goofnwfy asked:
I am in a desperate situation. (Please, do not judge or criticize) My husband and I went to a financial counselor who told us to get a bankruptcy lawyer. We owe a lot, especially credit cards. We both work fulltime and have a decent income, but somehow the expenses has gotten out of hand.
I am in a desperate situation. (Please, do not judge or criticize) My husband and I went to a financial counselor who told us to get a bankruptcy lawyer. We owe a lot, especially credit cards. We both work fulltime and have a decent income, but somehow the expenses has gotten out of hand.
I have an app’t next week with a lawyer. What can expect if we go this route? Anyone with experience with a personal bankruptcy?
Tags: File Bankruptcy, File For Bankruptcy, What Happens When You File For Bankruptcy
October 21st, 2009 at 1:16 pm
You will list all your expenses.
You will list all sources of income
You will list all items of value you have, usually excluding your house.
You will tell the lawyer which bills you plan to keep (usually car loans)
Papers will be filed
You will go to a hearing.
Depending if you go with a Chapter 13 or 7 – you will enter a repayment plan and be assigned a trustee – or all your debts will be discharged and your credit will be in the crapper for the next year or so.
October 23rd, 2009 at 11:10 am
You will be able to breathe! I did a year and a half ago. I dont regret it. You will pay your lawyer. You will go to court. With a snap of the hammer, you are free. Have your lawyer explain the difference in repayment or total bankruptcy. If you have a house you are trying to save then this may not be your best option. Personally, I said forget the house. I rented a house and I will for a few years. Then After a few years, I will buy another. Good luck!
October 25th, 2009 at 7:57 pm
You can expect that they will not discharge all of your debt, but they will set up a payment arrangement for you to make monthly payments.
October 26th, 2009 at 4:34 am
there are many many different chapters of bankruptcy, It will make a ding in your credit for 7 years but you’ll be able to make a clean start so long as you figure out why you got into trouble in the first place, I think your making wise decisions in consolting a credit councelor and lawyer, just stay the course. be sure to take all of your bills and bank records, and crying is allowed i know my aunt sure did when she saw the lawyer
October 28th, 2009 at 3:20 am
Bankruptcy can vary by state and even locally.
Your bankruptcy attorney is the best to advise you. Most initial consultations are free. Usually they can help even if you do not file for bankruptcy protection.
October 31st, 2009 at 2:15 pm
I’m a bankruptcy lawyer. You can see my website at to find out what to expect.
You’ll have to disclose all assets and liabilities, complete a statement of financial affairs, take a credit counseling course and a financial management course. You’ll get some mandatory disclosures which you might find confusing and contradictory. You’ll have to provide a current tax return and your last six months of pay advices (pay stubs).
You’ll receive a written fee agreement.
After you file your case, you’ll have to attend a meeting of creditors with a trustee. If you have non-exempt property, it could be sold by the trustee to satisfy some of your debts. If you have secured debt, you might want to negotiate one or more reaffirmation agreements. You may have to go to court to establish that such a reaffirmation agreement is not a hardship to you.
If your income is higher than the national median and you don’t meet the “Means Test”, you’ll have to submit your disposable income to a chapter 13 trustee for the applicable commitment period, usually 5 years, in order to pay a portion of your debt.
I’ve helped thousands in bankruptcy situations. It is complex and sometimes unpleasant or difficult. But it isn’t really much different than a complicated dental procedure either. You’ll be much better off afterward than you are now.
October 31st, 2009 at 9:20 pm
Well you pay the lawyer fee first then you go over your finances and decide on what chapter to file. You then submit forms to the court and get a date to appear. You are not alone in this..others that are also filing are there too. The judge asks you questions and you answer them as honestly as you can. They you wait to see if they accept the filing. You will get a discharge letter in a couple of weeks.
Its hard and humiliating but if there is no other course of action you can try it. For me it was hard to deal with. If I were you I would find another counselor…always get a second opinion when it comes to your credit and your lives. This stays with you for 10 years.