I am afraid my husband and I may have to file for bankruptcy. We had a premature child that left me with permanent heart damage and we have so many medical bills, Has anyone ever had to file bankruptcy? Can they make you sale your home if you have no equity? Any experiences anyone can share would be greatly appreciated. Thanks so much.
2006-12-06 07:49:51 · 6 answers · asked by sands6270 2 in Business & Finance ➔ Personal Finance
Bankruptcy is governed by federal law, yet every state has their own rules when it comes to your homestead. Some states have no exemption, some like Florida are exempt even if you own it free and clear.
That could have all changed last October when their sweeping bankruptcy reform laws came into effect.
Almost all bankruptcy attorneys will offer an initial consultation at no fee. Their fees can vary dramatically, so don't be afraid to call and get a couple quotes, and even to meet with a couple. They want your business and will do what they have to to get it.
Filing bankruptcy can mess with your head, but you are precisely the reason why the new laws passed last year are so unfair. The tiny, tiny fraction of people who abused the system have made it more costly and difficult for people like you who had legitimate causes outside their own control that pushed them into it.
Start calling, find someone with a fair price that you trust to do a good job for you.
2006-12-06 11:05:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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RE Anyone out there ever filed for bankruptcy?
I am afraid my husband and I may have to file for bankruptcy. We had a premature child that left me with permanent heart damage and we have so many medical bills, Has anyone ever had to file bankruptcy? Can they make you sale your home if you have no equity? Any experiences anyone can share would be greatly appreciated. Thanks so much.
2014-10-01 10:26:44 · answer #2 · answered by ? 1 · 0⤊ 0⤋
You do not have to sell your home to file Bankruptcy, especially if you have no or little equity in your home. File chapter 7 to get rid of all your debt, it is more expensive than filing chapter 13, but chapter 13 does not wipe out your debts, you have some type of payment plan and the amount you owe is lowered. Chapter 7 is best if you want to eliminate all debt. Call a bankrupt lawyer to get detail . They will tell you exactly how much it cost to file chapter 7 and also work out a plan for you to pay the lawyer. Once your lawyer has taken your case, you can stop paying creditors and refer them to your lawyer.
I hope your health improves, and do not feel badly because circumstances has caused you to file bankrupt. You do not list you house as part of a bankruptcy agreement.
2006-12-06 16:08:43 · answer #3 · answered by RY 5 · 1⤊ 0⤋
I am going through one right now, as a matter of fact. I am not a homeowner though.
Do a search on bankruptcy attorneys in your state; one of them is bound to have a website. Most websites will have a FAQ section which can be helpful. This really isn't a great place to ask such a specific question when it all depends upon your situation.
If you don't want to do the internet search, just call an attorney. They will usually consult with you over the phone & answer most basic or frequently asked questions for free.
2006-12-06 16:00:22 · answer #4 · answered by Rach 3 · 0⤊ 0⤋
http://www.wikihow.com/File-Bankruptcy
there would be nothing to be ashamed of, the best thing you can do right now is file and correct the problems before it gets to be too late.
2006-12-06 16:00:02 · answer #5 · answered by JoeItalia 2 · 0⤊ 0⤋
Sorry for your problems-you keep your home,vehicle,posessions.Bankruptcy laws have changed,contact a lawyer.
2006-12-06 16:06:19 · answer #6 · answered by festeringhump 4 · 0⤊ 0⤋