Does anybody know anything about bankruptsy?

[musclemom]

Here's what I'm looking to find out:

What does it cost (approximately)?

How bad does the debt have to be?

How fucked does it really make your credit?

If you need more details or clarification, could you PM me? I don't want to get too specific out here.

And before anyone asks, no, not for me, just a close relative.

Thanks.

 

[Cardinal Slin]

I know it's spelt with a C not an S : BankrupCy and I know my company went bankrupt cause another company who owed a lot of money went bankrupt - it sucked. I had a lot of people I owed money to threaten me with all sorts of things wanting there money but I did not have it.

Sorry hun, I don't know more than that.

I wish your relative all the best.

 

[Dial_tone]

My roommate did a few months ago. It is MUCH harder since 2005. Essentially unless your net disposable income, after bills and all, is under $50/month you have to work out a payment plan of some sort. You can't dismiss it all like before. I believe it's on your record for ten years but you can get credit cards right away; low credit line and high interest but it will start to rebuild credit.

You have to jump through A LOT of hoops now and it costs upwards of $2,000. You have to go a credit school or something. Lots of documentation and lots of meeting with lawyers. A real hassle nowadays.

 

[miplank]

I'm not sure about costs and what not, but it WILL fuck your credit for a long time, and will stay on your credit report for 7 years.

It will make getting a loan nearly impossible w/o substantial amounts of money down, and you'll pay high interest rates.

So if "they" try and get a new car or something along those lines they essentially end up buying their credit back.

I'd try other options before filing for a BK.

 

[musclemom]

I know it's spelt with a C not an S : BankrupCy and I know my company went bankrupt cause another company who owed a lot of money went bankrupt - it sucked. I had a lot of people I owed money to threaten me with all sorts of things wanting there money but I did not have it.

Sorry hun, I don't know more than that.

I wish your relative all the best.

Yeah, I had to downgrade Firefox and I lost my spell check engine so thanks for making me feel stupid on top of helpless

 

[Cardinal Slin]

Yeah, I had to downgrade Firefox and I lost my spell check engine so thanks for making me feel stupid on top of helpless

Awwww sorry

I was only joking

 

[musclemom]

Thank you Dial_tone and miplank, that was the kind of info I needed.

 

[miplank]

MM- Check you K.

 

[Dial_tone]

I don't think apts are allowed to deny you based on bankruptcy. The lawyer I talked to when I considered it years ago indicated that was against the law. They can and will charge you a higher deposit though. Roommate was amazed at how much documentation she needed though. She got a credit card within 2 months then got laid off right after that so I doubt she's building much credit now. In IT they check your credit before hire and I just didn't want that giant BK sitting there.

 

[wills_got_rythm]

In my opinion your friend should first talk to all creditors and see if a deal can be worked out, and if so get the new deal in writing and stick to it and it may not adversely affect credit. If after all is said and done and nothing can be worked out then go ahead and file. I know that in chapter 7 they used to dissolve all of your debt if you could show that you had no income and I think that stayed on credit for 10yrs. Chapter 13 is a form of what I stated above and I think it will stay on for 7yrs. I dont know how easy it will be to make deals with creditors these days but its worth a try before your friend has a bankruptcy.

 

[musclemom]

My heartfelt thanks to everyone who has responded on and off this thread, you've all given me some straightforward information and I appreciate it.

 

[Bikini Mod]

*sigh* Bankrupcy is no joke. A chapter 13 is a reorganization of debt which means that you MUST PAY OFF ALL OF YOUR DEBT so you don't get out of *anything*.

Unlike when my ex filed for bankruptcy (without telling me when we were separated but still legally married fucking me greatly in the process). He got to walk away from ALL of the debt. Since I gave up all claim to our small business (in lieu of childsuppport that it seems I had to and have to pay anyway) my ex just continued to use his business credit to get whatever he needed without skipping a beat.

Me, I think I have the highest bankruptcy payment anyone has ever seen or heard of. yeay me! Yup, all the legal fees in addition to getting fucked out of money we earned the year before caused us to have to file chapter 13.

The good news is that when I have it all paid off I will have BITCHING credit.

 

[Razorguns]

If you say no to debt - credit scores mean dick to you.

Debt is how Corporate America keeps you as happy slaves in offices. Think about it.

