newlaws on bankruptys?

Question

i want to file bankruptys everthing is geting out of controll and my wife as well we just want to start over the only thing is im not sure which chapter to file most of it is charge offs and one car repo i want to file on ever thing but my home

Answer 1

Answers like timdaniels' really bug me. Quit advertising your company and just answer his question!

Personally I do NOT believe debt settlement only "recognized" alternative, and it can actually hurt your credit score.

I've posted a link that explains the new laws. If it still looks like the answer for you, talk to an attorney. Many will give you a free consultation and explain how it will effect you.

Answer 2

The new bankruptcy laws really bug me. Under the new bankruptcy law you must see a debt counselor that will counsel you on the difference between a chapter 7 and a chapter 13. If you own a home then the attorney should file a chapter 13. A chapter 13 will make you pay back a certain amount of your debt back while you still must maintain the payments on your home. Many people, I have seen, have been placed into foreclosure because the attorney never placed the mortgage into the chapter 13 and they didn't realize that they had to keep up with their mortgage payments.

The simple fact is you need to start paying your bills on a bi-weekly basis. This will bring down your interest that is built up on the credit cards. Also, it will raise your credit scores. You may even want to start paying your mortgage on a bi-weekly basis. Just call your lender and see how much they charge to get you into the program. If they do not I do have a company that is reputable and it will cost you about half the amount the banks will charge.

As far as applying for a new mortgage after a bk. If you rebuild your credit while under the bankruptcy then the day after discharge, not dismissed, you can obtain a mortgage.

Have you thought about refiinancing your current home to pay off all your debt? Give it some thought.

Answer 3

I don't want you to take this personally, but you need to take the public transportation and go to your nearest public library and ask your REFERENCE librarian for simple books about bankruptcy laws.

It should be under personal finance books and they will tell you the difference between

Chapter 7
Chapter 11
Chapter 13

AND

whtat the new filing requirements are:

Then after you read the book(s) to get the lay knowledge to make an informed decision, then seek a lawyer to help you file the appropriate chapter.

You are asking the right questions to the WRONG group of people for something this major.

Answer 4

The new BK law will require based on your situation that you participate in some sort of debt management program for at least six months prior to filing BK.

Debt settlement is the only recognized alternative to a bk. With the new bk law it will state on your public file that you filed forever. so if you plan to get a mortgage in the future you might want to think about what your main goal is.

debt settlement at http://www.fdnsolutions.com can help to cut your payments and help you cut your debt in half as well if you qualify.

Answer 5

if your outgoings exceed your earnings then you definately are technically bancrupt. you're able to probably ought to make your self bankrupt which will value you funds. uncertain of the quantity think of it relies upon on how lots you owe. that's for court costs and the Insolvency Practitioner who will oversee your financial ruin. Bankruptcies tend in basic terms to final for a 300 and sixty 5 days now and as you have not any materials that's a solid concept for you. even though you're able to desire to evaluate the impression it could have on your destiny (getting a private loan as an occasion). you will proceed working by way of your financial ruin and could take transport of the cheap to stay on the Insolvency practitioner will take the rest to divide up among your lenders. as quickly as the financial ruin is finished the the remainder of the debt would be written off. solid success

Answer 6

Good Heavens.....You can't file any kind of bankruptcy until you complete a Trustee approved credit counseling course.....So....call the Chapter 7 trustee in your area, ask for alist of approved classes and sign up......then you can file if that's what you decide to do...