I recently went from a 6 figure income 2 making $13 an hour and filing for BK. I can no longer make the agreed upon monthly payments of $420 a month to the trustee and the BK laws have changed since I filed. My attorney wants $800 to see If I can convert. What happens If i just dont pay the credit card companies? My credit is going to suck forever anyways right?
2007-02-18 16:22:32 · 4 answers · asked by mstone449 1 in Business & Finance ➔ Credit
You are already in Bankruptcy, 13 from what it sounds. The credit card companies were required to stop calling you the moment you filed. The trustee is now you mediator. Sounds as if the attorney wants you to explore making this a 7 to fully absolve you from your debts. I imagine a great deal would have had to change since you filed to justify the move to a 7, which is difficult now with the law change. The 13 is set up for monthly payments to pay back creditors. The longer it takes to pay the trustee, the longer until the BK is discharged. And no your credit is not going to suck forever. Get the bk discharged and start reestablishing credit. It does not take as long as everyone leads you to believe it will to improve your standing. Yes the neagatives remain fro a while. Chap 13 stays on credit 7 years and chap 7 10 years. However, if it is discharged and you are making timely payments on established credit it is easy to overcome.
2007-02-18 23:57:08 · answer #1 · answered by Gary N 2 · 0⤊ 0⤋
Bankruptcy Chapter 13:
Information on Chapter 13 Bankrupt
Many a times you read about notices issued to the public, informing them about the bankruptcy of a certain organization or company. The intention behind making this public announcement is not to deepen the sense of shame of the person or the company, but is simply a legal obligation. Anybody, whether a company or an individual can go bankrupt. This happens when the bankrupt person or organization cannot
2007-02-20 02:28:40 · answer #2 · answered by queen i 1 · 0⤊ 0⤋
You can't escape credit card companies. they will get your money eventually. if you file bankruptcy then they can not even try to collect money from you.
2007-02-22 23:09:30 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
they will call you 100 times a day and end up taking you to court for it. credit cards are bad.............BAD BAD BAD!
2007-02-19 00:27:13 · answer #4 · answered by honeybear 5 · 0⤊ 0⤋