If there's one thing I'd teach in public schools --- is say no to debt (and ignore society's mantra, that you're not a man until you buy a big house, 2 cars, etc. for your wife and kids - and now a slave to paycheck for life - otherwise you haven't made it and not a real man).

r

 

[Bikini Mod]

Good thing those attorneys are cheap!

 

[musclemom]

If you say no to debt - credit scores mean dick to you.

Debt is how Corporate America keeps you as happy slaves in offices. Think about it.

If there's one thing I'd teach in public schools --- is say no to debt (and ignore society's mantra, that you're not a man until you buy a big house, 2 cars, etc. for your wife and kids - and now a slave to paycheck for life - otherwise you haven't made it and not a real man).

r

Please see your K message and don't be so quick to judge.

 

[Razorguns]

Please see your K message and don't be so quick to judge.

Debt is the root of most people's problems in life. People are stressed over two things in life 1) Relatoinships and 2) Debt.

Savings > Debt.

But of course society and corporate america doesn't want you to save. Saving is for losers!! Buy that expensive house now!!

r

 

[musclemom]

Debt is the root of most people's problems in life. People are stressed over two things in life 1) Relatoinships and 2) Debt.

Savings > Debt.

But of course society and corporate america doesn't want you to save. Saving is for losers!! Buy that expensive house now!!

r

I explained that the situation was unavoidable so kindly go fuck yourself.

 

[Razorguns]

I explained that the situation was unavoidable so kindly go fuck yourself.

you ignorance shows no bounds. i was making a GENERIC statement that DEBT IS BAD.. It had nothing to do with your original post, but for people talking about debt in general.

So if I say cancer is bad, you say your Aunt has cancer, so I should go fuck myself too? What the hell does that have anythuing to do with it??? In fact you suffering from debt, just PROVES my point. Thanks for playing.

in terms of "go fucking yourself" (insert EF violation #21414) - life is already doing that to you.

r

 

[Dial_tone]

Debt is the root of most people's problems in life. People are stressed over two things in life 1) Relatoinships and 2) Debt.

Savings > Debt.

But of course society and corporate america doesn't want you to save. Saving is for losers!! Buy that expensive house now!!

r

Most people need to get to work to save enough money to pay cash for a car. They can't get to work without the car, hence car loans.

 

[musclemom]

you ignorance shows no bounds. i was making a GENERIC statement that DEBT IS BAD.. It had nothing to do with your original post, but for people talking about debt in general.

So if I say cancer is bad, you say your Aunt has cancer, so I should go fuck myself too? What the hell does that have anythuing to do with it??? In fact you suffering from debt, just PROVES my point. Thanks for playing.

in terms of "go fucking yourself" (insert EF violation #21414) - life is already doing that to you.

r

I don't need you proselytizing your unrealistic financial ideals in a thread I created for entirely different purposes.

My choice to not publicly discuss the details of the situation that prompted me to create this thread leaves a substantial amount of room for personal interpretation. Your purposely utterly useless, inflammatory and most unwelcome comments could potentially erroneously fill in blanks.

Since you insist on attempting to be cute and clever in your insinuations (once again implying that it is myself who is considering bankruptcy due to frivolous overspending) then I guess I'll just paint an unequivocally clear picture:

My 20, soon to be 21, year old stepdaughter is in debt to the tune of over $17k. Over $11,000 of this is from a hospital bill incurred from exposure to a CDC tested positive rabid bat when she had no health insurance. Unfortunately, due to inaction on her part, that bill went to collections. The remaining $6k is from a college loan that has come due because she was not capable of handling the demands of even part time college and dropped out. Long story short, she increasingly appears incapable of handling the day to day demands of an adult's life. She is lost and bewildered when it comes to virtually everything. She cannot organize herself, cannot manage her time, does not present herself positively or professionally in interviews on or the job and has not been able to find, much less hold down, decent employement. Her father, aunt and myself are worried the girl is spiraling down into such a severe depression over the financial burden and her mother's constant nagging that she may do something rash; as it is, she sleeps all the time and just feels completely hopeless and scared.

Since she doesn't live with us and can't/won't/doesn't really answer questions when you ask her directly, the severity of the situation is just coming to light for us, now. Unfortunately, my husband and I are in no position to provide her with any substantial financial assistance. We are still paying $9k a year in child support on her brother.

