I need Bankruptcy info/tips

**Speedy_Gonzales** · 01-21-2008, 03:58 PM

I am needing to file for bankruptcy. 52k in debt has forced me with no other choice. I would like to do it all myself but guess I will have to use a lawyer.

Need info/tips from people who have went bankrupt or know bankruptcy laws or any good web-sites/books/ and lawyers in Georgia

The Camaro will be gone most likely

**redls1** · 01-21-2008, 04:09 PM

There is total liquidation and re affirmation of debt. Since the new law its harder to file and just dump credit card debt. Easiest to have a lawyer as there is alot of paper work.
Where does all you debt sit? When I was in fl. you could keep your house, car and file on everything else. Things have changed quite a bit , that why I said contact a lawyer. Some companys will lower the interest rates and try on work on payments.

**310stanger** · 01-21-2008, 04:11 PM

There are places that handle stuff like this, you might be able to avoid going into bankruptcy man. That should be your last resort as your credit will be destroyed for years.

**ArcticZ06** · 01-21-2008, 04:34 PM

I think there are consolidated loan programs too. Im sure someone on here can fill you in more but they basically pay off all of your bills and give you one payment for X amount of years. Im not sure what the interest rate on those are though.

**gonzo99ta** · 01-21-2008, 04:38 PM

try to avoid bankruptcy... $52k is not that much debt. try to work out payment plans and lower interest rates on the debt 1st. then get second job and just make the payments could be debt free in 4 yrs or less.
Why are you considering bankruptcy to begin with? lose job?

**SeVeReDiStOrTiOn** · 01-21-2008, 04:42 PM

Lemme guess...a woman bled you dry. I say make her death look like a accident...that should free up some money so you don't have to file.

**Speedy_Gonzales** · 01-21-2008, 05:03 PM

Originally Posted by gonzo99ta

try to avoid bankruptcy... $52k is not that much debt. try to work out payment plans and lower interest rates on the debt 1st. then get second job and just make the payments could be debt free in 4 yrs or less.
Why are you considering bankruptcy to begin with? lose job?

14k in medical bills and the wife had to have sugery and missed some work got us behind on everything.......I am tired of playing catch up

**ss~zoso~ss** · 01-21-2008, 05:07 PM

sorry to hear this man, i hope things start clearin up for ya, hang in there, remember there's always somebody who has it worse

**Speedy_Gonzales** · 01-21-2008, 05:16 PM

Originally Posted by ss~zoso~ss

sorry to hear this man, i hope things start clearin up for ya, hang in there, remember there's always somebody who has it worse

yep for sure some people got it much worse............I am just looking for solutions, getting info together

**snaggeltooth** · 01-21-2008, 06:27 PM

Dont declare it over medical bills ...

**KyleLs1** · 01-21-2008, 06:49 PM

Dude, just sell the car and pay off some debt and get back on your feet - 52k is NOT worth filing bankruptcy over. I have friends that are half a mil- in debt and can barely afford to scrape by with enough left over to buy a slurpee at the end of the month. Seriously.. 52k is peanuts.

Try consolidating your bills, refinancing your house etc etc etc, take a night job if you have to but bankruptcy will fuck you up for years, plus it is not the right thing to do - pay your bills, one way or another!

**rbob93** · 01-21-2008, 10:36 PM

Originally Posted by 310stanger

That should be your last resort as your credit will be destroyed for years.

Bullshit! Yes it will show on your credit reports for 10 years, but as far as credit being "destroyed," NOT!
You will find it difficult to get credit, but it's not impossible.
Yes use it as a last resort though.

I'm just over two years out of a bankruptcy, have a 700 FICO & a credit card.
I can buy a home or car & get the same rates as anyone.

Speak to a bankruptcy attorney that specializes in them.
Many will give you a free consultation.
The laws have changed making it more difficult, & there are certain stipulations you need to be aware of.
Bankruptcy may not even benefit you so professional advice is needed.

DO NOT listen to anyone that has never filed, or that is not an attorney that specializes in them.
See more than one to verify what you have been told if you still have doubt.
Like I said, many will give FREE consultation to help you decide if it's right for you.

Consider refinancing your home only if you're not in danger of losing it.

**FSANE** · 01-21-2008, 10:37 PM

Don't do it...there are companies out there that will help you out

Trust me, DON'T DO IT!!!

