Bankruptcy Question

[pipehog]

http://www.ccoacares.com/

Go to this link, and check it out, they can probaly get you on track without bankruptcy

[noprayerfornutt]

Don't file for BK.

Get a 2nd job.  Take the ENTIRE paycheck every payday and put it towards a bill.
Quit Smoking-if you do.
Quit drinking
eat at home
get a pair of rabbit ears instead of cable or satellite- you won't have time with a 2nd job.
lose the internet- no time with a 2nd job.
If you can't do any of hte above----Find a rich woman to pay off the bills for you. 

[PigPusher]

Funny thing.  We owe just $ 24, 000 on our home with an obscene amount of equity.  We receive "tons" of mail each and every week wanting to loan us money on that equity. Its like they are in a fevered panic wanting to get into our assets.  We just make a big joke out of it as we tear up the mail.

[HOGWILD_F4I]

anything they can do to keep you in debt and paying finance fees.

Bingo.  Thank you Federal Reserve

Once banks controlled the money and not the U.S. government, the power transferred.  Its ultimate power and control over the American people. 

[bevosucks]

I've looked it over and every post seemed like sound financial advice (except Tuckfexas) for a forum that specializes in half naked women.  Which post are you referring to that is offering bad advice?

I'll do my best to just hit the most obvious crap.  Here are a few posts that are full of inaccuracies:

didn't they change bankruptcy in 2005... i don't think your credit card debt goes away anymore... so you are basically left with the same bills you had before.


How about, finding everything you bought with your credit card and selling them. Selling ur car, and selling your house to get out of debt... this stuff isn't going to dissappear, might as well deal with it now before you are old and have 0 retirement.

It's nice to say "i want to get out of debt" but right now you really don't. If you really did, you wouldn't have a computer for typing on hogville, you would have sold it, you aren't putting forth near the effort right now to even declare bankruptcy.

1.  The law did change on Oct. 17, 2005 - Judge Mixon in LR did a study and concluded the law would only effect 15% of cases.  The discharge rules are largely the same, and you absolutely ARE NOT "basically left with the same bills you had before"
2.  Selling the things you purchased with the cards isn't going to help - it's worth less now, and, if you sell them for below market value, and you are insolvent, you are engaging in a fraudulent transfer.  Not worth the risk and offers little assistance in this fella's situation.

Bingo.  I would say 75% of all bankruptcies are totally avoidable by people if they would just WANT to get out.  If you aren't selling things and changing your lifestyle, then you don't want to get out.

Actually, Professor Warren's Harvard study shows medical bills are the driving factor in over half of bankruptcies.

Bankruptcy is not what it used to be.  The banks and lenders are all in the U.S. courts hip pockets.  Today, bankruptcy takes on a whole new meaning.  It used to be bankruptcy meant "relief".  Now it is far from that. 

If you even went ahead on filing bankruptcy, there would be a strong possibility that you would not be eligable for a Chapter 7, and would get stuck filing under a Chapter 13.  (everyone would still get paid.. you just get screwed)

1.  The bankruptcy courts are full - filings are higher than they were before the new law - of people getting "relief".  It is an unfortunate sign of tough economic times. 

2.  "Everyone would still get paid" - usually not - In fact, many Chapter 13 bankruptcies have the effect of lower monthly payments - you pay out, for ex., $250 per month, and your car payment before was $300 - you keep the car, and pay back virtually nothing on your unsecured debt - you don't even half to pay your attorney in advance - they are always paid through the reorganization plan

3.  Very few people are actually ineligible to file a Ch. 7

CREDIT COUNSELORS:  Have been in a lot of trouble with the FTC - DO NOT call one of the ones from television - the only reputable outfit is CCOA, and they might tell you to file bankruptcy

LAST - You will get credit after a bankruptcy - it will be expensive credit - take the best of the bad credit card offers, charge your groceries and pay it off every month, on time - watch your credit score go up for the next year or two, and you will be fine

[Michael Porkleone]

I'll do my best to just hit the most obvious crap.  Here are a few posts that are full of inaccuracies:
 
1.  The law did change on Oct. 17, 2005 - Judge Mixon in LR did a study and concluded the law would only effect 15% of cases.  The discharge rules are largely the same, and you absolutely ARE NOT "basically left with the same bills you had before"
2.  Selling the things you purchased with the cards isn't going to help - it's worth less now, and, if you sell them for below market value, and you are insolvent, you are engaging in a fraudulent transfer.  Not worth the risk and offers little assistance in this fella's situation.
  Actually, Professor Warren's Harvard study shows medical bills are the driving factor in over half of bankruptcies.
 
1.  The bankruptcy courts are full - filings are higher than they were before the new law - of people getting "relief".  It is an unfortunate sign of tough economic times. 

2.  "Everyone would still get paid" - usually not - In fact, many Chapter 13 bankruptcies have the effect of lower monthly payments - you pay out, for ex., $250 per month, and your car payment before was $300 - you keep the car, and pay back virtually nothing on your unsecured debt - you don't even half to pay your attorney in advance - they are always paid through the reorganization plan

3.  Very few people are actually ineligible to file a Ch. 7

CREDIT COUNSELORS:  Have been in a lot of trouble with the FTC - DO NOT call one of the ones from television - the only reputable outfit is CCOA, and they might tell you to file bankruptcy

LAST - You will get credit after a bankruptcy - it will be expensive credit - take the best of the bad credit card offers, charge your groceries and pay it off every month, on time - watch your credit score go up for the next year or two, and you will be fine

Judge Wapner in Los Angeles said that it would be better for this guy to sell some of his assets to pay down the debt rather than writing off all of his credit cards and spreading the costs among everyone else. 

[ConwayHog]

There is a ton of misinformation in this thread.  Contact a bankruptcy lawyer and get real answers to your questions.  The new law has no effect on most cases, and there is no rule about "your credit cards not going away anymore".  What you have in this thread are people presuming to know facts about your situation, and I doubt they are offering solutions that you have not thought of.  Other responders have their own motivations - "working in the lending industry".  Call 3 or 4 bankruptcy lawyers in your area and meet with all of them and get some real advice about your situation.

So, go talk with a bankruptcy attorney about whether or not you should file bankruptcy?  Isn't that like going to talk to the car salesman about whether you need a new car, or the real estate agent about whether you need a new house?

[Lard]

I have heard they jack up your interest if you call them and let them know all isn't well.  I have cut back on everything Yindao I am just down to where there is no cutting left I can do and I had a pretty big life event that is killing me (financially).

Get a bank loan to refinance your credit cards.......take a 2nd mortgage on your house to refinance credit card debt.....will cut your rate in half at least.