Has anyone filed bankruptcy since the new laws and if so your experience.?

Question

Has anyone filed bankruptcy since the new laws and if so your experience.?

Answer 1

There are two types of bankruptcy... one is a repayment plan while the other is a complete discharge of debt. How you file and how competant your attorney and trustees are will determine your experiences. Bankruptcy is determined by your assets and liabilities not whether you want to get out of payng your bills. It's a completely legal process and some a decision to be made lightly as it affects your life not only for the 10 years they claim but lifelong when employment or housing applications ask "have you EVER filed bankruptcy?". You may not like how your case is handled because odds are you won't be keeping all of your assets only to make your creditors write off your debt. You should probably talk with a consumer credit counseling agency first to see if you might not be able to repay your debts on agreeable terms with creditors. and such an appointment is free. Check out the site below for legitimate organizations that can help. Steer away from consolidation or settlement companies.

Answer 2

cowgirl....check this website out, it's excellent for info on debt, credit and bankruptcy information. It will explain the differences in the types of bankruptcy filings. www.bcsalliance.com       I filed last year....Chapter 7. Depending on your income, a good bankruptcy attorney will look at your paystubs for the last 6 months, assets, list of your debt and the last 4 years of your taxes, after reviewing this information they will be able to tell you what you qualify for. I went thru a divorce so it was my last resort to clear up my debts. The bankruptcy will be on your credit report for 10 years, the debts for 7 years. Mine discharged in Feb 08, in June of 08, I purchased a brand new Harley Davidson joint with my husband. Percentage rate is a little higher than the norm, but we both have excellent jobs now and will be able to pay it off early. When selecting an attorney, most will see you on a free first consultation, visit a few and choose the one that makes you feel the most comfortable and you feel you trust. The filing will cost you anywhere from 800.00 to 1500.00    I had no assets, just a repo, 17K in debt  and cost me 1200.00 to file. The chapter 7 is cheaper than a chapter 13 payment plan, but that website I sent you will explain more in detail what they both entail. The new laws...the only thing that really changed is the amount of median income per the state you live in. It was reduced which makes it harder to file a chapter 7 if you make more than your state allows. A chapter 7 requires you to take a credit counseling course. You have to take the first half before the 341 Creditors Meeting (your one court visit for the bk), after that you take the last half. Some attorneys offer it online and you can either do it in their office, or at home at your own convenience. The have to be completed within a certain time frame or the case will be dismissed. The new laws also require that ALL the debts are included in the filing. Years ago people could go and buy all kinds of things and turn around and file a bankruptcy. This is not the case any longer. The courts look at the current activities of everything. Other words, you cannot charge all kinds of money on a credit card and a month later you go and file. It's usually 6 months from usuage that you are able to file a bankruptcy with the new laws. Go and speak to an attorney and see what you qualify for. My best advise, make sure it is your absolute Last Resort! It take a lot of work and effort on your part to re-establish your credit. Even though I was approved for a loan, I have one credit card I was approved for and I keep it at a minimum and pay it on time every month and sometimes early. It's hard to get re-established, but with time and effort it does give you fresh start and get you back on your feet!  Good Luck!!