some key points on bankruptcy that i dont know?

Question

i have alot of cc debt and at this point im starting to feel like theres no other way..wanted to find out what the key points about bankruptcy are. how much does it cost? from the date of the initial consultation,how long does it take to apply? do i have to go thru court and whatnot? what kinds of property do i keep?and what kinds of debts will be excluded aside from student loans?would it effect job opportunity/housing issues?ur help is greatly appreciated

Answer 1

You do need an attorney and counseling and it isn't cheap. They will determine if you get a chapter 7 or 13. If you are over average income you will get a chapter 13 so you will pay back a portion of your debt over 5 years or so. The bankruptcy will stay on your credit history for 10 years. You won't get jobs because of it and your credit score will go so low you will have trouble renting or buying a house.

Answer 2

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RE Some key points on bankruptcy that i dont know?

i have alot of cc debt and at this point im starting to feel like theres no other way..wanted to find out what the key points about bankruptcy are. how much does it cost? from the date of the initial consultation,how long does it take to apply? do i have to go thru court and whatnot? what kinds of property do i keep?and what kinds of debts will be excluded aside from student loans?would it effect job opportunity/housing issues?ur help is greatly appreciated

Answer 3

How much it costs depends on the type of bankruptcy you need to file. A Chapter 7 can range anywhere from $500-$2000 plus the $299 filing fee, a Chapter 13 can be from $2200 to $3500 (depending on where you are) plus the $274 filing fee. How long it takes to get the ball rolling dependws on you getting the required credit counselling and required documents to your attorney.

Once the case is filed, you have a Meeting of Creditors about a month or two from your filing date. In a chapter 7 you get a discharge about 4 months later, in a chapter 13 you have to make plan payments and get the plan confirmed and pay or 3-5 years before you get your discharge.

Before your discharge you have to do debtor education classes. You don't exclude any debt from your bankruptcy. You must list all of it, Student loans, alimony, child support, property division from divorce, and taxes are not dischargeable, but you still have to list them. You must list all property, and claim exemptions to the property. Whether you'd lose any property depends on the chapter and how much equity you have, but your attorney will make their best effort to make sure you lose nothing. (in other words if you have a lot of equity you don't file a chapter 7 because you'll lose your property).

Income determines the chapter as well. You really need to just go ahead and schedule an initial consultation with an attorney (many do it for free)

Answer 4

Bankruptcy is an absolute last resort and will stay on your record for 7-10 years. It will affect your job opportunities as employers routinely check bankruptcy records. It may also affect your housing as it will stay on your credit record and you will find it hard to get another home loan.

If there is possibly any alternative you should take it. Just to inform you, here is a website that explains all that's involved in filing bankruptcy. If you have any questions as to whether you need to file bankruptcy I do urge you to consult a qualified bankruptcy attorney as this will make your path easier. An attorney will avoid legal problems and will deal with your creditors. An initial consultation with an attorney is usually free.

I hope this helps. Good luck!

Answer 5

Remember that Bankruptcy is an option we have to carefully review and consider but it can be the solution you've been looking for. Although credit will be affected in most cases credit has already suffered. Secondly credit can be re established but this time you must refrain from over extending yourself with the unsecured credit card debt. Your credit report will show the bankruptcy for 10 years. Usually after two to three years you can qualify to buy a home. Other factors will also be taken into consideration. Bankruptcy is a relief that can help you get your finances and life back in order. Obtain a good lawyer that specializes in bankruptcy law. You'll will have to go to court eventually but the great thing about it is that as soon as he files all the creditors are notified and by law they have to stop trying to call you. They must immediately stop harassing you or you can sue them. Cool huh!

Answer 6

you need to make an appointment with a bankruptcy trustee to get the answers you are looking for. Each person's case is different.