| Author |
Message |
|
Options 
Bookmark online
|
bangman
Guest
|
|
Subject: Bankruptcy: Conditions to file bankruptcy
|
|
|
Wed Dec 17, 2008 12:25 pm
|
|
|
Hi
I am new to this forum. I have huge outstanding debts and I don't have any income right now to repay these debts. If I file a bankruptcy, can I get rid of all my debts. Will my credit score be affected because of filing bankruptcy. |
|
|
anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
|
|
|
|
|
Wed Dec 17, 2008 12:49 pm
|
|
|
Normally there are two types of bankruptcies, one is Chapter 7 and the other is Chapter 13. Chapter 7 bankruptcy is also known as straight bankruptcy under which the court can sell some of your assets (if you have) and repay off a part of the outstanding debt and discharge your remaining debt. However under 13 bankruptcy, you need to pay back the outstanding debt within a period of 3 to 5 years. Now, which chapter you can file your bankruptcy will depend on your income and other conditions after you undergo the counseling program.
_________________
Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
|
|
|
|
|
Wed Dec 17, 2008 5:58 pm
|
|
|
| Bangman, Justin is correct you will have to repay your debt. My mom in law considered this but after meeting with an atty decided not to. You will be set up on a repayment schedule. They usually stop anymore interest from the credit card companies. They down part is usually someone (the atty) will take a look at your income and they will decide how much you can pay back monthly. This one and several of the opnes I have heard about do not leave you much to get by on monthly. She was going to be left with such aminimal a,ount after getting paid that we advisedc her to find another way. Have you tried calling and trying to maybe settle these debts? |
|
|
carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
|
|
|
|
|
Thu Dec 18, 2008 6:07 am
|
|
|
Bankruptcy law has changed and you need to undergo a counseling program within 180 days of filing bankruptcy. You will not be able to file bankruptcy if you have already a discharged Chapter 7 bankruptcy within 8 years or a discharged Chapter 13 bankruptcy within the last 6 years. But if you have already paid about 70% of the debt under Chapter 13 bankruptcy, this six years ban on applying for a new bankruptcy does not apply with you.
_________________
Keep in touch
Carol |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
|
|
|
|
|
Thu Dec 18, 2008 3:30 pm
|
|
|
| Even if the poster goes through a counseling program I was under the understanding that debts still are not forgiven under the new chapter 13 bankrupsy laws. I am correct? I remember looking this up and talking with my mother in law when she was going through this same thing. They told her it could not be forgiven she had to be set up oin a repayment plan. |
|
|
