I need to file for bankruptcy, but being a single mother of 2, I'm having a hard time coming up with the money to file. I have been getting letters from creditors saying that they might have to take me to court, will I still be able to file if this happens?
2007-03-23 08:29:12 · 5 answers · asked by island_gal_808 2 in Business & Finance ➔ Credit
Yes you will. Most bankruptcy lawyers insist on being paid up front. You might check with Consumer Credit Counseling Service, they are free and may be able to help you avoid bankruptcy, if not they can refer you to a good lawyer that will work with you.
2007-03-23 08:35:18 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.
But you also have to hand over your possessions and properties to the trustee. They are sold off and the money is used in clearing your debts. But what you can do is to keep a part of your home, cars or some of your property. But most of your debts are cleared off.
2007-03-24 08:13:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Go to your local Bankruptcy court with your completed papers.
You can do this yourself. Ask for the form that you fill out that allows you to pay fees in installments. (Ask the court clerk.)
When you get the form, fill it out. All you will have to pay up front is 25 percent of the costs. Then you pay 25 percent each month after. The creditiors can't do anything cause the first day you pay is the start of the bankruptcy.
2007-03-23 15:39:35 · answer #3 · answered by txharleygirl1 4 · 0⤊ 0⤋
once they get a judgement against you, bankruptcy will not protect you. hurry up and find a bankruptcy lawyer who does not want all the money right away. Maybe you can pay him in 2 or 3 payments.
2007-03-26 23:25:55 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Yes you will. Lawsuits could lead to judgments. Judgments might lead to wage garnishments or other "post-judgment" collection efforts. But none of these are impediments to bankruptcy. Many banktuptcy lawyers will let you pay their fees and costs in installments. Good luck!
2007-03-24 09:32:03 · answer #5 · answered by DLeibowitz 5 · 0⤊ 0⤋