anyone filled for bankruptsy?

[rnch]

my broly has gotten in WAY over his head on credit cards, about 50 grand, house improvements, car rapairs, casinos, vacations, cash advances, clothes, and so on.

if he goes this route, will they take away his house and near new car?

anyone know of any websitews that could help him sort thru this mess and make a decision?

 

[AAP]

He needs self control and maturity more than he needs bankruptcy. Bankruptcy will haunt you for a long long time. You end up having to live cash in hand for longer than the 7 years it stays on your credit record.

Just some advice if he does file bankruptcy. That is to include EVERYTHING AND EVERYONE that he can think of on that file. Most lenders have insurance that covers them should a borrower file bankrupt. So in addition to the lending company that you are in debt for, you BETTER find out who their insurance company is and include them on the bankrupt file or else the insurance company will COME AFTER YOU AND YOU CAN'T DO A THING ABOUT IT. THEY WILL GARNISH ANY WAGES YOU HAVE. Once you file that claim, you better have ALL aspects included because you can't go back on down the road and change or add to it.

If company ABC is backed by XXX Insurance. Then when you file, XXX insurance has to pay company ABC because you listed them in the file. However, you either didn't know about or didn't list the XXX Insurance company. Although they have inherieted a debt against you from Company ABC, unless they are included in that original claim, you have no protection from them. They can come and claim whatever the money was lent against. Car, house, etc....

 

[john937]

He needs a bankrupcy lawyer, this is not the stuff to try to do yourself.
There are several kinds of bankrupcy, he may not qualify for full Chapter 13.
The Visa cards may be discharged, since they have no colateral backing them up.
The house is another matter, depends on the kind of leins he has against it and whether he's filed for homestead.
You can have credit cards after filing bankrupcy. You go to your credit union or bank where you have a savings account.
They will set up a secured Visa with a charge limit tied to the amount in your savings account.

 

[flexed1]

I coached a friend through this practice as I have my own business and alwas know laws. First off he needs and attorney who will not charge him but make his payment part of the chap 13 or 7 whichever way he goes. Chap 13 means he will make payments back and this is the route the lawyer will pursue if he makes a good family income. Some will be right offs some will go on the plan. This option they arrange payments between 3-5 years and is better than chap 13 though both suck.

New laws have been put in place as many folks abused credit card companies and they change state to state. The house in some cases is excused and he will continue to make direct payments. In many cases you don't lose the house. Thats why he needs an attorney.

Chapter 7 is he declares everything as a right off based on lack of income and he will lose everything but gets a chance to start over. My friend went this route and I recall he paid his lawyer $ 500.00 or something like that. The other option is to contact consumer credit counslers who will act on his behalf to renegoiate his payments. He needs to become more responsible no offense.

 

[FreeballinDC]

You just had to post this right as I put in a bid on a house

DAMN YOU!

Although I will say this, I finally got my shit pretty much straightened out for now, so it won't interefere with getting a house.

But damn bro, you need to run over to your brolly's house with some scissors and start cutting on some plastic.

Have you checked with some debt reduction agencies?

He may not be too late to save.

 

[rnch]

{QOUTE]He needs to become more responsible no offense. [/QUOTE]yeah, he always could spend a dollar!!

but, he is not alone. we are all flooded with "pre approved" credit card junk mail offers, almost all businesses accept credit cards, we are all encouraged by television programs and mtv videos to "supersize" and upgrade and move on up and live beyond our means. even if you don't give in to all this madison avenue hype bullshit, those around you do and make you feel foolish for not "palying the game" with them.

 

[flexed1]

yup we are. same as being in a bar having a drink and knowing when to say when. I pay cash for everything. my credit card debt is no more than $ 5,000 and I keep them open for the credit as no matter how much cash ya have you still need credit.

 

[Warik]

but, he is not alone. we are all flooded with "pre approved" credit card junk mail offers, almost all businesses accept credit cards, we are all encouraged by television programs and mtv videos to "supersize" and upgrade and move on up and live beyond our means. even if you don't give in to all this madison avenue hype bullshit, those around you do and make you feel foolish for not "palying the game" with them.

