Any advice on Personal Bankruptcy?

Question

I am considering personal bankruptcy,things have gotten too behind and just seem to be getting deeper and deeper. The only light at the end of the tunnel I seem to be seeing is that of a freight train. I would like to hear from anyone who has gone thru the bankruptcy route and how it has effected your life, good or bad?

Answer 1

Hi.......I went through it. However the rules have changed. Lawyers most likely charge twice as much since October 2005 reform took effect. I went chapter 7 bankruptcy a few months before that ( mine cost $1,100). I haven't delved into what exactly these changes would have meant to me and my personal finances. Having said that, if you have close to zero assets and a reports low income I don't think the 2005 changes will make much of a difference. I have heard that they are making those who file take some sort of credit classes and the bankruptcy court decides for you if you file 7 or 13. You'll have to confirm that with a professional (lawyer).

I prepared for my bankruptcy by paying on time my student loan and my credit card a few months before filing. I did not include my credit card because it was at zero balance at time of filing and therefore was not a debt. As for my government loan student loan, they are not eligible for debt release.

It has been just over a year since my filing and I was just approved for a unsecured credit card with a $1000.00 limit and 49 annual fee. I don't think that's too bad. My average credit score or FICO is around 685 at this time. Again, I don't think that's too bad.

All in all it went smooth for me and I think I should be okay. Although there will be creditors that won't deal at all with someone who has filed but I am learning that they are in the minority.

I can tell you how to get the high score I have a year after filing if your case is low assets like mine was.

Answer 2

I was on the same situation and this site helped me QUOTEHELP.NET-

RE Any advice on Personal Bankruptcy?

I am considering personal bankruptcy,things have gotten too behind and just seem to be getting deeper and deeper. The only light at the end of the tunnel I seem to be seeing is that ...show more

Answer 3

General information on bankrupcty can be found here...

http://www.creditmanagementworld.com/bankruptcy/bankruptcy01.html

Most of this stuff is for business to business bankrupcty, but some of it applied to personal bankrupcty.

You may want to consider a subscription to this website. It's only $80 to a year-long membership and it will allow you to look at the other bankrupcty documents that they have online. It's far cheaper to educate yourself first...rather than have an attorney educate you for $200 an hour. (The lawyer will spend all the time in the world with you of course...because the proverbial meter will be running the whole time.)

Answer 4

you will get hundreds of thousands of grants for financing a clean motor vehicle. i could have suggesting figuring out to purchase the recent motor vehicle in the previous BK, yet you will get diverse grants, some good some, nicely, not so good. The creditors will love you seeing which you may not charge the motor vehicle off, in addition they're going to love you via fact they are able to charge you a extensive interest fee and require you to place very much of funds down. save around and dont pass with the 1st lender that provide you with funds. and likewise, after the BK (I take this is a CH 7) by no ability, by no ability, by no ability pay something late lower back. that looks poor interior the eyes of a lender and might harm your getting a private loan for something for a protracted long term interior the destiny.

Answer 5

Its a way of clearing out all your debts, you may contact your bankruptcy experts to help your financial problem. If you have any assets, these may be included in declaring yourself bankrupt.

Answer 6

I hope this helps you:

How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html