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    #1

    I havent a clue!

    Im 25 yrs old and I have been in debt since I was about 20. Im in about 15,000 in debt. A lot of these debts are very old. With the current situation I am in I am unable to pay back any of these debts. I do work full time but I also go to school full time which can be expensive. I live on my own and pay my own bills. I have a decent job at the moment but can barely make it by let alone having to make an attempt to pay back any of these debts.

    My question is, where the heck do I start. I have an appointment with a bankruptcy attonery next week but I dont think I can even afford an attonery. Its a $200 retainer fee and then once everything is reviewed he will tell me the full cost.

    I have also been told to use a paralegal but when I search the internet I dont have much luck on finding one.

    Can I file bankruptcy myself? If so what do I need and what should I look out for?

    Is it better to get an attorney?

    Anyone ever use a paralegal?


    By the way all my debts are credit cards, cell phone companies, or cable bills.

    Thanks,

    Ali
    Tags: None
    #2
    Okay you are taking the first step. Talking to a lawyer is a good idea. I would suggest filing with a lawyer as it eases the process a lot, however you can legally file on your on (called Pro Se).

    You might want to look at the sticky with the NOLO info. Its a book that can really help you understand the process and help you understand what information you need.

    There are those that have used a paralegal here but I don't fully know their experience and some Pro Se filers.

    The first step will be the means test. You need to find out if you can file for chapter 7 or not. In the means test you have to compare your income to the median income of your state. If its lower than the median a presumption of abuse does not arise, if its higher then you have to continue filling out the means test until told that a presumption of abuse does not arise.
    May 31st, 2007: Petition Filed by my lawyer
    July 2nd, 2007: 341 Meeting Held
    September 4th, 2007: Discharged and Closed.

    Comment

      #3
      Originally posted by JRScott View Post

      The first step will be the means test. You need to find out if you can file for chapter 7 or not. In the means test you have to compare your income to the median income of your state. If its lower than the median a presumption of abuse does not arise, if its higher then you have to continue filling out the means test until told that a presumption of abuse does not arise.

      Huh?


      I did talk with a girl who set up my appointment with the lawyer. She said I did qualify for the chapter 7.

      Comment

        #4
        Ali -

        Your "HUH" - tells us you know very little about what your fixing to get into filing bankruptcy....... thats one reason right there that most use an attorney....

        Each state has a "means test"...... where your income range fits on a scale compared with others in your state. Its hard for me to explain - thats where attorneys and lots of reading (research) come in......

        There is a manual under the bankruptcy talk section of this forum that helps explain some of the questions you have.

        Some of the others may be able to explain it into detail for you....
        Minny

        "It's amazing the paths that our feet sometimes follow in life".

        My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

        Comment

          #5
          My big concern with getting an attorney is the fee. I dont have much money, hence going into bankruptcy. I dont think I have a complicate case but I also dont understand any of this.

          Comment

            #6
            Well, welcome to our world..............

            Most of us did not have the money when we filed BK either..... least of all money for an attorney......

            Some of us used our income taxes, sold something, or plain ole borrowed it from someone to get the job done.

            Most attorneys will do a payment plan, but will not file the final papers until its paid in full...... but yet it will help keep creditors at bay....

            If you are still paying cc, etc, STOP if your going to file....... put that money aside for an attorney..... only pay your utilities, auto if your keeping it, and basic food bills and student loans will go on hold till after your bankruptcy (they are not dischargable)....

            Nobody said it was going to be easy...... and some things you will have to DO WITHOUT to make it work for the time being..... Can't have your cake and eat it too!!!

            Quite eating out - pack you lunch...... skimp on what you can......won't take you long to save the money for the attorney......


            Let us know what you decide to do......
            Minny

            "It's amazing the paths that our feet sometimes follow in life".

            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

            Comment

              #7
              Ali,

              Please do not take this as judgmental since we all are in the same boat, but with 15K in debt and none of it being secured you may want to look at other options.

              1. How long do have left in school. If you are looking at getting out within the next year or so you could probably stall them all enough until you graduate and get a better paying job.

              2. Are you late on anything now. If you are not even though it sucks you may be able to tighten down a little to keep going.

              The reason I say this is unless you are getting judgments and garnishments and your credit is already crap you may want to avoid the hit. You are coming into the years of buying houses, better jobs and more income.

              Just be carefull and best of luck for whatever you decide.
              Filed Chapter 13: 3/12/07
              Confirmed 5/14/07
              Last day from Claims 7/10/07
              Trying to stay under the radar

              Comment

                #8
                Originally posted by tofargone View Post
                Ali,

                Please do not take this as judgmental since we all are in the same boat, but with 15K in debt and none of it being secured you may want to look at other options.

                1. How long do have left in school. If you are looking at getting out within the next year or so you could probably stall them all enough until you graduate and get a better paying job.

                2. Are you late on anything now. If you are not even though it sucks you may be able to tighten down a little to keep going.

                The reason I say this is unless you are getting judgments and garnishments and your credit is already crap you may want to avoid the hit. You are coming into the years of buying houses, better jobs and more income.

                Just be carefull and best of luck for whatever you decide.

                How dare you tofargone.........just kidding

                I know 15k doesnt seem like much to pay off in time but with my situation now it is impossible. I have about 2 years left of school and I am currently helping my younger sister.

                My debt is years old and I havent made payments in years. I have one judgement against me and now they are trying to garnish my wages.

                I figured if I went bankrupt now by the time I finish school and start paying on my student loans I could slowly build my credit back up.

                Comment

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