**rbob93** · 01-21-2008, 10:52 PM

Originally Posted by FSANE

Don't do it...there are companies out there that will help you out

Trust me, DON'T DO IT!!!

There are also companies that will "take care of your payments" for a fee.
You pay them & they pay the people you owe.
Trouble is they let your bills go until your creditors report you for non-payment & you end up in worse shape.
Watch your back!
Trust only a company that you can get references about & check them out thoroughly!
They DO NOT want to "help you!" They want YOUR MONEY & prey on your misfortune!!

Again, don't listen to this advice unless you talk with someone in your state that has done this & can refer you!!
A legitimate debt counseling company is good way to go for many.

**FSANE** · 01-21-2008, 11:00 PM

Can't sell the car?

**LETHALxLS1** · 01-21-2008, 11:03 PM

That doesnt seem like a huge amount of debt. Maybe when you wife gets back to work you can refinance etc. and avoid bankruptsy. Good luck man-I hope things get better for you.

**DrMilhouse** · 01-22-2008, 01:30 AM

bankruptcy hurts your credit for a few years, so does what shows up on your credit report when you are struggling.

Really, it's not that bad and it's not something that you can't recover from.

The amount of the debt is all relative. $52k in debt to a 19 year old seems like something you can never take care of. $52k in debt to someone like Sarge is a drop in the bucket. Bottom line is that if you don't have the $52k, it might as will be $520k or $52M. You don't have it and you don't have it and that's all there is to it.

Only you can decide the best route for you. It's not nearly as bad of a process as people make it out to be. I did it about 10 years ago. Did my credit suck? Yeah, mostly because I didn't learn anything the first time. It still does, but I grew up sometime and it's getting better now.

**tnthub** · 01-22-2008, 04:51 AM

Gte a "good" bk lawyer, not a 1-800-screw-you type of guy. I will cost you some $$$ but you will get good advice.

Call all of the credit companies individually. try to get interest rates lowered and extensions on late payments. Often they will help rather than having to write off debt.

52k sounds like a lot but for many people it is actually less than one years pay... It seems to me that 53k in debt could be reasonably dealt with over a 3-5 year time frame with a solid debt reduction plan and some perseverance. Now if it were 520k I would say call a lawyer and call it a day...

Most states have a "homestead exemption" of about 50k, for personal property, most states allow one vehicle... This is an area where a lawyer with good reputation can be of assistance.

**SexOnWheels** · 01-22-2008, 07:51 AM

Originally Posted by SpeedAddict38

I am needing to file for bankruptcy. 52k in debt has forced me with no other choice. I would like to do it all myself but guess I will have to use a lawyer.

Need info/tips from people who have went bankrupt or know bankruptcy laws or any good web-sites/books/ and lawyers in Georgia

The Camaro will be gone most likely

That is not good news at all!

Hopefully you can find some kind of solution, Yikes!

**whoa guy** · 01-22-2008, 08:23 AM

You'll likely be filing a ch13 bk which is a plan you file with the court to repay a percentage, if not all of your debt. Your primary car and house are protected under the bk statutes.... Secured loan payments such are your care and house are paid by you every month. You pay the ch13 trustee a set monthly payment. The trustee pays out to your creditors a portion of your payment each month. Secured debt that is past due is paid 1st. Unsecured creditors are paid towards the end of the plan. Most household goods are exempt which means the trustee wont be knocking on your door and demanding you hand them over. Trustees pursue property that is otherwise considered "extra" such has multiple paid off cars and property... rare items.. etc. Most ch13 plans last 3-5 yrs. Since your $52k in debt which i assume this is mostly credit cards.. is quite easy to repay under a ch13. Its not as bad as a ch7 bk and after a certain period of time you can request the ch13 be dismissed if you think you have a handle on your bills. Its not as rough on your credit. Im no lawyer, but i deal with BK's and foreclosures everyday. Its part of my job.

$52k is not a lot of money.. I would consider getting on a repayment plan with your creditors if all possible. Most want to see your debt to income on paper along with current paystubs and past years W2's/tax returns. If your honest and upfront with your paperwork, most creditors will opt to work with you. Remember that its not their fault your behind so don't take an agressive stance. Be open to what they want and what they say.