filling for bankruptcy?

Question

do any of you know anything about filling bankruptcy? my husbands credit is fu(ked because of him co-sining for his son a house that didnt get paid for and his home with his ex-wife getting foreclosed on. his total is close to $10000.00 and we cant pay it to get the creditors to stop harrising him, everything we have now is in my name because of this and i feel bad because its both of ours. he has a great job and everything we have is paid before its due but because of past problems like before 2002 his credit is messed up bad, any advice?

thank you all

100 thousand dollars is not easy to repay good job or not

Answer 1

his total is close to $10000.00 If you put a comma in this amount $10,000.00 it is only ten thousand dollars. That is not enough to file. Any lawyer would probably suggest credit counseling and get your payments and balance lowered .

Try link below or
any Consumer credit counseling service that is Free except for a minimum fee of $10 and $25 for part 1 and 2.
Can be done on line and on the phone.

a good one in MO is below





CCCS: Welcome Consumer Credit Counseling Service of Springfield/Joplin/West Plains provides a staff of highly trained professionals with one goal in mind; ...
www.cccsoftheozarks.org/ - 20k - Cached - Similar pages



************************************************

National Foundation for Credit Counseling
Receive credit counseling and educational services from NFCC member agencies, located throughout the U.S. Services include debt management plans, financial literacy ...
Category: Credit Counseling Organizations
www.nfcc.org - 18k - Cached - More from this site

Answer 2

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

RE Filling for bankruptcy?

do any of you know anything about filling bankruptcy? my husbands credit is fu(ked because of him co-sining for his son a house that didnt get paid for and his home with his ex-wife getting foreclosed on. his total is close to $10000.00 and we cant pay it to get the creditors to stop harrising him, everything we have now is in my name because of this and i feel bad because its both of ours. he has a great job and everything we have is paid before its due but because of past problems like before 2002 his credit is messed up bad, any advice?

thank you all

Answer 3

With $100,000 in debt, your credit will be hosed for year anyway. A bankruptcy won't make this that much worse.

Because of the complexity of the reform laws, you really should see a local bankruptcy attorney for a consultation to see if BK can really benefit you. The amount of property you get to keep is determined by state law and debtors with high incomes sometimes have trouble qualifying for a Chapter 7 bankruptcy under the new laws. That's while consulting a local bankruptcy attorney is a must.

Answer 4

Bankrupt for that?

Bankruptcy won't get him good credit, so why not try other routes?
I'm not sure a court will allow it if he has a good job (good pay) and everything is alright except for this one thing. Where is the son?

Possible if he has a great job that he could get a bank loan to pay the house. Also talk to the creditors, if they think their about to get almost nothing (a few cents on the dollar) they may cut teh debt and stop interest.

Mike

Answer 5

Please dont consider bankruptcy, it stays on your credit report for 7-10 years (depends which one you file). Bankruptcy should be your last resort. $10,000 is not that much, I had $26,000+ in debt and still managed to pay off those in about 3 1/2 years, especially since your husband has a good job, he can do it. You both can pay $800 a month and pay it almost off in 1 year ($9600). He did co-sign, I'm so sorry that your "son" is dragging you through this mess. I would look into debt management (but dont sign anything), watch Susie Orman Show. Talk to the creditors, they want their money so you will have to negotiate with them or they will ruin your husband's credit , and sadly also yours. I know its hard to pay for others mistakes.

Bad credit it stays on your credit report for 7 years, creditors can sue you based on statuate of limitations. Dont ruin your life for 7+ years if you dont decide to pay for this, you will end up living on cash because creditors will not give you loans in the future, can you handle this for 7 years? Now you know that you cant trust your his son.
That happened to someone I know: my boyfriends dad cosign for my boyfriends brothers mustang, and the bro never paid. so his dad got stuck paying for the whole car ($15,000+) so his credit wont be ruin.

Good luck to you, and dont let it happen to you again. Please work on your monetary issues so it doesnt affect your marriage in a negative way. I hope others give you good advice too. Happy Holidays.

Answer 6

I will say this filing when you only have $10,000 is silly. I would work on a payment plan for that. It would help your credit score go up and is not worth going threw the bankruptcy. If you start talking to those creditors and sending them some money every month then they will stop harassing. If he has a good job he should start paying them off.

Answer 7

You can not file bankruptcy on federal student loans. You can file bankruptcy with private alternative student loans. HOWEVER, with the bankruptcy rules that went into effect a couple of years ago, you can't get out from under private student loan debt or any other debt for that matter.

Answer 8

Depending on what state you're in and their bankruptcy laws....

Also depends on your guys income as a married couple. I know with my husband and I we owed over $36,000.00, we filed Chapter 13 almost 3 years ago and after this months payment we are DONE! THANK GOD!!!! They make you fill out a budget of typical things/expenses. They base what you pay after that budget is filled out. They don't make you pay an amount you cannot afford hun.

You contact a bankruptcy lawyer (look in your phone book, we did....) and they will help you and walk you through it. We did Chapter 13 because my husband makes too much to file Chapter 7. :-( But it's repaid and we feel way better now!

Good luck! Been there, done that!

Answer 9

personally i would file it is on your record but so is all the negative credit yet if i were you i would talk to an attorney sometimes you can get a free consulation or try your local bar association they could get you an attorney refferal.

Answer 10

go to the social security office,take all the bills that you own and ask them where you can go to fill bankruptcy