When To File Bankruptcy » should I file bankruptcy

I need legal advice… I'm being sued.. Details included. HELP! ?

admin — Sun, 12 Jun 2011 21:37:43 +0000

I’m being sued by my electric company. (Connecticut Light & Power) I have a very high bill , as a result of being on several payment arrangements over the years, because I am low income. My daughter has severe, life threatening asthma, and I am on the medical protection program to ensure her safety. I tried to work out an agreement with the lawyer’s office handling the lawsuit, and originally, they were going to have me on a payment arrangement of /week, or so I thought. Now, they’re claiming that they’d need my month’s usage plus a payment towards the rest of the bill to be able to settle the lawsuit, which I can’t afford. I don’t work because I have complications from having Lyme disease, and I have PTSD, and my husband is only on unemployment, with only 6/week, when we have a mortgage payment of 1157.33 a month, and were already behind some. I explained this already, and they don’t want to help me at all. I just honestly need some serious legal advice. Without the judgement and cruel comments, please. Should i file bankruptcy? What happens if I have to go to court? I honestly don’t have the money, and am so afraid and confused right now. Please help!!!

And please, no cruel comments about my life. People on this site love to knock others down all the time, and right now, I have more than enough to deal with, obviously.

Thank you so much for your help, i really, genuinely appreciate it.

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When is the best time to file bankruptcy?

admin — Tue, 12 Apr 2011 10:51:05 +0000

Details – Got misguided by a con-artist mortgage broker. I was paying my mortgage on time and then refinanced because he told me I’d get a lower interest rate. The bank "forgot" to put an escrow account in my loan, unbenownst to me until nearly a year later. It jacked my payment up by 0/mo.

Anyway, tried restructuring with the bank and put my house on the market. I found two buyers but the bank has been unwilling to come down on their price, even though the house’s value has depreciated significantly.

I had a 722 score but now my credit is completely shot all because I made a dumb choice by refinancing and got taken. So… I really didn’t want to go through bankruptcy but only as a last resort. However, the house is still in limbo with the potential buyer (short sale) #2 if the bank agrees to an offer. Should I file bankruptcy now or when it gets closer to a court date? I get about 50 calls a day from bill collectors. I just leave my phone on silent and keep on working.

I know there’s never a BEST time, so when is the RIGHT time if someone is contemplating bankruptcy? And what will happen to me?

Technorati Tags: best time, bill collectors, con artist, escrow account, interest rate, last resort, limbo, mortgage broker, quot, refinancing, restructuring, right time, score, should I file bankruptcy

Is it better to file bankruptcy or just let collection call?

admin — Mon, 14 Mar 2011 19:20:22 +0000

I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. I have put in another $ 50k in upgrades and remodel. Fast forward to 2009, laid off, no income I resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. I’m up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. Year and a half later, house is in foreclosure; credit card at max limit. No job, no car (sold it to pay credit card debt), ..and now living like a deadbeat.

Credit card companies still call and say "hello". Same story told to them over and over, no income, no job, no money etc. They "understand". Then they sell the debt to collection agency, same thing again. I told them my story..and they don’t care. "When are you gona pay?" I say with what? I can sell my t-shirt and underwear, but that might be worth 25 cents. What good will it do? So now, they are suing me in court. Went there and told the same story…judgment for the plaintiff. Okay, now they want to garnish my wage…but I don’t got no job. They want to freeze my bank acct…I have none. They want to..probably kick my ass..that they can definitely do..but that would hurt them, because if I get hurt and sue, they probably owe me money.

So here is my dilema, should I file Bankruptcy ..as there are other creditor waiting in line to sue me. Or should I go to court and and plea guilty but have no way to pay?

Yeah, I know..I’m a deadbeat, but I don’t blame my misfortune on no one except myself. Lost my life savings and people are laughing at me. What a cruel world this is. To file BK or not to file BK? If I do, I will have a fresh start says a friend. If I don’t, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years…meaning that I can call the credit reporting agency to remove it, but they have a right and probably will repost my balance…as nothing had been collected. Is this true? I thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? Please help. Thanks in advance.

Technorati Tags: bk, credit card debt, credit cards, creditor, creditors, cruel world, dilema, foreclosure, fresh start, judgment, max limit, misfortune, plaintiff, plea, realtor, remodel, should I file bankruptcy, t shirt, underwear, waiting in line

Over $125,000 in credit card debt. File bankruptcy or pay off slowly?

admin — Mon, 01 Nov 2010 12:01:33 +0000

I was laid off in August of 2009. I still have not secured employment. I had stellar credit until October of 2009 when all my savings were depleted to keep up with my bills. I have over 5,000 in credit card debt as the late fees etc. have been adding up monthly. My credit score was at 720 before October of 09. I’m guessing it is now in the 400’s. No payments have been made on any of my credit cards since October 09. Should I file bankruptcy or just keep postponing any payments until I secure employment? I feel that my credit is ruined for life anyways, so why bother stressing out and paying it off. I’m confused as to what to do. Thanks.
Also, I took the time to write and mail letters to each of my credit cards companies three months "prior" to even knowing I would be laid off. I had requested that they drop the interest rate to 0% so that I could get them all paid off. They ALL declined. It wasn’t until 90 days after each of my payments were due that they contacted me and at THAT POINT wanted to work something out. I was enraged to say the least. I thought…"Now that you’ve destroyed my credit, you want to work something out". Again, I was livid. Had they just done that when I asked, I probably wouldn’t have gotten into more of a mess. I feel now that had they settled for 0 percent interest, they would at least be getting most of their money back, now it looks like they won’t be getting any. Part of me feels bad, but part doesn’t. Also, do I pay taxes here in CA on the released debt through bankruptcy? Because I don’t even have money to do that. Yikes.
One of the responses said I should have filed bankruptcy a year ago, but a friend advised me not to due to my ongoing health problems. Had I filed and needed hospitalization, etc. I would not have been able to add that debt for another 10 years. I have no medical nor dental insurance because it’s so expensive. As far as living beyond my means, a huge portion of my debt is medical and dental charges. Please don’t assume people are careless who get to this point. I had to charge alot just to survive.

Technorati Tags: 10 years, credit card debt, credit cards companies, credit score, dental insurance, health problems, hospitalization, insurance, interest rate, late fees, money, should I file bankruptcy, three months, yikes

I have a good credit score (740) but have outstanding medical bills…can I still get a mortgage?

admin — Sun, 31 Oct 2010 09:39:09 +0000

Income is steady (same employer for 3 years) and sufficient to handle a reasonable mortgage…had insurance when the medical bills occured (serious health issue)…will a lender overlook or should I file bankruptcy and wait it out?

Technorati Tags: 3 years, health issue, insurance, medical bills, mortgage, serious health, should I file bankruptcy