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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Tue Sep 09, 2008 2:46 pm
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| See how much we have in common. I regret the bad marks to my credit but not the bankrupsy itself. I do not know how I would have survived with a four year old and being a single parent had I not been able to do bankrupsy. I don't knock anyone who does. Sometimes you see that here but once you have been down far enough and had to do it most just wouldn't understand. |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
196 Magic Points
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Wed Sep 10, 2008 3:50 am
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I absolutely do not regret the bankruptcy either. To me it was a lifesaver...I understand what you are saying and here and the other forums people tend to stay away from discussing filing bankruptcy. Now I am not saying it should be somelthing you should just do when in a rough spot, but it is an option that people are scared of sometimes.
But, I say if you are in a position where filing bankruptcy is an option AND it is an option that would actually help your current living situation by enabling you to provide more income for your family, then it should be done.
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"Never give up on someone you can't go a day without thinking about". |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Thu Sep 11, 2008 5:16 pm
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| Yep. If it is causing you so much stress that you can not function why let it take years off your life. Just get it done and learn from it. |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
196 Magic Points
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Thu Sep 11, 2008 9:12 pm
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EXACTLY!.....When I was a kid, I remember these neighbors filing bankruptcy and the bank (i guess) coming and packing up all of the furniture and the mom sobbing in her house. I think bankruptcy has changed a bit, with the Ch 7 and Ch 13 or Ch 11.
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"Never give up on someone you can't go a day without thinking about". |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Fri Sep 12, 2008 2:52 pm
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| I am not so sure anymore that it would have to include your home unless you filed bankrupsy on the morgage. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Lorri
Joined: 15 Jul 2008
Lorri's page
Posts: 297
196 Magic Points
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Sat Sep 13, 2008 4:08 am
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It wasn't their home that was taken (they rented), it was all of their furniture, household goods, etc.
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"Never give up on someone you can't go a day without thinking about". |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Sep 13, 2008 2:30 pm
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| Still it effects is the same. It all is a peice of you whether a piece of furniture ar the bed your child lays their head down at night. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Sat Sep 13, 2008 9:45 pm
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oh man, now how much could they actually get out of furniture, especially since it was all used stuff.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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erb1953
Joined: 31 Dec 2007
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Posts: 621
-55 Magic Points
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Sat Sep 13, 2008 11:40 pm
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| bill collectors don't care, they just want thier money |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
196 Magic Points
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Sun Sep 14, 2008 1:34 am
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Yes, it was very sad and traumatic. I knew them for many years and they eventually recovered and bought a home, etc.
_________________
"Never give up on someone you can't go a day without thinking about". |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Sun Sep 14, 2008 5:35 pm
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Good to hear that they have recovered, they probably cherish their home more than anything now that they have experienced this loss.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
196 Magic Points
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Sun Sep 14, 2008 9:40 pm
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Maybe---they were very different people. Hard to say if it had a negative effect on them and if it did they would never admit to it.
_________________
"Never give up on someone you can't go a day without thinking about". |
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Justin
Joined: 17 Jul 2006
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Posts: 1298
28935 Magic Points
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Mon Sep 29, 2008 9:36 am
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In Chapter 7 bankruptcy, the debts are discharged in exchange of certain amount of property you own. In Chapter 7, only non exempt properties can be sold off by the court appointed trustee to repay the debt, but the necessities of the debtor which falls under exempted properties cannot be sold. But under Chapter 13 bankruptcy however, the debtor is given a repayment plan by the court and the amount of money to be paid back towards the debt depends on the income that the debtor earns per month. Under Chapter 13 bankruptcy, your assets are not sold off, but you need to pay back the amount within a period of 3 to 5 years under the repayment plan as set up by the bankruptcy court.
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All the Best 
Justin |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
196 Magic Points
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Wed Oct 01, 2008 6:13 am
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I don't know when Chapter 7 and 13 came about, but this particular situation regarding my parent's friemds was about 1968.
_________________
"Never give up on someone you can't go a day without thinking about". |
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