Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Bankruptcy Question

I have almost decided to file Chpt 7. I know it's not a solution, but I feel like I have no other choice.

Does anyone know how they treat the small loans (I have 4 varying from $300 to $900) from places that use "personal property" as collateral? Do they actually make me give them my kitchen table, radio, and Tv that was listed on the property schedule?

Please no bashing, you don't know how hard I've tried.

Answer Question

Asked by Anonymous at 11:59 AM on Apr. 27, 2009 in Money & Work

Answers (3)
  • If your filing only on $4K you will spend more on the bankruptcy then its worth. BK costs about 500-1000K for lawyer maybe cheaper if you look around and I heard the filing costs is 300+.

    Now the property/collateral will depend on who it is and how the loan is written. if its rent a center type place you will have to return it.

    First take a deep breath. Go to and check out my total money makeover. The bad thing is if you file now if something major happens and you end up with hundreds of thousands in medical bills there is no way out.

    Good luck and keep your chin up. If you get your hope back things look alot better.

    Answer by partiesbyjan at 12:10 PM on Apr. 27, 2009

  • Thank you for being encouraging. I do have way more than those loans, those are just the ones I was asking about. I have about 20k in old medical bills and my husband has 10k on a credit card (long story) that is over 6 months behind. There is even more than that, but I wont get into ALL the gory details

    Answer by Anonymous at 12:15 PM on Apr. 27, 2009

  • Maybe if you put your debt and then your income we can help you. You will have to list it with a chap 7 its called a means test. In the end you may end up having to file 13 it depends. Most can file 7 but some are forced into 13.

    Always keep hope. If you have hope then you can make it through another day to fight.

    Answer by partiesbyjan at 1:18 PM on Apr. 27, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.