Any Law Students? i need help......

....im not in trouble or anything like that, but my wife is in debt and we/she needs to file for bankruptcy, but we dont know how much it costs, how long it takes, who to contact etc......id really appreciate any help you guys could give me!!

thanks
frank

[quote185cc326c0]Any Law Students?[/quote185cc326c0]


I'm not, BUT I will be

[quote69c9d33604="cartrenroy"][quote69c9d33604]Any Law Students?[/quote69c9d33604]


I'm not, BUT I will be[/quote69c9d33604]

same here one more year for my undergrad then law school

she needs to do it soon the laws are changing within the next 6 months or so and will be makeing much harder to do

yeah well that bill that was signed only affects certain income brackets...if she is truly ineed she will prolle be able to file but she should do it soon just incase

Depending on your income range you either file for chapter 11 or chapter 7. (I think i got the right one) If you have to file for chapter 11 then you as a individual are personally liable for paying back some of the debt in the future. If they let you file for chapter 7 then you have no liablity at all. This change recently took into effect a month or two ago, and was approved by the president. Kinda ironic though, they already are having problems with money but then they have to pay it back. I believe the difference is by your income bracket.



PS Dont quote me on any of it though, i may be incorrect.

so if she files and gets approved to be bankrupt or whatever, will that affect me? will i be considered bankrupt? i have no credit rating yet (since im a foreigner) but will it affect me getting one in the future? oh and anyone have an idea on how much it will cost us?

i dont think it will affect you unless you file together...dont quote me try google for more accurate info

cool....does it do anything to her credit? like will it be reset or will it just shoot the fucker through the roof and make it impossible for her to get any again?

[quotec903593484="theysayjump"]so if she files and gets approved to be bankrupt or whatever, will that affect me? will i be considered bankrupt? i have no credit rating yet (since im a foreigner) but will it affect me getting one in the future? oh and anyone have an idea on how much it will cost us?[/quotec903593484]

Well dont individuals have their own credit reports? I think that should answer your question. At least thats what i think is correct.

[quote49084cb45b="theysayjump"]cool....does it do anything to her credit? like will it be reset or will it just shoot the fucker through the roof and make it impossible for her to get any again?[/quote49084cb45b]

It would screw her credit over, so she would basically have to use it through you to get more idealistic rates, or pay upfront everytime.

[quote5ecfe5dd97="theysayjump"]cool....does it do anything to her credit? like will it be reset or will it just shoot the fucker through the roof and make it impossible for her to get any again?[/quote5ecfe5dd97]

after 7 yrs she can regain credit but after she files she will have no credit essentialy and she will not be able to get anything that requires a credt check not even a cell phone

sheesh! so would you guys recommend it? shes about $11,000 in debt. ive heard about people who just max out their credit cards, spend spend spend and then file for bankruptcy every 7 years......is that bullshit or do people actually do it?

Its best you not file for chap 11 or chap 7. If you can get rid of the debt through family or friends thats more idealistic, cause it is very hard to get credit back.

[quoteba009ec895="theysayjump"]sheesh! so would you guys recommend it? shes about $11,000 in debt. ive heard about people who just max out their credit cards, spend spend spend and then file for bankruptcy every 7 years......is that bullshit or do people actually do it?[/quoteba009ec895]

It is immoral to do that. Thats why the law was changed, you would be liable to pay parts of it. 11,000 is probably a amount that can be delt with on a personal level.

the family/friends thing wont happen.....is there any other course of action she could take?

[quote97a88514c9="theysayjump"]the family/friends thing wont happen.....is there any other course of action she could take?[/quote97a88514c9]

Save your tax refund and dont upgrade your computer wink


Personally i would say do these things

1. Dont do those credit recovery things, they have redicilous interest rates.
2. Start spending less
3. Sell what you can to raise money to pay the debts back.
4. Do more free sites..... lol

lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?

[quotef827a487ac="theysayjump"]sheesh! so would you guys recommend it? shes about $11,000 in debt. ive heard about people who just max out their credit cards, spend spend spend and then file for bankruptcy every 7 years......is that bullshit or do people actually do it?[/quotef827a487ac]

yes there are many non-profit organizations that can consolidate your payments and save her money and get her to pay her bills easier. she will prolle have to agree to not get credit cards and stuff like that but it is a alternative to filing bankruptcy

[quote531c9f3b47="theysayjump"]lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?[/quote531c9f3b47]

Wait, so your saying you only spent $120 and the $11,000 came from interest? shock

[quoteac1be761aa="theysayjump"]lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?[/quoteac1be761aa]

yes they do take legal action but they will work with you and charge you insane rates instead.....consolidate your bills and that should help out http//www.creditsolutions.com/ stuff like this not this one particularly but something like that

Well as i see it now it would be unidealistic to pay them little by little. Just cause the interest rates will continue stacking, so your basically paying interested and will technically never get rid of the debt.

[quote15e9120bb9="CoMpFrEaK"][quote15e9120bb9="theysayjump"]lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?[/quote15e9120bb9]

Wait, so your saying you only spent $120 and the $11,000 came from interest? shock[/quote15e9120bb9]

no no no no.....we were paying $120 a month for at least a year, and each month only about $13 was coming off the balance we now owe on that card about $5,700, but she has student loans and a couple of other things that amount up to about $11,000.

[quote95b9b3c3a5="Stroid"][quote95b9b3c3a5="theysayjump"]lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?[/quote95b9b3c3a5]

yes they do take legal action but they will work with you and charge you insane rates instead.....consolidate your bills and that should help out http//www.creditsolutions.com/ stuff like this not this one particularly but something like that[/quote95b9b3c3a5]

what should i google for? debt consolidaters? something like that?

i really honestly appreciate both of your guys' help!

