Bankruptcy question chapter 7?

Question

i am going to file for bankruptcy but i have a question... i am currently unemployed but i draw disabaility, when i got the cards i was working so i put my current employeer, i think i obtained 2 cards after quiting and i still put my former employer and what i made then on those applicataions, i got the cards have had them a few years, is it going to effect me in any way? I just want to know if i can get in trouble for tellin them i still worked for the other company?

Answer 1

Also adding to the other posts...A bankruptcy filing is a lot tougher to file with the new laws....you don't know what you qualify for until you speak to a bankruptyc attorney. They look at your income for the last 6 months, a list of your debt, assets and last 4 years of taxes. Most will see you on a first free consultation to review what you have. The bankruptcy stays on your credit report for 10 years, while the debt stays there for 7. Any loans are tougher to get after the filing at higher percentage rates. You don't give much details, so if it's just credit card debts, I would try to work with the credit card companies to reduce the interest and get them paid off. You can review this website....www.bcsalliance.com    it gives excellent information on bankruptcys, debts and credit. If I remember correctly, disability cannot be garnished on collections accounts, but, you want to see if you can settle with the cards, or get the payments reduced to where you can pay them off and not have to file a bankruptcy. Good Luck!

Answer 2

No you won't get in trouble for putting down your former job. They only want that information to contact you if you can't pay your bills. I have a question for you, why are you filing bankruptcy? It is really hard to bounce back after filing for bankruptcy, so think long and hard and try to look for other options like contacting your credit card companies and see if they will be willing to work with you.

Myth: I'll just file bankruptcy and start over; it seems so easy.

Truth: Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage.  

Answer 3

<pulling up my soapbox....>

Let me start by commenting on Holla's source...Dave Ramsey.  This link is a perfect example.

I have commented many times in the past about getting advice from "professionals".  If you are seriously in debt, and you go to a "credit repair" person, naturally they are going to try and sell you their credit repair services.  

If you talk to a debt consolidation person they will naturally talk you into a consolidation loan.

A Lawyer?  Yup...they will talk you into filing bankruptcy.

The problem is that there are very few people who actually do true credit counseling.

Now take a moment to read the link Holla posted.  (Yahoo...this is NOT a user bashing post...using this as a source, so lay off me!)

In it, he uses the example of a recently divorced woman who only has $11k in debt, and why it was totally foolish of her to listen to her lawyer friend and file bankruptcy.  Yes, in this case I tend to agree....but barely.  I don't have the whole details.  If you make no money and suddenly find yourself homeless and without income, how on earth do you find $11k to pay back debts?  

Dave does have a lot of very good advice, mostly just plain, simple common sense stuff.   But the truth is he is in the business of selling debt repair and debt counseling books.   In this link, he is totally against anyone filing bankruptcy.....you need to BUY HIS BOOKS instead!  

Well let me tell you folks something.  I know a whole lot of people who filed for bankruptcy.  Of course it's traumatic!  But in order to save your financial life you sometimes have to go this route.

If you are sick and you are told you need an operation, that's also traumatic.  But you need it to save your physical life!  Would you consider not doing it solely because it's a traumatic experience?  No, that's silly.  But you first look at less traumatic solutions.  Medication? Physical therapy?  Only if there is no other way to you get an operation.

So why discourage bankruptcy if it's the only way out of a serious financial situation?  If you have tried other solutions and they are not working, what else can you do?

I do NOT discourage it....nor do I try to blindly talk people into filing the way a lawyer would.  I'm more honest then that.  You look at the whole situation and decide if it's the right thing to do.  

I just hope people would open their eyes and see what the Dave's and Suzies in this world are all about.....take their advice but certainly don't blindly follow it.  Do your own research, and get more opinions.  These people are making a fortune off other people problems.  They are not trying to do you any favors, or else they would be giving away their advice for free.

<steps off soapbox>....

To answer this question....don't you think the credit card companies have a teeny-tiny bit of responsibility to check your finances before allowing you to get credit?  Maybe ask for a copy of your last pay stub?

The government is asking that question right now.  This is why the banks are in such serious shape...giving out loans to people that can't afford them.  The bankruptcy courts are not going to side with them on this, trust me.

No, you will not be in any trouble with the bankruptcy courts over fibbing on your application.  So relax.  

Answer 4

I would also suggest that you personally read a little about the US Bankruptcy Code.  This link has been helpful for a number of people that wish to understand more about bankruptcy...

http://www.creditmanagementworld.com/ban...

Answer 5

online shopings

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