I'm thinking about filing Chapter 7 but do not know if im eligible. Here's my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car's creditor and that's the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don't mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don't want to do Chapter 13 for my credit card debts-- this will waste my time, money and get a ruined credit report.
I'll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
2007-07-28 10:13:52 · 5 answers · asked by Dennis L 1 in Business & Finance ➔ Credit
My question is if i'm eligible to file for CHAPTER 7.
2007-07-28 11:52:23 · update #1
The answer is yes, you will qualify. Your income is well below the median average, you have little property (give the car back)
Good luck
2007-07-28 13:08:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Try Consumer Credit Counseling Services instead. They are the oldest non-profit credit counseling service in the Country and will lower both your monthly payments and interest rates.
I used them several years ago and was debt free in 36-months.
You can contact them at 1-800-388-2227.
Bankruptcy will ruin your credit for several years and show for 10 if you file chapter 7.
2007-07-28 10:50:27 · answer #2 · answered by ? 7 · 0⤊ 0⤋
No don't go for bankruptcy. It will remain on your credit report for the next 7-10 years . So be careful and try to consolidate your debts. You can consult with a debt consolidation agency for help. They will reduce your debts by 50% or less. You can also go for some debt consolidation loans.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
and
http://www.badcrediteasyloans.blogspot.com
2007-07-28 10:41:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In either case you will ruin your credit score, instead look at Stafford loans for your college, they do not need to be paid back until 6 months after you graduate or drop out. Keep working and go to school nights or online, not easy but can be done I did it and my daughter is doing it now.
2007-07-28 10:24:06 · answer #4 · answered by Pengy 7 · 1⤊ 0⤋
For Credit and finance solutions I recommend this site where you can find all the solutions. http://finance-solution.us/index.html?src=5YAhih52VaKMtd1
RE :Question to bankruptcy attorneys and or trustees?
I'm thinking about filing Chapter 7 but do not know if im eligible. Here's my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car's creditor and that's the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don't mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don't want to do Chapter 13 for my credit card debts-- this will waste my time, money and get a ruined credit report.
I'll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
Update: My question is if i'm eligible to file for CHAPTER 7.
Follow 4 answers
2017-04-06 00:23:00 · answer #5 · answered by ? 6 · 0⤊ 0⤋