single mom with 2 kids and no child support. Leaving the state and my internet and cell phone don't supply service in my new state. The internet alone wants me to pay $480 just to get out of my contract.
So how does bankrupcy work? Can I still get my student loans for universtiy? Can I still get utlties to my house? Do they track down my ex and make him pay backpay (that would be bad, I'll tell you that)? What is bankrupcy?
Does it just mean I can't get a bank loan and master cards? Is that all it is? Cuase I can't get that on studen loan anyway.
2007-09-25 16:25:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I owe 480 dollars and don't have it
2007-09-25 16:37:04 · update #1
Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there arewill help to improve your credit history in a number of different ways.
2007-09-26 00:17:49 · answer #1 · answered by Sweet C 1 · 0⤊ 0⤋
1. double check the contract you made with the internet and cell phone companies and make sure that you owe them for early termination. If you are moving to an area that they don't service, they shouldn't be allowed to charge you for early termination.
2. If you live near a law school or have a free legal clinic in your area, they may be willing to write a letter to the companies or tell you how to write a letter to the companies to get out of this situation without paying the early termination fee.
3. If all of that fails, see if you can negotiate a payment plan to pay them the money. I understand that when you don't have it, $480 is a lot of money, but in the grand scheme of things, it really isn't. The bankruptcy laws have changed so that people can't arbitrarily or frivolously declare bankruptcy and this is too small of an amount to go bankrupt over.
Good Luck
2007-09-26 00:13:40 · answer #2 · answered by Invisigoth 7 · 1⤊ 0⤋
Bankrupcy is a b*t*h and don't do it if you absolutily positively cannot come up with another option. Your credit is ruined for 10 years and it is very difficult to get any credit with a bankrupcy on your credit report. You will still be able to get the utilities, however I'm not sure about the student loans. It could affect your applications for purchasing a car, or a home. It could affect your applications for renting a car or a home or apartment. Talk with your internet company, I'm sure they will put you on a payment plan. Most companies will work with you on making payments.
2007-09-25 23:37:48 · answer #3 · answered by Bonzie12 7 · 2⤊ 0⤋
Why do you think you need to file for Bankruptcy? How much do you owe?
Loans--if you get them, it will be at a higher interest rate
Utilities--yes, you should still be able to get service
Ex--Bankruptcy doesn't "track" anyone down; creditors do. And that's only if he's a party to the debt.
Bankruptcy is a legal discharge of the debts you declare in the proceedings. After you are discharged, creditors cannot seek repayment from you. It does make it harder to get some loans and credit cards, but some will see you as *more* credit-worthy after your bankruptcy, b/c you can't file for bankruptcy again for 7 years. (i.e. if you ring up a debt with them, you can't get out of it!)
P.S. Filing for bankruptcy will cost *more* than what you owe. This is not an option for you...
2007-09-25 23:34:20 · answer #4 · answered by Enigmatic 4 · 2⤊ 1⤋
Bankruptcy now takes many months and would not be processed for $480 .
Some one has told you strange and bogus tales about it apparently .
Google it for real info .
and here is nolo's info
http://www.nolo.com/article.cfm/ObjectID/B0B66870-4C52-4303-919B10B9611D3EF9/catID/462A9501-9B21-4E09-A08C5A7B8AF51A79/213/161/ART/
As far as the phone company , you ask them to transfer service because you are moving .
If they say they don't service the area , Most do NOT charge the termination fee .
If a clueless clerk says they do , keep asking for a supervisor until you get the correct answer .
Don't be so sheepish with these companies .
Ask more questions , push for a manager .
>
2007-09-25 23:37:58 · answer #5 · answered by kate 7 · 1⤊ 1⤋
Please don't make this mistake. There are other options. Especially over a phone bill???
Please go to
http://www.daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm
and also seek advice immediately from one of his counselors.
Best wishes and may God bless.
2007-09-25 23:43:20 · answer #6 · answered by Milton W 2 · 0⤊ 1⤋