bankruptcy

[dorian123]

anyone been through this?

last few months have sucked-been in and out of the hospital, doctors, etc

bills racking up

unemployment is fucked up...been about 3 months since I've had any income

I'm not one of those people that complain about being broke and then go out and buy a new 4 wheeler or go on a cruise

All my money goes toward bills

Any tips?

- - - Updated - - -

also, does it matter what state you file in???

 

[blacktail]

Yes. After divorce lost everything and still had the Bill's! Its actually not that bad, well when I did it over 15 years ago it wasn't. You will start getting credit card offers about 6 months after filing to start building credit again. Takes a few years but it was more than worth it for me.

 

[dorian123]

here is the history (yeah I know cry me a river)

paid cash for everything until I was 25...then I moved out of state to do construction-still single

had a credit card with a $500 limit...over the course of 4 years I managed to rack up a debit on the credit cards to $2000. Nothing a week on storm couldn't take care of.
Aside from that and a car payment/cell phone/rent...had no bills still single.

Then I met my wife from 2007 to 2018 went from $2000 in debit to about $40000 in debit. She doesn't work and is up to about 12 surgeries. A lot of stuff the insurance co.

doesn't pay for. EXAMPLE she wanted to go see a "specialist" in another state-between the flight, hotel, room service (she couldn't walk), meds, etc. $10000 in one week gone. That is just one example.

So now I've been running into some medical problems my self can't work, paying for insurance out of pocket-$1000 a month

No income-probably talk to a lawyer this week see what they say

any advice I thanks

 

[Presser]

Idk , in my 20’s my dad told me that out of all the advice he’s ever given me whether I asked for it or not , and I usually didn’t lol but he said if nothing else , for me to remember to NEVER CLAIM BANKRUPTCY, and Never Fuck With The IRS ! He said it as if it should have been ethched in a tablet alongside “ though shall not covet thy neighbors wife”



SO far so good 20 + years later!

 

[dorian123]

yeah that use to be the case...after the stock crash in 2008/09 the rules have changed-even the lawyers don't know them all

a buddy of mine filed in NC-6 weeks later him and his wife started building credit. A year later both had new trucks

Hope the banks will just settle out of court

 

[Presser]

No shit , I thought it was better back then than now for some reason. Idk why I thought that but i honest to God hope it works out for you brutha! No matter which direction You choose !

life is a bitch ! One minute your conquering the world and the next thing you know it’s conquering you! That’s been my experience anyhow! One of these days I’m going to disappear and become a monk and live out my life in silence lol

 

[thx]

I see a common denominator in all economical problems.... females lol!
I'm never getting married.

 

[dorian123]

seems like all the guys in my industry that have all the toys are single

I was told that in this age with all the internet date sites unless you are looking for a family there is no reason for a guy to get married

 

[jimbosmith316]

If you file it never takes long to get credit again the industry loves to keep their finger on you and taking payments.

 

[Muscle mechanic]

I had a business I had to get out of around 6 years ago.
I got credit for most stuff after 1 year. It was important I paid remander on certain debts that were settled at whatever amount. After that 1 year and cleared from those settled debts I got credit.
It's important to never be late and be perfect with all bills on time after bankruptcy!! I have a business again but not getting into trouble although the bankruptcy was from partnership type deal and a contamination out if my control!!

It's not as bad as one would think. Laws differ on type of bankruptcy and business or personal. Be aware that certain debt still has to be settled on at certain types if loans and leans!!! Also they kept my income tax for like 2-4 years can't remember!

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[Muscle mechanic]

anyone been through this?

last few months have sucked-been in and out of the hospital, doctors, etc

bills racking up

unemployment is fucked up...been about 3 months since I've had any income

I'm not one of those people that complain about being broke and then go out and buy a new 4 wheeler or go on a cruise

All my money goes toward bills

Any tips?

- - - Updated - - -

also, does it matter what state you file in???

Medical bills are a whole different set of laws in bankruptcy as well...

Sent from my SAMSUNG-SM-G890A using Tapatalk

 

[Sub7percent]

You need to do the analysis yourself as it is a highly personal decision based on the amount of debt you are in, how old the debt is (statute of limitations considerations), to whom the debt is owed (in NY student loans can’t go in a BK, IRS debt can after 3 years), the extent to which your credit is important to you (consider that your credit is shot either way if you don’t file and can’t pay), the assets which can be taken in a BK to pay creditors, the type of job you may want (eg you will probably have trouble getting hired as a financial advisor).

There is plenty of information available on the internet. Spend some time researching before you decide to consult an attorney.


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[The Survivor]

Dorian Bro I'm so very sorry to read all this, I feel yr pain. A few yrs back I too hit rock bottom, my gym was under siege by all the fluffy places and I was considering BK. I ended up short selling my vacation home to the tune of 100K, thanks to the real estate bust. I do know that there are several types of BK, one is full blown BK where all is forgiven but yr credit is fucked for 7 yrs, the next viable one was where u have a 5 yr interest free, i payback schedule to pay back debt assuming yr creditors show up in court for a claim. If they dont show, IIRC they are shit out of luck, good for you

In Illinois, there is a 5 yr statue of limitation on taking to you to court dating to when yr last payment was (example if yr last credit card payment was June 1 2013, the last date you can be sued is June 1 2018) after that they can send all the letters they want, if has no bite, It sounds like all this came up recently so maybe that wont apply.

Try Freeadvice.com they have some experts that are pretty good and free to boot, its a huge site with every kind of financial issue you can imagine

Good luck, I know debt sucks, this Spring I should be debt free except for my home mortgage

 

[dorian123]

all the debt is credit cards-will have to get a lawyer next time I'm home...out of town at the moment

probably file Chapter 7

 

[The Survivor]

all the debt is credit cards-will have to get a lawyer next time I'm home...out of town at the moment

probably file Chapter 7

ask him about the statue of limitations on being sued on the CC as it applies to yr state. The debt really never expires but at least suing u isnt an option, but 5 yrs is a long time to deal w phone calls, letters and so on, then it drops off yr credit record a yr or 2 later but gutting it out can be a bitch, but yr best bet maybe chapt 7, I agree

 

[BEASTZ6]

My wife has done over 7,000 Chapter 7 Bk's, and knows more about BK's than a lot of attorney's do. You can get rid off all medical bills, CC bills, IRS debt over 3 years old, that personal loan from cousin Dave, and pretty much all unsecured debt. Student loans are exempt from BK except for some vary rare circumstances. My wife and I are retired now and just moved to Las Vegas from Los Angeles, but for a forum member, I know she will be happy to answer any questions you guys may have regarding Chapter 7 BK's.

 

[dorian123]

would it be better to file state or federal? MO or TN

would I be better trying to settle outside or court? and if so how much do the CC companies usually settle for?