I want to get this Harley Davidson on a payment plan, but also to rebuild my credit rating. Can I go out now right after my recent Chapter 7 discharge of Debts and purchase this motorcycle. Will I get into any trouble with the Court, trustee or the creditors. Am I allowed to do this or I have to wait a while before I make any major purchases.
Back in June I was terminated from my job due to my epilepsy, I hold nothing against the company as they did all that they could with an ADA accomodation, however my seizures caused me to miss to much work. I ended up getting approved for disability, being considered permanently disabled and now make 950 dollars a month, which is my only income. The loss of income forced me to drop out of college and now I have 70,000 in student loan debt coming due. I have been getting constantly contacted by different collectors and attorneys regarding many of my debts, 3 credit cards, totaling about 1,000 dollars, my pickup was repossessed in June and they are trying to collect the final 1500 dollars that they could not get from selling it, which is now being handled by an attorney threatening litigation. I also owe on a large number of medical bills, 6,000 owed for a balance with snap on tools, which the toolbox was stolen so I cannot return it, and many old debts that are beyond the states statute.
The only asset I have is my motorcycle worth 5,000 dollars as I have lost everything else and rent my home. Basically when comparing all of my liabilities to my income and my assets, I am insolvent and from what I have been able to find out basically "judgement proof"
I cannot decide if I should file for bankruptcy to try to get a fresh start since there is no way I will ever be able to get these debts paid down. I do know that there is the possibility of my student loans being discharged due to disability. I don’t really want to file but I am starting to think that either I will have to, or just keep putting up with many of the phone calls and send cease and decist letters to the ones beyond statutes. Does anyone have any suggestions on this?
I have already spoken with Sallie Mae in regards to my student loan debts, and they did advise me that I am in the rare circumstance where the loans can be forgiven.
As far as the motorcycle goes, it is my life, although I do not drive currently, as i know better, I don’t need to put other people at risk or myself, but the motorcycle is the one thing I refuse to get rid of, as it took me a long time to be able to purchase it, and it is more important to me than anything, including my own life. This may sound crazy, but my motorcycle got me through alot of times when I was depressed. Even my therapist and my doctors all say not to get rid of it since it is all that I have. As far as my debts do go, not including the student loans I am sure that I have over a total of 0,000 in debt as I had to have brain surgery 2 years ago and still owe for that along with a large number of epilepsy specialist visits. I have spoken with an attorney in the past and they have said I do have enough
As far as student loans being bankruptcy proof, I am well aware that they are in most circumstances, but there are circumstances such as being totally and permanently disabled, which by their definition means for a period of 60 consecutive months. I am certain that I will not be working for that long as we have had no luck in controlling my epilepsy so far. Many of the legalities on that I am aware of as I was majoring in accounting, and was only a couple of classes shy of graduating when I was forced to quit
Yes, that is correct, I am sorry my wording was off on that, while bankruptcy itself does not get rid of them, certain circumstances do permit the discharge of them, such as total and permanent disability. i have spoken with them and they are currently on deferment for hardship while everything goes through. It isn’t actually the bankruptcy itself that gets rid of them, but filing for discharge. I would definitely prefer to pay them off however, but with the cost of my medication each month actually being double what I receive in income and with medicaid refusing to cover them due to stating that they are not a preferred medication and refuse it even with requests from an epileptologist, I have no choice but to pay for them out of pocket until I can get approved for patient assistance. I am also in the process of working with vocational rehab to try to get me through school so that I can get a desk job as I am so limited on work that the only ones that I am able to do physically ar
I am a 21 year old male. i live with my parents and drive their vehicles. when i turned 18 i maxed out about 8 credit cards and messed up bad. i paid about 1/3rd of what I racked up, now i still owe…
a local bank ,100
At&t 0 ( i now have t-mobile so a phone isn’t a problem for me)
credit card 0
and I owe my brother ,800 for a motorcycle he has in his name he’s letting me drive.
i am trying to go to community college this upcoming fall for pre med nursing studies. and there is no way ill have all this paid off in time.
if i file chapter 7 bankruptcy what can i expect to have to pay back and deal with? i have no clue about it since my parents have always had a good standing.
and before you ask, no they wont lend me the money to pay it off. Its my responsibility so they want me to man up and take action.
wil the government garnish my wages from my job? i don’t really have any personal belongings they can take from me so…. yeah any help i would greatly appreciate.
so i would need to get a lawyer as well?
Through no one else’s fault but my own, I find myself not being able to pay my bills.
Here are the numbers as I’ve figured them out: I make about 2400 month after taxes. My essential bills (apartment, car, phone) cost me 2013 a month. My unsecured debt monthly payments are 1390. If you do the math, you’ll see that I can’t afford to pay all of my bills. I was using my GI Bill benefits to help pay for the bills, but even when I was getting the full amount, I was still not able to pay my bills.
My total secured debt is 29000. This includes my car and bike (more on this in a moment). My total unsecured debt is 21000.
My questions are:
1. Will I qualify for Chapter 7? I understand Chapter 13 is like a payment plan, but I’m not even sure I would be able to do that given the debt I have.
2. If I qualify for Chapter 7, will I be able to keep my car but return my motorcycle? I currently make payments on both. Buying the motorcycle was a very bad move on my part and I regret doing so.
3. Is the amount of debt I have too low to consider bankruptcy? The overall amount does not look that large (I know people with more on just a couple of credit cards) but the monthly payments are killing me, even after I attempted to make arrangements.
I know I made some mistakes and I deserve to be ridiculed, but I don’t think there’s anything you can say that can make me feel worse. I’m hoping someone can give me some advice rather than insulting me.
Thanks.
I’m from the USA.