[quotecc31bf0d58="theysayjump"][quotecc31bf0d58="CoMpFrEaK"][quotecc31bf0d58="theysayjump"]lol i knew id get a comment about my tax return.....the thing is, we were paying about $120 a month on the card, but only $13 was actually taking the balance down, the rest was interest. we tried changing credit companies or whatever but they fucked us over......so even if we tried paying it back....it would be like pissing in the wind......theyve sent us a letter saying theyre going to "pursue legal action" if we dont start making payments.....do they actually do this or are they just trying to scare us into paying?[/quotecc31bf0d58]

Wait, so your saying you only spent $120 and the $11,000 came from interest? shock[/quotecc31bf0d58]

no no no no.....we were paying $120 a month for at least a year, and each month only about $13 was coming off the balance we now owe on that card about $5,700, but she has student loans and a couple of other things that amount up to about $11,000.[/quotecc31bf0d58]

Dont file for chap 11 or chap 7 then. Student loans you have plenty of time to get rid of it, and not to mention most student loans have low interest rates. See if you can pay the credit card off first, 5,700 isnt that great of a amount. Take your tax refund and apply it to that. But what it really comes down to is how much you can save money, start making plans.

yeah that would be a good thing to search under...google will give you something good im sure

cool.....that sounds like a plan......oh and one last thing......what do you think the chances that they will take legal action?

[quote4b0b2e7b20="Stroid"]yeah that would be a good thing to search under...google will give you something good im sure[/quote4b0b2e7b20]

cool! thank you stroid! +Karma for you and compfreak D

Just don’t participate in any of those that you need to pay. Its stupid, cause a lot of those are just like "please sign up, we will pay off your debt and give you a check to pay off monthly." In reality they are docking on a huge ass fee, in terms of percentages. Its ridiculous, and a contradiction for what they stand for.

[quotec05ff182a1="theysayjump"]cool.....that sounds like a plan......oh and one last thing......what do you think the chances that they will take legal action?[/quotec05ff182a1]

if they get paid they wont thats more a threat then anything but dont take it to lightly

ok, thats what i figured. thanks again.

no problem and good luck this thread may get more attention tommorow from more experienced people so watch this thread for more help

ok...i think i remember someone asking a few weeks ago if there were any law students and there seemed to be a shitload.......thanks again...ive said that too many times havent i?

you asked about the price it runs about 1000 to 1200 i dont really see anything wrong with haveing to file if you need to. As for credit it will look bad and be harder to get credit but in some cases a bankruptcy better than have a large debt load and alot of charge offs. I had a fam member who went through it not long ago and soon after it was don they started getting offers for new credit cards and car loans from places that got there name from the state bankruptcy records, want to start them "2nd chance credit"

does that make any sense at all? it costs $1,000 to $1,200 to file for bankruptcy.....wont they just look at it and say "well if you can save and pay $1,200 just to file for bankruptcy, then why cant you save and pay us our money back?" ?.

i know its not you slowdown but im just saying......thats fuckin retarded

thanks for the info though.....can you file online, like through the government or anything like that?

[quotea7bd92d44c="slowdown"]you asked about the price it runs about 1000 to 1200 i dont really see anything wrong with haveing to file if you need to. As for credit it will look bad and be harder to get credit but in some cases a bankruptcy better than have a large debt load and alot of charge offs. I had a fam member who went through it not long ago and soon after it was don they started getting offers for new credit cards and car loans from places that got there name from the state bankruptcy records, want to start them "2nd chance credit"[/quotea7bd92d44c]

And would you mind telling us the interest rates on the "credit cards/car loans" from the state bankruptcy records?

Another thing, if a good portion of the debt you are trying to get rid of is mad up of student loans, be aware that student loans are generally NOT forgiven if you declare bankruptcy.

There was a time when a lot of graduate/professional students would rack up hundreds of thousands of dollars in educational debt and then declare bankruptcy and start fresh. This, of course, was completely unfair to all of the good honest people who do make every effort to pay their own student loans - so now it is virtually impossible to get your student loans forgiven, short of military service, permanent disability, death, or very, very extreme financial circumstances with very large loans. Considering that the national average debt after a bachelor's degree is something like $17,000, your debt is pretty mild.

On the bright side, student loan companies will often grant you a few months free of payments, or allow you to make smaller payments while working through financial problems. Just call them and speak honestly and they will probably be pretty helpful.

Check out the bottom half of http//www.finaid.org/questions/bankruptcy.phtml . There is a lot of really helpful information that you or your wife should read.

thanks '123.......my wife is ill and hasnt worked for the last 4 or 5 years, the student loan company are allowing her to put off on the payments due to her health and cos she has no income........the student loan is one of the things that i wanted to pay off for her, but i didnt know if filing for bankruptcy would clear that debt also..........im going to look at that site you sent me and tell my wife about it.

thanks again
frank

I didn't read all the posts in here but the consumer counceling services are almost just like a BK. When a lender sees a CCS on your report you are screwed until the whole balance is paid off. Sometimes this can take longer than a BK to clear. A lender will lend to you after 3 years of the BK file date. Also, $11,000 is not much at all. One thing you need to do is transfer your balance to a 0% credit card to pay the principle down instead of interest. Also, a BK will go off your report in 7 years but you can get a home loan after just 2-3 years. Student loans can never be included in a BK, they always need to be paid back. Hope this helps.

Ok, I am sorry I didn't find this earlier!

This is my specialty!

You can find me most of the day over at

www.CreditBoards.com[]www.CreditBoards.com

You will find everything you would ever need over there. You will also find my complete federal lawsuit!

Good Luck and give me a ring when you get over there