bankruptcy?
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- nuggler
I think it's about time for me. Anybody gone through this? Can I keep my car? My nice computer and my art books? Any advice? besides get off of NT and get a job?
- Bluejam0
Rob a bank.
- jox0
i'd write off your expensive belongings as quickly as possible on friends and relatives.
unless it's a company going down. but i take it it's your personal economy?
- mummer_10
been through it. advice: get a good lawyer. should cost you under a grand; mine was tip-top and he cost $800. it was worth that money just to get out of filling out the forms!
you can keep anything you want provided you don't mind lying under oath. they really don't check or anything. as far as your car goes...ask the lawyer. how much debt you looking to erase?
m
- JoePete0
you could start all over and go back to school
- shellie0
theres different kinds of bankruptsy..
some kinds worse than others. i know one lets you keep your things but you still are responisble for paying some things off still.
you should see a bankruptsy lawyer for more details. i wouldnt trust any advice thrown around here and take it seriously. a lwyer can tell you what your options are.. or at least consult with you. make sure you also get a 2nd opinion.
- mrdobolina0
Peter Francis Geraci is like the bankruptcy attorney king in the midwest. he has the WORST commercials ever. Pasty white guy sitting in front of a gold background. nasty.
- mummer_10
i'll give you my lawyer's name & number if you're in cali (sacramento area)...he's the best.
m
- unknown0
mrb,
haha, they are the worst. I've heard an attorney or two where I work crack wise about that guy.
- nuggler0
I've been "freelancing" since the last time i got laid off (2 years ago) - not bringing in much money while the wife has racked up $25k on the credit cards, we owe $10k to the IRS, various medical bills, etc - - not that bad if I was working more, but I can't even make rent lately...
I think I'll buy a book on the topic - http://www.nolo.com/lawstore/pro…
- jox0
if you're running a business, they can't take your stuff unless it's written on the company.
- whiteSneaks0
i wouldn't recommend this route at all. i believe you will still be liable for the credit card debt and that is your biggest problem. they changed the laws a year or two ago. you are stuck with that revolving debt.
get opinions from accountants and financial planners. gotta becareful of those who could profit from your situation (lawyers).
- unknown0
In regards to credit card debt, has anyone made efforts to pay off a balance AFTER an account has been closed and labeled as a Bad Debt?
I'm curious how this effects your credit rating after a period of time, when you can show consistent payments and a desire to pay it off.
- mummer_10
i heard they were changing the rules, yes, although i hadn't heard it had gone into effect (which is the kind of thing that my friends and i talk about, believe it or not).
good suggestion to talk to someone who'll give you sound advice though.
i will tell you this (although trusting someone on here is sstupid, so don't even read this)...regardless of whether or not your personal property is related to your business, you don't HAVE to declare it all. don't think of it as lying, or withholding, think of it as "gift-planning", make a mental list of everyone you're going to give your stuff to so you dont have to declare it...then after you receive your discharge, just don't give the gifts.
i did that because i was worried they'd give me a lie detector test. see? even a paranoid freak like me can get through it.
=)
m
- mummer_10
mg33, yes, my old roommate did that, and three separate people all agreed that his credit would wind up being no better than if he had declared chapter 7 (hardcore bankruptcy) (as opposed to bankruptcy lite).
m
- whiteSneaks0
time is the only thing that can repair your credit. bad marks last seven years, little to no exceptions. your score will slowly mend itself as you begin to show good behavior.
i am trying to get my shit cleaned up myself after two years of financial hell.
- unknown0
That's what I'm talking about. I'm in no situation to declare bankruptcy, nothing of that sort.
Just a balance that's plaguing me on a credit card I never paid off.
I'm 25, don't know in how many years I will be getting married, buying a house, car, etc. and I want to begin getting this taken care of.
- JazX0
you can keep anything that they DON'T want back. You can also keep your cars and house. I know many people that have done it, it's easy and painless actually, so much so that companies are trying to lobby against it.
- jevad0
25K on credit cards?!
how in the fuck do you do that?!
- unknown0
Easy jevad, there are so many credit cards out there to get.
You could have a decent rating, still be able to get higher max balances, get more cards, and rack all that up in no time.
- nuggler0
It took a few years to get to $25k, but it wasn't hard at all. No money left after paying SF rent? Put the groceries on the card. Can't afford a vacation this year? on the card. Clothes, an occasional piece of furniture, it was all going to work out once I found another job like the ones I had in '99 or 2000.