What type of bankruptcy should I file?
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.
Chapter 11 is for businesses, chapter 13 reorganizes your debt and sets a repayment schedule. Chapter 7 wipes the slate clean, wipes out your debts. From what you have stated I would think a chapter 7 would be the way to go, bear in mind that nay bankruptcy will stay on your credit report for 7 years and it will take a couple of years after the discharge )when the bankruptcy is final) for you to be able to get a credit card again. You will get a lot of mail from companies offering you credit before then but be careful, they will offer a ridiculously high interest rate. Because they know you can file bankruptcy again for 10 years. Good luck
September 12th, 2011 at 11:49 am