So I have been struggling for quit sometime now with money that I owe. I cann't pay and have had numorous frustrating phone calls. Has anyone filed before? is it worth it in the end? I just want these over due bills to go away!

Sherri, those signature pics still aren't working, too large. They need to be resized down to at most 300 pixels. It really messes the forum up when they're so large. I resized them so you can just save these to your computer, host them, and then use the [img] code to place them in your signature.

quote:

Originally posted by Don:
Sherri, those signature pics still aren't working, too large. They need to be resized down to at most 300 pixels. It really messes the forum up when they're so large. I resized them so you can just save these to your computer, host them, and then use the [img] code to place them in your signature.

Oops, I guess you were working on them already......my apologies ........and thank you.

Oh, and not to ignore your questions. I've never filed so I don't really know the exact ins and outs, but my understanding is that you may want to talk to a bankruptcy attorney, hopefully one you can trust, and figure out what is owed and where it is owed to. I know someone that filed bankruptcy and they're doing just fine now...it got them out of the hole they were in. It didn't completely wipe out all debt, there was a workable payment plan assigned for paying off the debt that wouldn't just get erased completely. She stuck to that plan and squared everything away, recently bought a house even.

Maybe someone with more direct experience will have more details for you.

I am in the process of filing bankruptcy now (If I can ever manage to save up the fifteen hundred dollars that it cost--have been trying for two years now). I would only suggest it if you are way in debt,like I am, owe over 25,000 in debt. There are two different venues chapter 7 or chapter 13. Lots of information on the internet. And your income has to be below the poverty level-$39,000 for a family of two. Good Luck!

well i'm not sure what my acually dept is I haven't totaled everything up yet. I know it's spendy that's why I plan to do this around tax time when I have that extra cash. 39,000 is the poverty level for a family of 2? Maybe that's only in New York that seems really steep! I was making 30,000 a year with a family of three and that wasn't poverty. Maybe I should move to NY!

I guess I worded that wrong. $39,000 is the limit you can make and be able to declare bankruptcy. After that I think you have to enter some kind of repayment plan-and there are certain things that cannot be released, like my $25,000 student loan.

I filed chapter 7 back in 2001 before they changed a lot of laws, my trucking business was struggling and after 9/11 I sunk even deeper. I had all my department stores credit cards with zero balance (Sears, Best Buy, Montgomery Ward, Target, Macy's, Nordstrom, Mervyn's, etc.) which made me feel good because my problem was the business, I didn't try to screw somebody personally, I always looked bad upon people who maxed everything out before filing for bankruptcy, I was so upset at not been able to pay my debts I ended up in therapy. Now seven years later I'm still suffering for it, I bought a house in 2006, I own the title for my pick up, I also own 2 tractor trailers plus 3 semi trailers, all titled under mine name and clear and guess what? I tried to buy a newer truck last year and at one place my score wasn't high enough and at another they wanted to charge me 27% using the bankruptcy as an excuse. I had banks statements showing a steady income of over 25K per months (keep in mind that in trucking easy comes easy goes) , what I'm trying to say is that I consider my self solvent but apparently finance companies still use it as a means to get more money from me. If I had to do it over again I'm sure I'll do it differently. I guess they wanted me to get more small credit at higher interest rates and they didn't like the fact that I went small steps at the time but stepping on secure ground. If you try those debt consolidation companies you still loose your credit benefits and have to pay for it.
I hope my experience helps you in any way.
Adrian

Thanks for the info. Let me first say I also want to pay my debts, as I have done for the last 7 years. My problem is that these debts are from a previous marriage-divorced in 2001. My ex was a compulsive gambler and racked up $132,000 in debt. I lost my house, car and everything I owned. I even paid off as much as could. I got my name cleared from some of his debts, but I still have my name attached to about $70,000 worth of debt. As of now I can not even get a telephone, car, insurance, any credit card in my own name. My father owns my car even though I paid all the bills. He insures it and I have a pay as you go cell phone. At this point my credit can only go up by declaring bankruptcy--even though I realize that I will still be charged exhortibant rates.

well pann,

6 years ago I filed bankrupty.

it wasn't too bad...not having access to a credit card in certain situations like booking a hotel etc... or renting a car without a credit card was difficult.

But I got really used to not having a credit card that it no longer bothered me...

about 3 years into the bankruptcy i did have to get a car, which I paid more for because of the interest, but once i used the car to build up my credit , after one year, I renegotiated another loan with a much lower interest rate. For a used car, I am now paying, 2% more than everyone else.. So while I paid more in the first year in interest, to build the credit, it gave me leverage to renegotiate the interest rate.

The next thing I did to reestablish my credit..Lmao..
I made an appt with the bank manager...asked if I could borrow 5000.00 but that I was letting them keep it.

So here is what i negotiated with the bank...they loan me 5000 sitting in their bank at an interest rate of about 5%. They pull out $100/mth, and if i pay it off, the money is mine and if i don't pay it off, the 5000.00 was never mine and no one loses.

So they came back with $1000.00 at 4% interest rate, a monthly payment of 65.00 Lmao

whatever,...
It worked and it built my credit and at the end of just a few months, it was paid off, the money was mine, and my credit restored.

I filed twice (once ten years ago and just last year)... the first time I hired an attorney and the second time I did it myself. It is not that hard really. I did not have a house or anything big that I wanted to keep- no major assets. I believe my debt was around 25,000+/. My student loans were not included, as I did not expect them to be. I was having creditors calling and harassing me all the time. They would not work with me.
The Chapter 7 is the best one to do as you are totally cleared of any debt and if anyone tells you to file Chapter 13 which is a debt repayment arrangement because it will not affect your credit as much- is lying. Both negatively affect your credit, but some creditors still will give you credit-- Target is one of them. They will give credit to anyone. Let me know if you have any questions.. good luck.