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2 Bumps

Need Advice about Bankruptsy

my husbands brother and his wife moved in with us a while ago and they are having financial problems. They are thinking about filing for bankruptsy but they dont know all the pros and cons. They have a house in west virgina that they have to keep and they both have many bills and a few credit cards.. They want to file for chapter 13 so they could keep some things and make payments.. So what I am asking is any of you who have filed for chapter 13 what are the pros and cons of it all? If you could please help it would be greatly appreciated!!
Thank You!!

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Asked by Anonymous at 4:53 PM on Jul. 27, 2010 in General Parenting

Answers (2)
  • We were close to bankruptcy last year and may have to do it in the future. We called a bankruptcy lawyer and he gave us a free consultation. He saved us from it so far. Call several and see who will give a fee consultation. Don't sign anything the first time there. Also you can contact the Consumer Credit Counseling Organization. Google it. They give free advice also.

    Answer by elizabr at 4:57 PM on Jul. 27, 2010

  • Done it, never regretted it. You have basically no credit for at least two years. Your home and vehicle you can keep. You go over everything and I mean everything. Bank accounts life insurance policies etc etc. Once you begin the process you cannot under any circumstances use credit cards that you intend to have in the bankruptcy. (It will bite you in the butt if you do.) You also do not need to make payments to any of them. You will not actually be able to file until lawyer fees and court costs are paid. Until such time all debt collectors will be referred to the lawyer's office and of course all credit accounts closed. it's relatively painless and a huge weight off your shoulders.You will not be allowed to file again for about five to ten years, but hopefully you would learn your lesson the first time around. PM if you'd like more details or have questions.

    Answer by 2autisticsmom at 8:16 PM on Jul. 27, 2010

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