That is complete bullshit.

Nobody forces anybody to max out a credit card. Being "pre-approved" doesn't have anything to do with starting the road to bankruptcy. I have a multitude of credit cards with credit lines others my age would have wet dreams about and I am FAR from being massively in debt, broke, or contemplating bankruptcy.

flexed1 and AA are right 100%. Your "broly" needs to learn SERIOUS responsibility and fix his mistakes instead of run from them. I've had a wallet full of major credit cards since I was 18 years old and I've NEVER a) missed a payment or b) incurred ANY finance charges whatsoever. R - E - S - P - O - N - S - I - B - I - L - I - T - Y.

Bankruptcy is not a "no problem" escape that hurts no one. People get fucked in the ass HARD when credit card companies get screwed by some irresponsible kid. You don't honestly think that credit card companies would have to be so "predatory" if the people they gave cards to actually had an intention of paying the bill, do you?

As Mr. Monkfish said, If you can't afford it, DON'T BUY IT!.

-Warik

 

[Warik]

Dont they have classes in high schools on how to manage your cc debt?

I heard that they wanted to, but then they'd have to exclude one of the other important courses like English or Physical Education. Heaven forbid!

-Warik

 

[Rockafella Skank]

... First off though, GET A LOW INTEREST BANK LOAN to pay off the cc bills!!!! ...

Good idea, but my guess is that homeboy, in addition to being "way over his head," also has bad credit. It seems they go hand in hand. Low interest bank loans -- especially ones for fiddy large -- might be hard to come by if that's the case.

 

[rnch]

Good idea, but my guess is that homeboy, in addition to being "way over his head," also has bad credit. It seems they go hand in hand. Low interest bank loans -- especially ones for fiddy large -- might be hard to come by if that's the case.

from what he has toold me, GETTING credit was never the problem, PAYING for the credit cards has become the problem.

has anyone here gone thru the process of fileing?

 

[chrisoh]

fake death, collect life insurance. Seriously, if he has good credit, go to a known lender or bank and get the lowest intereste general purpose loan he can. Interest rates rape you. Best of luck to him and I hope he learned from his mistake.

 

[lilperronis]

first off i just have a cc limit of $500 so i wont go over and i put only bout $50 a month so i still got $450 left i do that only so i can have good credit so i can buy a nice car when i want to go to the bank and get shit

 

[rnch]

bump for anyone with filing experiences, please, NO more self-righteous armchair credit councilors!!!!

 

[AAP]

He needs self control and maturity more than he needs bankruptcy. Bankruptcy will haunt you for a long long time. You end up having to live cash in hand for longer than the 7 years it stays on your credit record.

Just some advice if he does file bankruptcy. That is to include EVERYTHING AND EVERYONE that he can think of on that file. Most lenders have insurance that covers them should a borrower file bankrupt. So in addition to the lending company that you are in debt for, you BETTER find out who their insurance company is and include them on the bankrupt file or else the insurance company will COME AFTER YOU AND YOU CAN'T DO A THING ABOUT IT. THEY WILL GARNISH ANY WAGES YOU HAVE. Once you file that claim, you better have ALL aspects included because you can't go back on down the road and change or add to it.

If company ABC is backed by XXX Insurance. Then when you file, XXX insurance has to pay company ABC because you listed them in the file. However, you either didn't know about or didn't list the XXX Insurance company. Although they have inherieted a debt against you from Company ABC, unless they are included in that original claim, you have no protection from them. They can come and claim whatever the money was lent against. Car, house, etc....

Pay attention to this should you decide to file. Start by making a list of what you owe and to who. Then determine who may be insuring them and to what amount. Then make a list of what you own and if possible, have your car or whatever put in your parents name so it can't be seized.

 

[AAP]

Also... this is going to sound stupid, but trust me on it, go to the bookstore and buy A Dummy's Guide To Bankruptcy.


Yes it exists.

 

[rnch]

Also... this is going to sound stupid, but trust me on it, go to the bookstore and buy A Dummy's Guide To Bankruptcy.


Yes it exists.

thanks for YOUR input, AAP!!! i will pass your words of wisdom on to my broly.