bankruptcy

[Rockbottom]

Well, the wife and I just began the Chapter 7 process with an attorney. Sigh.

Anyone else in my boat?

RB

 

[Tom Petty]

Good luck, RB.

 

[MartinEnigmatica]

The fact that Rockbottom has started a bankruptcy thread is thoroughly depressing. I wish I had advice, but I hope everything works out.

 

[Birdscribe]

Ouch. I don't like reading this.

About the best advice I can give you, Rock, is to find a good attorney -- which I trust you did. Make sure he takes you step-by-brutal-step through the entire process and leaves no stone unturned in your mind as to what's happening.

It's a tough enough process without you feeling blindsided.

Good, good luck.

 

[pseudo]

I'm (thankfully) not sharing that boat, RB, so I have no useful advice. You do have all the positive thoughts and best wishes I can send, though, for whatever that's worth.

Good luck, sir.

 

[sportschick]

A girlfriend of mine went through this a few years back because she couldn't keep up with her medical bills after the company she worked for closed up shop.

I remember her being concerned she wouldn't be able to afford an attorney to get her through the bankruptcy at one point.

Good luck, RB.

 

[KYSportsWriter]

I thought about declaring bankruptcy on a loan I never should have gotten a few years ago, but I worked out a deal with the bank where I payed them 950 bucks in a settlement.

The loan was supposed to be a student loan by the bank, but they reneged on it and said I had to pay it back asap.

Luckily I had paid about 500 on it in interest, thus leading them to make a deal with me.

Good luck, rb.

 

[Tommy_Dreamer]

Chapter 7 looks to be a very real possibility for me as well. Good luck to you, RB. I think we'll both be going through this crap very soon.

 

[forever_town]

Fortunately, I'm not in that boat (yet). Having said that, here's a link you may want to read: click.

Have you considered Chapter 11 instead of Chapter 7?

 

[Tommy_Dreamer]

Fortunately, I'm not in that boat (yet). Having said that, here's a link you may want to read: click.

Have you considered Chapter 11 instead of Chapter 7?

11 ... 7 ... only good at the craps table

 

[Rockbottom]

11 is for businesses, as I understand it. We considered 13, but our attorney advised us to 7.

RB

 

[KevinmH9]

I've gotten close, but I haven't endured the burden of bankruptcy yet. With student loans starting to come in, I have both my fingers crossed. Good luck and best wishes, RB.

 

[forever_town]

11 is for businesses, as I understand it. We considered 13, but our attorney advised us to 7.

RB

According to the Chapter 11 basics Web site I looked at, some individuals can use Chapter 11.

The appropriate text is here: "The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)"

 

[Tom Petty]

I've gotten close, but I haven't endured the burden of bankruptcy yet. With student loans starting to come in, I have both my fingers crossed. Good luck and best wishes, RB.

i don't believe you can BK student loans.

 

[Rockbottom]

Yes, they don't touch student loans -- at which Mrs. RB and I have to the tune of, gulp, $95,000 for two BA degrees.

RB

 

[Tom Petty]

Yes, they don't touch student loans -- at which Mrs. RB and I have to the tune of, gulp, $95,000 for two BA degrees.

RB

****. sorry to hear that.

just do it. get rid of everything else and focus on the SLs. the first chance you get to start rebuilding your credit, which probably will be two years (a card), do it, but ask for a low limit so you don't get behind the eight ball again ... but i'm sure you already know that.

 

[buckweaver]

I've gotten close, but I haven't endured the burden of bankruptcy yet. With student loans starting to come in, I have both my fingers crossed. Good luck and best wishes, RB.

Aren't you, like, 24 or something?

 

[Matt1735]

Been there, done that, now 11 years ago, so it's off my credit. Make certain you remember all of your debts, list everything, including that $20 you owe a relative. Legally, you can't pay it back (even though you will anyway) if you declare it, but failing to declare it can also get you in trouble. My creditors didn't show up for the meeting (except for Sears)... but the judge asked about loans from relatives, etc... made it seem like it would have been a problem.

As far as bouncing back, I had a car loan in 10 days (at an awful rate) and a credit card in six months (believe it or not, from one of the companies that I failed to pay back)...

When you get your discharge order, keep it! Even when your credit report shows the discharge, you will have people (car dealers, banks, apartment complexes) ask to see it for verification.

PM me if there are specific questions I can possibly help with. One thing, I did all this before the law changed, so some rules/regs may be different.

 

[TheSportsPredictor]

The fact that Rockbottom has started a bankruptcy thread is thoroughly depressing.

I find it fitting.

 

[KevinmH9]

I've gotten close, but I haven't endured the burden of bankruptcy yet. With student loans starting to come in, I have both my fingers crossed. Good luck and best wishes, RB.

Aren't you, like, 24 or something?

I'll be 24 in six days, but student loans start coming in this month. I only graduated in May, 2008.