is there anyone out there who has had experience of going bankrupt? would like to know how you got on?

Question

would like to know of your experience and what you lost, did they take your car or any other possessions, also a brief description of the process, and would you recommend it??

Answer 1

Honestly these people have no idea what they are talking about...you will NOT lose your house or car if you continue to pay for them. Also they dont come to your house and clean it out and sell everything..that is just plain stupid. Also, they do not take any money out of your bank accounts so there is need to close them...just make sure there isnt thousands of dollars in the bank as of the date of filing. In any state, if you make less than $39,000, single and have no children you are eligible for a Chapter 7. If you do have children then you definitely can file. The laws have not changed that much at all (for people who actually look into it and not assume it). A Chapter 7 costs $299.00 to file the case (that is not including the attorney fees). It takes around 4 months from beginning to discharge. You need to get a credit counseling certificate before you can file. You need to give the attorney some basic information to file your case. Filing is done electronically. If you have any other questions email me at [e-mail].

Answer 2

Hi, not been made bankrupt my self but know bit about it. You need to give all bank details in, all records of debt, any details of homes bought here or abroad, any assets, details of your car (maybe if its of high value and its not used for work they may possess it) They cannot take anything from your home unless you declare something of value. On the day you are pronounced bankrupt they will empty all your accounts and close them down, so ensure you take out all money which you need. Then open a new basic account as no bank will let a bankrupt open a premium account. Your name and address will appear very small in the local paper just to let anyone know that you owe money to are bankrupt, they can the contact the benificiary (who deals with all your creditors and divides whatever money they have from you to your creditors) and claim money you owe, If the benificiary deem this necessary. In some cases you may not have any money to pay. the best way to find out more info i would advise you to call cccs free and they will help you a great deal, they are a charity funded to help those in debt, go on their web and the freephone tel no will be there. good luck - remember bankruptcy is not the only way out!! long reply this aint it!!!!! my arms killin! good luck tho!

Answer 3

You need to realize that bankruptcy has changed a lot since the new laws came into effect. If you have a steady income & are remotely close to solvent, you will probably get forced into a Ch13 rather than a Ch7. The court will decide for you how much of your debt you should pay back each month during the Ch13 plan, then you will be forced to comply. They use the same rules for how much you need to live on that they use for TAX CHEATS! For secured debts (car, mortgage), you will pay back every last cent or they can take the asset. Also, what assets you can sheild if you DO go into a Ch7 vary widely from state to state. I'm in TX where the law is very generous, imo. However, many states are much more strict. You should look it up (usually avail. online) or see an atty. Btw, don't ask an atty if you are bankrupt...that is like asking a bum if he wants money...the answer is always "yes".

I strongly urge you to consider avoiding bankruptcy. I have watched people go through it both before & after the new legislation. It is not a happy experience that just wipes your slate clean. Get a copy of Dave Ramsey's "Total Money Makeover" (library or bookstore) or at least go on his website & listen to some of his archived podcasts before you decide. His plan pulled us back from the brink of complete financial ruin. At that time, we were making about $65k/yr, but had lost $80k in one year on a business, had 100k in student loans & couldn't even come up w/ money for a $200 brake repair. Now, our income has doubled, we have cash stashed for emergencies & large purchases, we never fight about money & we will have our house paid for soon.

One final thought: If you do end up bankrupting, remember tha borrowing & being unprepared for emergencies brought you to it & never go back into debt for anything.

Best wishes for you to find the freedom & peace we now enjoy.

Answer 4

Thank God i have not been in this position in the past and not have any plan in near future :-).

But being a student of LAW and Business. I know about bankruptcy a little.

well when someone is declared bankrupt, an official receiver is appointed by court. And his main duty is list all of your ASSESTS and LIABILITIES. So liabilities can be free by liquiding assets.

So yes YOUR CAR and every belonging is taken into ASSETS which are used to fulfil any liabilities thier.

BTW i wish you good luck.
Hope you get out of this matter ASAP.
and start your new life soon with new courage.
Yeah SUCCESS will be yours in long term of you keep it going!

Answer 5

bankruptsy should be done only if needed...today its alot harder to do & I think they even want you to pay some of your debts back...I think it stays with you for a longer period of time too...
I dont think they take any of your personal belongings, however if you own alot of things that are expensive its probably best not to list them, but I'm not completely sure what they ask anymore....The process can be long & tedious! alot of back & forth with people you dont even know, looking at every detail of your personal life....I personally do not recommend it...there are other options (such as credit counselors etc) but if you feel the need to file bankruptsy then you do what you feel is best...Good Luck!