Bankruptcy

[slick635235]

Has anyone ever filed bankruptcy? If so, was it worth it or not?

 

[heatherrae]

I was a bankruptcy attorney. It helps many people start over. The mature part comes from using that fresh start wisely and learning from their mistakes.

 

[slick635235]

What are the cons of filiing?

I was a bankruptcy attorney. It helps many people start over. The mature part comes from using that fresh start wisely and learning from their mistakes.

 

[jh1]

I was a bankruptcy attorney. It helps many people start over. The mature part comes from using that fresh start wisely and learning from their mistakes.

When did you file though.. bankruptcy law has changed quite a bit lately.

 

[heatherrae]

Well, there are different types of bankruptcy, but chapter 7 and chapter 13 are the chapters most often filed by consumers. Chapter 7 is a strict liquidation where all non-exempt property can be seized by the trustee and liquidated to pay creditors. A new law was passed in October 05 in which you now have to show that you don't have enough discretionary income to fund a Chapter 13 payback plan, in order to be eligible to file a chapter 7. under chapter 13, you pay back all or a portion of your debt, but you are able to keep your property. The drawbacks are that under either plan, the bankruptcy will negatively effect your credit score. Also, if lien holders have not properly perfected liens on your property, the trustee can step in as first lienholder, which will mean you either have to pay the trustee some sum of the value as lienholder or risk losing the property. Under a chapter 7, all non-exempt property is at risk of being taken by the trustee. It varies from state to state which items are exempt. A drawback under chapter 13 is that they make you pay back on such a tight budget, that any unexpected expense often makes plans fail. Imagine living for 5 years on that tight of a budget.

Some of the things to consider before deciding on which chapter to file is whether you have any equity in real property that you are trying to protect, whether you debt is consumer debt or business debts, whether your debts are primarily secured or unsecured, whether you have sufficient income to fund a plan.

This, of course, was just a quick little synopsis and is in no way legal advice. You should seek counsel licensed in your state for legal advice.

HTH

 

[slick635235]

Hey Heather, is that real pic? if so, are you single?

Well, there are different types of bankruptcy, but chapter 7 and chapter 13 are the chapters most often filed by consumers. Chapter 7 is a strict liquidation where all non-exempt property can be seized by the trustee and liquidated to pay creditors. A new law was passed in October 05 in which you now have to show that you don't have enough discretionary income to fund a Chapter 13 payback plan, in order to be eligible to file a chapter 7. under chapter 13, you pay back all or a portion of your debt, but you are able to keep your property. The drawbacks are that under either plan, the bankruptcy will negatively effect your credit score. Also, if lien holders have not properly perfected liens on your property, the trustee can step in as first lienholder, which will mean you either have to pay the trustee some sum of the value as lienholder or risk losing the property. Under a chapter 7, all non-exempt property is at risk of being taken by the trustee. It varies from state to state which items are exempt. A drawback under chapter 13 is that they make you pay back on such a tight budget, that any unexpected expense often makes plans fail. Imagine living for 5 years on that tight of a budget.

Some of the things to consider before deciding on which chapter to file is whether you have any equity in real property that you are trying to protect, whether you debt is consumer debt or business debts, whether your debts are primarily secured or unsecured, whether you have sufficient income to fund a plan.

This, of course, was just a quick little synopsis and is in no way legal advice. You should seek counsel licensed in your state for legal advice.

HTH

 

[Kano]

Hey Heather, is that real pic? if so, are you single?

shes with me asshole

 

[slick635235]

hey, there is no sense in getting all jealous and all.........relax, but, seriously what do you have to offer?

shes with me asshole

 

[heatherrae]

When did you file though.. bankruptcy law has changed quite a bit lately.

Well, I have never filed. I have filed on behalf of clients before and after the law changes.

 

[heatherrae]

Hey Heather, is that real pic? if so, are you single?

Yeah that is me. I'm single, but I'm pregnant..lol. That puts a whole new spin on it, doesn't it? LOL.

 

[slick635235]

are you really pregnant?

Yeah that is me. I'm single, but I'm pregnant..lol. That puts a whole new spin on it, doesn't it? LOL.

 

[heatherrae]

are you really pregnant?

Yeah.

 

[dead_reggin_storage_fashi]

Just create a new person and new name SS# ETC and start a new life as a new person. I have seen it done before, I was shocked how it easy it was. Kind of down right scary. This was pre 911 so I imagine if someone did this now, they would be facing some serious felony judges under the P. act.

 

[Smurfy]

i agree with whatever heather said

 

[Kano]

are you really pregnant?

owned