I have got 2 automobile repos, lost my job and with the automobiles and credit card debt I owe about 60,000 dollars. I havnt been able to make payment on anything in about 4 months and some things for about 8 months. There is no way I can pay back this now as the aprs are so high and im so far behind I could never make so much as a minimum payment to get back on track. I am 26 years old and I am thinking of bankruptcy as a salution. Even if I can get another job I asap I will not be making anywhere near what I was and for sure not enuff for my monthly payments. Do you think bankruptcy is best for me?
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People will probably want a little more info to give you the best answers. How are you supporting yourself as far as food and housing? -
At some point, given the circumstances, you will need to file BK.
However, before doing so, you need to have enough income to cover your living expenses (i.e. rent/mortgage, food, gas, utilities etc etc), if you cannot cover your living expenses on your current income...a BK is mostly pointless at this time as it will not solve your underlying financial problem.
Also, are you married, single, or divorced; in which state do you reside, and what is your current monthly income?Comment
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I ma single, live in Florida and at the moment I have no income as I lost my job. I can pick up work easily anytime making aprox $1600 net a month which would cover my living exp. but not much more. I am willing to give up the automobiles as well in the bk as with a min. income of 1600 a month would not allow me to be bale to make a car payment.Originally posted by HHM View Post
I owned a 2002 durango and a 2007 Nissan titan. The durango was 300 a month and the titan was 600 a month. Neather will I be able to aford on this low income. Just a fyi. So yea Ill be lossen them in a bk too i am sure
Also I have some collectors threating to sue or something, lol as I have something else for them to take, not that this is funny but hell when you 60k+ in debt with 0 income how can i be sued?Last edited by saltlife; 10-29-2007, 12:40 PM.Comment
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Also I have some collectors threating to sue or something, lol as I have something else for them to take, not that this is funny but hell when you 60k+ in debt with 0 income how can i be sued?
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Very easily. They just file the lawsuit and serve you. Just because you have nothing today does not mean you will always be broke. Many on here have been sued under similar circumstances.
As HHM suggested, your first priority is generating enough income to support yourself. Get a job and then start talking with bk lawyers.Comment
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From my understanding they cant sue if i have filed my bk right? So would it be best to file my bk asap or can i put the law suit in with the bk later if needed? My main concern I guess is when should i file my bk how soon or how long? As far as living exp money I can get work whenever I want to make enuff to live off of, i just been holding out for something better.Comment
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A bk filing stops all collection activity including lawsuits. Yes, include whomever is suing you in the filing.Comment
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I had a friend who evaded debt collector for 6 yrs. They knew where he lived, even knew he had a job. They'd even call him every now and then to which he took their calls. He was hoping he could get past the 7th yr without filing and that way the statute of limitations would expire.
Nope. They filed suit just before the end of his 7th yr and now he is doing bk.
My advice - file asap and get a job. Doesn't matter which order. Just make sure you aren't making above your state median when you file.Filed Chapter 7 Pro-Se May 29, 2008
341 July 1, 2008
Discharged September 4, 2008
Closed November 10, 2008 :-)Comment
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Ok say I get mail today stating a law suit as been fileld on me, would I be able to file bk and have that debt included in it?
Why do you say I should not make more then my state median? My state median is 32k but hell that wont pay my bills either without a bk. Ill be happy with 30k a year after a bk to get my life back in order. I am seeing all this as a lesson being learned, it really hasnt beat my life up much though it is a bit hard to live right now without my automobiles. I am lucky to have a friend who owns a bodyshop and has a few cars arround that he bought as projects and will be allowing me to barrow one to get back on my feet. I will be happy to start off fresh again though. About 5 years ago I almost had to file bk, but got very lucky in a unlucky method and inharited a nice sum of cash that saved me and I paid everything off. I swore I wouldnt let it happen to me again and I have. My problem was mainly my life of working on my credit score. 12 months ago I had a credit rating at lowest 712 and highest 740 with a 40k year income. I am 26 and made some dumb moves with my money and took advantage of my credit ratings basically. I did the same thing the first time when I almost had to file bk, I was 20-21 with arround a 700 creditscore and was making arround 30k a year with no home payments a cheap car and hardly any other payments. Credit cards got me bad the first time, this time it is really only about 11k in credit card debt and I havnt even touched a credit card in about 2 years.Comment
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If you get sued, you can include the creditor who sued you in the lawsuit.
Being under the median means, the presumption of abuse isn't an issue in filing a Chapter 7. Just because you are over the median does not mean you can't file a Chapter 7-you just have to work through a few hoops.
Were I you, I'd file sooner rather than later. Get it behind you and rebuild your finances.Comment
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Originally posted by saltlife View Post
Hi there, I'm in FL too, looking to file. My situation involves income taxes, so I'm consulting a tax attorney who does BK's too... Anyway, regarding collectors, those guys will always threaten to sue, particularly if it's credit card debt. I just wanted to throw in my $0.02 in that if you DO get sued, don't get too worked up over it. The thing to do is to show up and not let them get a default judgment on you. There are plenty of defenses and such to use, particularly with credit card collection agencies, just do some research online (I've found creditinfocenter.com a good resource for fighting credit card and related debt). Anyone can sue for anything, but there are three integral things they have to prove first: 1. The account is, in fact, yours, 2. They OWN the account and have the right sue, and 3. How did they arrive at what they say you owe?
On top of that, you're so young, in 10 years this will be a long lost memory (as long as you don't let history repeat itself of course!)...!Comment
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As Keep said, just because you don't have anything now, doesn't mean it will always be that way.
If you were gainfully employed at a good job before, Creditors could think you'll return to the same status.
Just like if you're in college to get a degree to get a good job. Don't under estimate Creditors because you have nothing now. Think about your future as well.
Creditors can get Judgements allowing them to attach future earnings.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Well thanx alot everyone for helping me out so much so far.Comment
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