In the future, Razorguns, keep your misdirecting implications out of my threads. I'm growing to dislike you on several levels. You seem to lack a moral compass, but more importantly, you seem to lack both compassion and empathy. I once accused you of being an alter, I am beginning to doubt that as you apparently are the embodiment of the quintessential "successful Hollywood-ian" i.e., empty, shallow, self involved and emotionally retarded. If you are who you present yourself to be on this board, you are a plastic person, living a hollow, materialistic life, despising the very people who put food on your table (the people who are entertained by the worthless dreck you write).

 

[Bikini Mod]

MM why do you let him get to you? You've seen me lay out HORRIFYING details of situations in life that just came up, as they do in everyone's life from time to time... that is unless a body NEVER does a damned thing, never leaves their house, never takes a chance, never has the balls to put themselves on the line in one way or another. And sure as the sun will rise again, there is this clever fellow posting up some inane *pearl of wisdom* like "debt is bad" or "nomarriage.com" or some other such bullshit because he lacks the life experience to articulate something supportive, helpfull or relevant.

I used to let it annoy me because I had an overwhelming need to defend myself to the whole freaking planet. Now I merely inform peeps that yea, fucked up situations happen and if they happen to me (and surprize surprize to my husband even when he DIDNT get married to bitches) then they MOST CERTAINLY happen to other people. So don't be so quick to judge, try to educate yourself so that it doesn't happen to you or be able to identify the situation and help someone that you know, etc. Just lettin people know that this is part of life, no need to piss yourself with fear, just do what you gotta do to keep moving ahead.

I gots no more piss left to be honest.

I am sorry to tell you this, but fret as you do over your young family member, it doesn't sound like there is much that you can do to help her. She is going to have to learn to help herself.

 

[musclemom]

MM why do you let him get to you? You've seen me lay out HORRIFYING details of situations in life that just came up, as they do in everyone's life from time to time... that is unless a body NEVER does a damned thing, never leaves their house, never takes a chance, never has the balls to put themselves on the line in one way or another. And sure as the sun will rise again, there is this clever fellow posting up some inane *pearl of wisdom* like "debt is bad" or "nomarriage.com" or some other such bullshit because he lacks the life experience to articulate something supportive, helpfull or relevant.

I used to let it annoy me because I had an overwhelming need to defend myself to the whole freaking planet. Now I merely inform peeps that yea, fucked up situations happen and if they happen to me (and surprize surprize to my husband even when he DIDNT get married to bitches) then they MOST CERTAINLY happen to other people. So don't be so quick to judge, try to educate yourself so that it doesn't happen to you or be able to identify the situation and help someone that you know, etc. Just lettin people know that this is part of life, no need to piss yourself with fear, just do what you gotta do to keep moving ahead.

I gots no more piss left to be honest.

I am sorry to tell you this, but fret as you do over your young family member, it doesn't sound like there is much that you can do to help her. She is going to have to learn to help herself.

Actually RG isn't getting to me. I could have deleted this thread, I'm still in the window. I decided to repay RG for his thoughtful responses by telling him what I really think about the persona he presents on the board.

As for my stepdaughter, PM to follow. It's not as simple as it appears.

 

[Bikini Mod]

I'm really sorry that you guys have to go through this. Truly I am.

 

[musclemom]

I'm really sorry that you guys have to go through this. Truly I am.

Not a problem, it's not a big deal and will work out one way or the other, I just wanted to get the general downlow about bankruptcy and know there are a few financially savvy people here.

Face it, the founding fathers knew life throws people curveballs. That's why they declared there would be no debtors prison in our nation.

 

[seaking420]

I just met with a bankruptcy attorney yesterday. Its not as bad as people or credit card companies make it sound. It costs 2gs to file....you have to take a course before you file....costs $50 and is only an hour long and the same thing after you file you take a course....both online.

It depends on how much you make and what you owe. The consultation is free so your friend should talk to an attorney about this. Also I believe every state is different. I talked with 2 attorneys both said the same thing. They also said that in 2005 the credit card companies was allowed to deter people from filing by making false claims about bankruptcy. Both attorneys said within 2 years of good credit id be able to buy a house if I would like with the same apr as anyone else. Also said its better to file because my credit is shot now and will take much longer than 2 years to rebuilt it by paying my debt off.

 

[seaking420]

MM I can give you more details of my situation if you would like....just pm me

 

[jnevin]

I don't need you proselytizing your unrealistic financial ideals in a thread I created for entirely different purposes.

