I feel like bankruptcy is "cheating" but I had an extra income at the time I signed for the loans, and of course didn’t expect to get divorced. I feel helpless, as the balances barely go down and i’m spending money I need to live, or I’m going to have to quit school.
I don’t want to file bankrupcy, but I have been unable to find a decent job for the past 8 months. I’ve had to use my credit cards for things like groceries and gas. I can no longer make my minimum payments, although I can pay a small portion. Further, I have been accepted to graduate school but I might not be able to afford it unless I file for bankruptcy or only pay a portion of my minimum payments. I have researched bankrupcty and the alternatives, but it seems so hard to get objective advice. Most information sources have a vested interest in the topic. Some claim that a bankrupcty will make it impossible to obtain future credit and prevent you from getting a job. Others claim it’s not so hard to get credit cards or loans. I know a bankruptcy won’t be fun, and I feel terrible to be considering it, but I’m wondering whether it’s really as bad as everyone thinks it is. Can anyone give me some advice or direct me towards an objective source of information? Thank you.
When one defaults on a loan or does not repay credit card debt…you are stealing….so, why do so many Christians say this along with bankruptcy, etc…is o.k…
Those who fall into bad financial state because of health or unforeseen circumnstances should be helped by the church to repay their debt…should they not?
Therefore, fundamentalist Christians should not default on loans…because stealing is wrong….yet, according to Newsweek, those who file bankruptcy are equally divided between those who label themselves as Christians and those who don’t.
Quite honestly, I am tired of paying for you people who cannot control your spending and live excessive lifestyles…but, yet you somehow justify it as you do all of the sins that affect yourself…while pointing out everyone elses…why is that?
We are looking to purchase our first home in the Denver area in about a year. We both have bad/old credit(both of our credit scores are below 600) Our income will be around 75k(I am finshing up nursing shool)
We are trying to see if this is even possible or if we should just be content renting for several more years.
We are expecting a higher interset rate. I have heard of "B loans" & "sub prime lenders" and have been trying to look into them.
We are trying to decide if we should just file bankruptcy now and see if our credit gets better or if it is possible to get a loan?
Will we need 20% down with this bad of credit, or can filing bankruptcy help that?
I kept dropping in and out of school for years. Now i’ve taken a job as a painter’s assistant that i love. But i no i will not be able to pay anything on my loans because i barely make minimum wage. I don’t care about my credit because i already got bad credit.
I filed for bankruptcy about a month ago, and paid him in full last week for chapter 7. Well my bills for my loans and credit cards are due again and I’m wondering do I still have to pay them since i already paid my lawyer and filled out all the paperwork for the chapter 7. Or do I just let it ride until he does whatever it is he does?
During the reformation to the Meiji govenrment, why didnt the govenrment go bankrupt as they were selling their industries and they were not exporting as much as they should have.
Based on the below response, the Japanese government did, with the opening of its borders, start to establish enterprises because they assumed that the private sector would not risk a financial burden. But after several years, these enterprises started to loose the government money. These enterprises were steel, ship production, etc. As such, they sold these enterprises to private entrepreneurs for cheap, while simultaneously producing railroads, and all this time the Japanese government had little to say for taxes as during the Tokugawa period, taxation was based upon rice and was highly variable depending on the season. So my question to elaborate is why didnt the government go bankrupt during the this time, with spending and production high, little savings and no major loans to speak of. ^_^
I’m stuck in a horrible cycle of paying one loan off and then going back the next day to get the money to pay the next one. I am going to file chapter 7 bankruptcy. It takes about 3-4 months to complete. What should I do with the loans that I owe now? Please help!! Thank you
I plan to include them in my bank, but what do I do with them while I am filing? Any idea’s?
Thanks again
Has anyone been thru this before?
I have unpaid Medicals bills that are in collections (about 11, in the amount of 7,000 $$) With 2 positive current loans on credit report. Should I file for bankruptcy? Please offer Pro & Cons. Keep this in Mind I would like to purchase a home within a year or two.
I filed for bankruptcy about a month ago, and paid him in full last week for chapter 7. Well my bills for my loans and credit cards are due again and I’m wondering do I still have to pay them since i already paid my lawyer and filled out all the paperwork for the chapter 7. Or do I just let it ride until he does whatever it is he does?