A friend suggested bankruptcy I live in New York, I need advice from people who have been there themselves what are the pros and cons of filing for bankruptcy... I know the rules /after effects change from state to state. Thanks for your help in advance. P.S. Does anyone know of legit. websites I can research this subject on my own..I tried a few and they turned out to be out to take my money by promising me mircles with no effort on my part.. isn't that a joke?
2007-09-11 09:27:57 · 12 answers · asked by thomashonecker 1 in Business & Finance ➔ Personal Finance
suggest u visit daveramsey.com to understand why u probably are not needing to go bankrupt. what u need is a battle plan, knowledge, action, guidance.
Congratulations, most successful people have gone to the edge or over it only to rise like a phoenix later.
2007-09-11 09:34:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Ok - I work for an attorney in Rochester, New York, and I specialize in BK law. #1 talk to a bankruptcy attorney. 9 times out of 10 you can get some advice without having to pay any money. If you don't know any attorneys who do this, call your local bar association, and they can give you a referral to a someone in your area. Before you file, you will need to have a counseling session with consumer credit counseling, or another agency that is accepted by your district. Pros - you protect yourself and its creditors off your back for good. Cons - it stays on your credit report for up to 10 years, depends on the agency, BUT I've had many clients say that they start rebuilding their credit within 6 months. If you bank with a credit union, have any money in your checking account, they can take up to $750 if you owe them money. Figure out what district you are in (depends where you live) and look on the district court website for some more information., or add more details and I can provide the website for you. Just a town is fine, I don't need your exact addy. http://www.nywb.uscourts.gov/ is for the western district of new york - you need to talk to someone who does new york bankruptcy in your district to talk about your options
2007-09-11 09:47:33 · answer #2 · answered by Tammy C 4 · 0⤊ 0⤋
Living in the UK, i'm sure bankruptcy rules will vary - but all in all it means the same thing!!
I was made bankrupt a couple of years ago after aquiring £21,000 of debt. It made depressed. I couldn't sleep. I was constantly ignoring the doorbell. Once I walked out of the courtroom, knowing these creditors couldn't touch me was the most amzing feeling i have ever had. A huge weight is lifted off your shoulders, and although I am not proud of the situation I got myself into, it was the best decision of my life. Sure, I can't get credit for a few more years but after everything i learnt, I don't want it anyway. Now I only pay things in cash, and if i havn't got it, I cant spend it.
Its a really personal choice and I wish you all the luck in the world no matter what you choose. But sort it out soon...things can only get better!
2007-09-11 09:37:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
New laws are in place and most people who choose bankruptcy still end up paying all of their debt back. I suggest if the debt you owe are from credit cards that you research debt consolidation and repayment through a company. You may be able to get back on track without having the bankruptcy on your credit.
2007-09-11 09:31:31 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Vision Credit sends out a Chapter 7 booklet if you need more information on bankruptcy. They don't charge anything.
2007-09-11 10:31:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Relief is a plus but the bankruptcy sticks to your credit for years!
Now if your debts are just credit cards (Revolving debts) let them go to collections, all they can really do is lower your credit score and swamp you with meaningless mail.
But if your debt is due to Loans (Instalment debts) such as mortgages or student loans, then you might want to look at resolving your problems if your living standards are in danger.
Check out www.hummingbird.org
Good luck!
2007-09-11 09:32:09 · answer #6 · answered by HEC 3 · 0⤊ 0⤋
I agree with robert w, go to daveramsey.com. Basically, he'll tell you to set up a budget where you pay for food, shelter, and clothing (when necessary you buy some) first. Then utilities and rent. Secured loans next and divide the rest among unsecured loans. Call your creditors on a regular basis and let them know what's going on. Stick to the budget. If you can sell something, sell it!
2007-09-11 10:21:41 · answer #7 · answered by starfishltd 5 · 0⤊ 0⤋
Well it matters what postion and person you are. Right now your in debt. Bankruptcy and help with that, but your going to have to pay that back. So you have to be smart.
2007-09-11 09:33:30 · answer #8 · answered by Shepard S 1 · 0⤊ 0⤋
If there is any way possible don't declare bankruptcy. See a lawyer before you do anything foolish.
2007-09-11 09:32:39 · answer #9 · answered by aswkingfish 5 · 0⤊ 0⤋
Look up "Dave Ramsey". It saved me.
2007-09-11 10:33:51 · answer #10 · answered by texasnewf 1 · 0⤊ 0⤋