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taboo word chapter 7
#1
Ok everyone I sure would like more information about Bankruptcy Chapter 7 please ...Yes have chatted with lawyer but they make it sound so easy .......... but come on just how bad does it hurt my credit after its over .. ? So anyone with experience please ?
I havent ever filed for anything before ... way to proud so I feel like .......
 
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#2
Hi Tweety, I went through it ( Chapter 7 ) last year and it really was easy. I did really nothing except sign papers and the attorney did the rest. I did have to take a test, but no problem and did it online, then one apperance in court which was not a regular court room, was ther to be sworn in, asked a few questions and left, all of about 15 min at the most. I now get more advertisements for credit cards etc than I did before filing. Sure was a relief to be debt free. I have not applied to any of them as I do not need them. I still have a couple from major stores that I did not file on as I had a zero balance and those I can still use if needed. I would have been ok if not for being injured, WC and loosing my employment. I had to do what was best for me. If you need more info PM and I will try and answer any questions. Tuffy
 
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#3
please dont feel bad the key word is SURVIVAL -one has to do what one HAS to do -been there done that
worry changes nothing prayer changes every thing
 
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#4
been there done that 13 yrs ago when daughters DR bills topped the million dollar mark...going back and forth to her hospitals for weekend visits....both honey and I working two jobs to try and pay em and still coming up short...she was 300 miles away....The hospital where she was staying told us about it the day she finally left for good.....you only file on what you need to....and pay the rest it is on your record for 7 yrs I believe.....and like tuffy I got tons of credit card offers for like 50 % interest......it is not near as tramatic as I thought and the worst part was here they put our name in the newspaper...but since everyone knew how hard we were trying and why it was not to bad.....we kept our farm and car....
........I love cats, I just cant eat a whole one by myself......







 
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#5
Thats what has got me bugged ok ... It sounds so easy ....... but I wasnt raised this way ...dont want to let the towns ppl down ....was told to do a gentlemens word with them but if have a balance then yes you have to list it ...

Yes jayne it goes in the paper around here to but not the local one ... few towns over ...
CC Cards and medical are the many reason for it ..
OK I feel like Im letting them down
and dont want to lose the farm when it is finally given to us ..


WHat about w/c medical ......... thats what most of it's from ?Lawyer gave us a name ...... thats it .
 
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#6
Tweety - I filed back in the mid 90's after I was injured the first time. Can't remember which Chapter it was but it was the complete one...it cleaned the slate of everything. It did hurt my credit for 10 years, yes 10 (but different chapters may have different time limits). BUT, once you file you can't file again for I think another 10 years so I think creditors also look at it from that point of view. If you do finance anything after the bankruptcy, your interest rate will be higher, in some cases a lot higher. If you already have your vehicles and home then I wouldn't think it would affect you to much. AFter several years I finally allowed myself to apply for a credit card. It was with Capital One and started at 300.00 with a very high interest rate (like 20% or so).

Please think of it this way...many companies expect a certain amount of loss and profit each year. Their losses are written off when the tax man comes a calling. Please don't be embarrassed, we were all making our payments and doing well before this catastrophe hit us. Do what you need to do to get yourself in a position you can live with.

BTW - Once you file for bankruptcy it puts an end to the creditors calling which is a big relief in itself. If one should happen to call by accident all you need do is let them know you have filed, possibly give them a case number and boom, you should never hear from them again.

Hugs,
monster
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#7
Tweety, I Filed under the Old laws, and I chose a Chapter 13, to protect my Home! I have Equity in My Home, and I wanted to Make Sure it was Protected above anything Else! I have Trimmed Our Bills to the Bone, My Credit is Shot, but at Least I know My Families Home is Protected. If I ever Settle for any Substantial Amount of Money, I can always Re Build My credit, and You would be able to do the Same Also. Just Search and Make Sure You have a Very Good Attorney to Handle it for You, and You'll be Fine. Tough Times call for Tough Measures, and We have to do what is Needed to Survive! Be Well, and Enjoy Your Holidays!!Smile
 
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#8
either Bankruptcy will stay on your credit report for 10 years. Chapter 7 wipes out all debts and if your not sure if WC will pay for their debts then you can include them as well - but also let the court know that they are contested at this time so that they still may be paid by the IC. At least gives the creditors some glimmer of hope. You can re-affirm on any debt you wish - house if you have a mtg, a car if you have a loan on it, credit cards if you wish, etc. It's up to you.

Chapter 13 is a restructuring of debt and then you make monthly payments to the court and they pay your bills for you - a set amount to each debtor. I think they pay off the largest debt first and then work their way down if I remember correctly from reading up on it. (Some economics class years ago)

Either way you can still be considered a good risk with credit card companies because you can't file bankruptcy again for 7 yrs. Although interest rates will be higher at first, they do give you that option to help rebuild your credit.

Have you checked into Consumer Credit counseling (CCC) ? They do something similar along the lines of a chapter 13 without a bankruptcy where your creditors still get paid but they get your debt lowered I do believe. It's a non-profit organization and I think they do include medical bills as well - something to check into unlike the others you see on TV for just credit cards.
 
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