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What exactly does bankruptcy

Posted by on Sep. 14, 2011 at 1:53 PM
  • 6 Replies
Do??
Like what bills go away ect?
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by on Sep. 14, 2011 at 1:53 PM
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Replies (1-6):
mommytothree07
by on Sep. 14, 2011 at 1:54 PM

i have no idea, I am looking into it.  I heard its pricey though

Macysmomma07
by on Sep. 14, 2011 at 2:07 PM

It all depends on what chapter you file, 7, 13 etc.. I'm not sure which is which  but I do know one of them the bills don't actually go away you still have to make payments. & it all depends on what your filing bankruptcy on credit cards,mortgage, vehicle loan etc. I used to work for a bank & if you ever filed bankruptcy w/ us you were never allowed to bank w/ us again. Your credit score take a tremendous hit & it's very costly. Most bankruptcies stay on credit reports for seven years. Hope this helpeda little.

ffpm10
by on Sep. 14, 2011 at 2:22 PM
Wow^ thanks! I'm just curious about it.
I know a few people who filed... But not a lot of the details.
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brittanyx22
by on Sep. 14, 2011 at 2:33 PM
My parents were going to claim bankruptcy because they were 4 months behind on their mortgage and some bills were pretty high. I know had they done it, the bills would not have gone away. The lawyer contacts your mortgage company/electric company/ etc. and asks them how much they will settle for. Lawyer gathers all of the new owed amounts and you pay into that every month. Theirs would have come out of a special account, but some people get a financial advisor through the lawyer that pays it for them. Your credit cards wont go away through bankpuptcy, that is a different process.

As a PP said, it stays on your credit for 7 years. It is really restricting. You cant apply for any loans of any kind .. student, car or otherwise.

If you are considering it, make sure it is your last resort! My parents ended up NOT filing after a simple call to the mortgage company. They put them in a repayment plan where they had a few options to catch up. Hope some of this helps :)
gummybearjunkie
by on Sep. 14, 2011 at 2:39 PM

 I'm curious too. My dh and I may have to file down the road. I have roughly 132,000 in medical bills and my insurance doesn't cover a majority of it.

lilahsmommie
by on Sep. 14, 2011 at 2:52 PM

whatever you claim on bankrupcy. They dont always just "go away" You have to claim the things you want to file on. you should claim everything. It is CCs and loans and such, not things like utility bills. I would NOT do it unless you are MASSIVLY in debt.

If you file bankrupcy it will change your futuure ability to get credit and loans. It should be a LAST resort.

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