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Anyone ever filed for bankruptcy? Need advice. PIOG

Posted by on Dec. 17, 2008 at 11:01 AM
  • 2 Replies

It seems that though a series of misfortunes me and my DH have gotten way in over our head in debt. We recently have had to defer our mortgage, and even with that my DH doesn't make enough to cover our bills. Now before you go jumping down my throat for having the internet, I will tell you that my job as a WAHM is selling things online, basically we buy things cheap and resell them for much higher. We are trying to weigh out all of our options before making a decision. We have of course considered my DH getting a second job, selling our house (even though we won't make enough in the sale to break even) and moving in with his parents in another state, in which case his mother could provide free child care so I could go back to work. We don't qualify for any assistnace either. MY DH suggested that he file for bankruptcy, since the house is in his name and I have almost no credit I wouldn't not have to be involoved legally. I've read about bankruptcy online, but I am hoping someone might be able to give me the scoop about it from personal experience. Please if you want to bash me don't bother, I'm young inexperienced and I'm scared and looking for real advice.

by on Dec. 17, 2008 at 11:01 AM
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britishnanny
by on Dec. 17, 2008 at 11:38 AM

I don't know too much, but I am about to file too. I went to a lawyer in RI, it costs about $1,800.00, I have to do some credit counselling, you do that online I think, and then the lawyer takes care of the rest. You have to provide a bunch of paperwork, of course, and I believe you can keep your home. I started a business, my business partner took off, I could not do it alone, I am left with a pile of debt and not sure what to do, I am waiting for foreclosure on the property and have to see if there is a balance due to the bank before filing, it is complicated, but I have no choice. I do know you can't do this without a lawyer, so that would be your first step. I have a friend who is a lawyer and he warned me that there are lawyers that want you to file so they can collect the $s, but that bankruptcy is not always what is best. A good lawyer will only have you file if you need to, so check around first, get a referral from someone, and good luck.

Iluvjandkplus8
by on Dec. 17, 2008 at 11:43 AM

I have never personally filed for bankruptcy but I worked as a Default Manager for a bank so I dealt with customers who did. I'm sure you've heard that they tightened the requirements for filing bankruptcy. It is still fairly easy except it is more difficult to file Chapter 7. Chapter 7 will discharge your debt totally unless you choose ro reaffirm (you would probably want to do this with your house and your car). Chapter 13 is a "repayment" of your debt. Your debters will have to accept payments monthly towards any arrears you may owe them. Whether or not you qualify for chapter 7 or 13 will depend on your income and your ability to repay.

Good luck-

Lindsay

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