Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Help me Determine if i need bankruptcy, what would be criteria to proceed with BK?

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  • Help me Determine if i need bankruptcy, what would be criteria to proceed with BK?

    Help me Determine if i need bankruptcy, what would be criteria to proceed with BK?

    Going back and forth on the idea, it s driving me nuts.

  • #2
    Are you able to pay your reasonable and necessary living expenses and debt payments without using additional credit?

    Can you reasonably pay off all of your unsecured dischargeable debt within 5 years without invading retirement savings?

    Can you reasonably change your spending habits or increase your income to change the answers to either of those questions?

    Do you have assets that are not exempt in bankruptcy that you could sell to help pay off your dischargeable debt?

    If you have non-dischargeable debt, will getting rid of the dischargeable debt make the remaining debt manageable?

    Do you have income or assets that a creditor can garnish/collect if they were to get a judgement against you?

    Do you have judgments against you? If so, how old are they and what have the creditors done to collect?

    Now that you are considering bankruptcy as an option, why do you hesitate?

    If thinking about these questions doesn't help you to decide, answer them here and we can give you our perspective.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      answer to those questions is no...
      why hesitate? i am scared that this will do more harm in the long run?
      would all of you do it again?


      • #4
        If you want us to advise you as to whether bankruptcy is useful for your situation, it would help to know certain things. Specifically, what is the type and amount of each of your debts, what is your current income, where are you at in your career (age and remaining work years), do you own any valuable property (real estate, etc.)?


        • #5
          Hi. It gives you a fresh start. You credit will recover and YES I would do it again. My finances are now in great shape and I've come a long way since we filed/discharged. It's an individual choice you have to fill good with. Are you interested in sharing what your situation is? You don't have to but sometimes members may have suggestions or ideas for you.
          Filed Chapter 13 - 07/20/12
          Discharged 8/2/16


          • #6
            after i got divorce i went back to school and spent on credit cards for $37000 over the period of 3 years. i have a car that have about $3,000 of equity in. i have a home with my name and my ex on the loan with about $30,000 equity. i just finished school and started working 6 months back. i make a bout $35000 a year, hard to say i just started.

            i did go and have consulted with the attorney 2 days ago. he mentioned that whatever i put on credit cards after the day of consultation is non dischargeable??? i did talk to other attorney before him about 6 months ago. that means whatever i put on since 6 months ago is non dischargeable?

            do the attorney have to report records of consultation?


            • #7
              Originally posted by nateth View Post
              i did go and have consulted with the attorney 2 days ago. he mentioned that whatever i put on credit cards after the day of consultation is non dischargeable???
              "May" be non-dischargeable. If a creditor were to file a dischargeability complaint and ask when you made the charges, then they could claim you were insolvent and "knew" you were insolvent after you met with the attorney. This is extremely rare.

              To truly get on a creditor's radar that you may have made non-dischargeable charges would be spending thousands just before filing, on luxury goods and services, and they can "prove" that you were insolvent.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              I am not an attorney. Any advice provided is not legal advice.


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