My choice to not publicly discuss the details of the situation that prompted me to create this thread leaves a substantial amount of room for personal interpretation. Your purposely utterly useless, inflammatory and most unwelcome comments could potentially erroneously fill in blanks.

Since you insist on attempting to be cute and clever in your insinuations (once again implying that it is myself who is considering bankruptcy due to frivolous overspending) then I guess I'll just paint an unequivocally clear picture:

My 20, soon to be 21, year old stepdaughter is in debt to the tune of over $17k. Over $11,000 of this is from a hospital bill incurred from exposure to a CDC tested positive rabid bat when she had no health insurance. Unfortunately, due to inaction on her part, that bill went to collections. The remaining $6k is from a college loan that has come due because she was not capable of handling the demands of even part time college and dropped out. Long story short, she increasingly appears incapable of handling the day to day demands of an adult's life. She is lost and bewildered when it comes to virtually everything. She cannot organize herself, cannot manage her time, does not present herself positively or professionally in interviews on or the job and has not been able to find, much less hold down, decent employement. Her father, aunt and myself are worried the girl is spiraling down into such a severe depression over the financial burden and her mother's constant nagging that she may do something rash; as it is, she sleeps all the time and just feels completely hopeless and scared.

Since she doesn't live with us and can't/won't/doesn't really answer questions when you ask her directly, the severity of the situation is just coming to light for us, now. Unfortunately, my husband and I are in no position to provide her with any substantial financial assistance. We are still paying $9k a year in child support on her brother.

In the future, Razorguns, keep your misdirecting implications out of my threads. I'm growing to dislike you on several levels. You seem to lack a moral compass, but more importantly, you seem to lack both compassion and empathy. I once accused you of being an alter, I am beginning to doubt that as you apparently are the embodiment of the quintessential "successful Hollywood-ian" i.e., empty, shallow, self involved and emotionally retarded. If you are who you present yourself to be on this board, you are a plastic person, living a hollow, materialistic life, despising the very people who put food on your table (the people who are entertained by the worthless dreck you write).

She'll never be able to get rid of that student loan through a BK unless she goes through a Chap 13. Student loans are never forgiven and will haunt her forever. $17K is a lot to someone not working, but it sounds more like she needs a little direction instead of a bailout. I know it probably seems impossible for her now, but things will get better and she will come out of this. A BK will cost her more than a minimum payment on her debts will, and that's just to get it started. She can probably settle for 1/2 to 2/3 of the collection if she agrees and sticks to a payment plan. Her other loan is what it is unfortunately. Honestly, as much as it sucks, this sounds like more of a lesson in responsibility and an opportunity for her to really grow instead of the end of the world. From an outside perspective at least.

 

[Bikini Mod]

MM - I just read your PM and you are correct (which you knew already) that the situation is a lot more complicated than just someone who had a bad break or was a bit irresponsible with credit. But you sound like you are on it and that you will all find a way to make this work for your family member. That person is really lucky to have such a loving and involved family.

My bankruptcy is chapter 13 so that means that I have to continue to pay all of my current bills (mortgage, etc) in addition to repaying what I owe. If we had had one more month we could have avoided the bankruptcy but we just ran out of time. The attorney fee (which honestly, I have NO CLUE what it is) is worked into my monthly payment. We had a very complicated case and for us, the situation was unavoidable. If I told ya'll what my monthly payment for 5 years (well now 4) is you would probably turn white as a sheet... I know, I did.

Let's just say my payment is far greater than most peoples' mortgages.

Yup those fucking attorneys are pretty damned expensive... but hey, apparently I can afford them. Four+ college educations have been squandered on this bullshit. But the future is still looking bright.

 

[bigjd69]

Based on what is going on in this country NO ONE has good credit anymore. They are going to have to change the way they score your credit. I also saw a lawyer and he said that most of the credit card companys will work out a deal with you. In NY State all of these credit card companys are breaking the law with charging such high interest rates, it's called usery. That is why your payment goes to a PO Box to Columbus, Ohio or Delaware. Dont worry!!! remember we didn't cause all of these banks to go under GREED DID!!!

 

[Razorguns]

I don't need you proselytizing your unrealistic financial ideals in a thread I created for entirely different purposes.

My choice to not publicly discuss the details of the situation that prompted me to create this thread leaves a substantial amount of room for personal interpretation. Your purposely utterly useless, inflammatory and most unwelcome comments could potentially erroneously fill in blanks.

