Stop paying Creditors

[FreakMonster]

Re: Question

My only thing holding me back from filing chapter 7 is that I have my dad co-signed on 2 loans for me. What would happen in this case? Would he be liable to pay the loan b/c he is co-signed? Is there anyway for me to keep these two loans active and still pay them as normal if I file chapter 7? Anyone with some advice here? Thanks....

Yes, it will effect your dad if you filed for a bankruptcy because it would ruin his credit and his credit will show a bankruptcy. I would only take the bankruptcy route if you are 10k or more in debt. If you want to go the bankruptcy route see if you can get your dad off the loans and then file for bankruptcy, or you can do a selective bankruptcy. You can file for bankruptcy but keep your loans that your dad co-signed and the rest of your debt will be cleared by the bankruptcy. After the bankruptcy just keep making payments to those loans and you'll have your credit back up in 2 yrs. Anything else?

 

[Dial_tone]

What's a BK?

 

[arnoldk]

Re: Re: Question

Yes, it will effect your dad if you filed for a bankruptcy because it would ruin his credit and his credit will show a bankruptcy. I would only take the bankruptcy route if you are 10k or more in debt. If you want to go the bankruptcy route see if you can get your dad off the loans and then file for bankruptcy, or you can do a selective bankruptcy. You can file for bankruptcy but keep your loans that your dad co-signed and the rest of your debt will be cleared by the bankruptcy. After the bankruptcy just keep making payments to those loans and you'll have your credit back up in 2 yrs. Anything else?

I think you answered it in your last sentence but just to confirm: There is such a thing as selective bankruptcy where I can continue to pay the loans my dad had cosigned on WITHOUT that negatively effecting my Dad's credit in ANY way while all my CC Debt(which is about 9.5K) will be dealt with? Basically I dont even want him to know this is happening. I can make the payments for those loans easy as they total like $175 a month. Thanks.

 

[FreakMonster]

Re: Re: Re: Question

I think you answered it in your last sentence but just to confirm: There is such a thing as selective bankruptcy where I can continue to pay the loans my dad had cosigned on WITHOUT that negatively effecting my Dad's credit in ANY way while all my CC Debt(which is about 9.5K) will be dealt with? Basically I dont even want him to know this is happening. I can make the payments for those loans easy as they total like $175 a month. Thanks.

Yes, when you go file for your bankruptcy make sure you tell them that you want to keep those loans. The other debt will be erased. Filing for Chapter 7 costs $200. An attorney will cost you about $800 and will aid you in the bankruptcy process.

 

[arnoldk]

Re: Re: Re: Re: Question

Yes, when you go file for your bankruptcy make sure you tell them that you want to keep those loans. The other debt will be erased. Filing for Chapter 7 costs $200. An attorney will cost you about $800 and will aid you in the bankruptcy process.

Frk Monster,
Hey thanks for all the help! I made a appointment for a consultation later this evening. One quick question for ya, maybe you know. How hard is it to get approved for bankruptcy? I have about 9.5K in Debt and I gross about 33K a year. With my monthly payments, rent ect. I am about out of $ to live on with per month. Am I a good candidate to be approved for this, in your opinion? Thanks.

 

[ajtomasi]

Way easier. Go get another social security number. I don't know if us-born folks can do it -- but foreigners can go right back to the s.s. office with their foreign passport, and pretend they just arrived with their new immigration papers and go apply and get another one. When i got mine, it took probably 10 minutes and they didn't verify shit.

-= nav =-

wow

 

[FreakMonster]

Way easier. Go get another social security number. I don't know if us-born folks can do it -- but foreigners can go right back to the s.s. office with their foreign passport, and pretend they just arrived with their new immigration papers and go apply and get another one. When i got mine, it took probably 10 minutes and they didn't verify shit.

-= nav =-

Isn't that illegal? LOL

 

[FreakMonster]

Re: Re: Re: Re: Re: Question

Frk Monster,
Hey thanks for all the help! I made a appointment for a consultation later this evening. One quick question for ya, maybe you know. How hard is it to get approved for bankruptcy? I have about 9.5K in Debt and I gross about 33K a year. With my monthly payments, rent ect. I am about out of $ to live on with per month. Am I a good candidate to be approved for this, in your opinion? Thanks.

Bankruptcy is very complex. Your attorney will be able to help you with all those kinds of questions.

You should be fine as long as you haven't:

Incurred debt on the basis of fraud, such as lying on a credit application.

Had credit purchases of $1,150 or more for luxury goods or services made within 60 days of filing.

Had loans or cash advances of $1,150 or more taken within 60 days of filing.

Had debts from embezzlement, larceny or breach of trust.

Had debts you owe under a divorce decree or settlement.

 

[biteme]

Here in Texas they can't do shit. Your credit will be ruined and you won't be able to get loans. Go to consumer credit, get the payments reduced as low as possible, if you haven't already done this.

 

[Toozee]

Yea, here in Texas it's just your credit that gets screwed.

I used to collect in house years ago and I'll tell you this.....they will gladly take payment arrangements. They lose so much money if they sell it to a outside professional collection agency. Just show some kind of willingness to pay and they'll almost always help you out.