Since you insist on attempting to be cute and clever in your insinuations (once again implying that it is myself who is considering bankruptcy due to frivolous overspending) then I guess I'll just paint an unequivocally clear picture:

My 20, soon to be 21, year old stepdaughter is in debt to the tune of over $17k. Over $11,000 of this is from a hospital bill incurred from exposure to a CDC tested positive rabid bat when she had no health insurance. Unfortunately, due to inaction on her part, that bill went to collections. The remaining $6k is from a college loan that has come due because she was not capable of handling the demands of even part time college and dropped out. Long story short, she increasingly appears incapable of handling the day to day demands of an adult's life. She is lost and bewildered when it comes to virtually everything. She cannot organize herself, cannot manage her time, does not present herself positively or professionally in interviews on or the job and has not been able to find, much less hold down, decent employement. Her father, aunt and myself are worried the girl is spiraling down into such a severe depression over the financial burden and her mother's constant nagging that she may do something rash; as it is, she sleeps all the time and just feels completely hopeless and scared.

Since she doesn't live with us and can't/won't/doesn't really answer questions when you ask her directly, the severity of the situation is just coming to light for us, now. Unfortunately, my husband and I are in no position to provide her with any substantial financial assistance. We are still paying $9k a year in child support on her brother.

In the future, Razorguns, keep your misdirecting implications out of my threads. I'm growing to dislike you on several levels. You seem to lack a moral compass, but more importantly, you seem to lack both compassion and empathy. I once accused you of being an alter, I am beginning to doubt that as you apparently are the embodiment of the quintessential "successful Hollywood-ian" i.e., empty, shallow, self involved and emotionally retarded. If you are who you present yourself to be on this board, you are a plastic person, living a hollow, materialistic life, despising the very people who put food on your table (the people who are entertained by the worthless dreck you write).

Me NOT care ABOUT you

Why do you waste your time telling me your 'opinion' and your 'life story' when I clearly don't give a butt?? Do I do that to you?

Seriously.

r

 

[jnevin]

Me NOT care ABOUT you

Why do you waste your time telling me your 'opinion' and your 'life story' when I clearly don't give a butt?? Do I do that to you?

Seriously.

r

Maybe just quit while you only look like a complete douchebag for a change, huh?

 

[musclemom]

Me NOT care ABOUT you

Why do you waste your time telling me your 'opinion' and your 'life story' when I clearly don't give a butt?? Do I do that to you?

Seriously.

r

No, I realize that you are so fatuous as to not care one whit how what you say here in these forums impacts the lives and thoughts of others. This thread finally provided me with the vehicle whereby I was able to vent my feelings about your boorishness.

Why don't you do us all a favor and evolve already, you pathetic troglodyte. Entities like yourself, who perpetuate self involved materialism, do nothing but hold our entire species back from it's birthright.

 

[jnevin]

She said it cooler than I did.

 

[musclemom]

She said it cooler than I did.

Thank you sweetie. Since RG seems to be the type that would sue I am forced to admit he may also be the type to call down the wrath of mods and the rules of TOS seeking retribution, ergo I need to be both cautious and deliberate in my use of words.

 

[miplank]

No, I realize that you are so fatuous as to not care one whit how what you say here in these forums impacts the lives and thoughts of others. This thread finally provided me with the vehicle whereby I was able to vent my feelings about your boorishness.

Why don't you do us all a favor and evolve already, you pathetic troglodyte. Entities like yourself, who perpetuate self involved materialism, do nothing but hold our entire species back from it's birthright.

I have no idea what that is...

 

[cindylou]

I have no idea what that is...

google?

 

[Bikini Mod]

I have no idea what that is...

My exhusband. You can also see his pic in the dictionary after the words: troll, asshole, pussy-boy, and (my favorite) LIMITED.

 

[Razorguns]

no, i realize that you are so fatuous as to not care one whit how what you say here in these forums impacts the lives and thoughts of others. This thread finally provided me with the vehicle whereby i was able to vent my feelings about your boorishness.

Why don't you do us all a favor and evolve already, you pathetic troglodyte. Entities like yourself, who perpetuate self involved materialism, do nothing but hold our entire species back from it's birthright.

hahahahahahahahaha!

Keep posting retard. Entertain me monkey!!

r