One Confused and Scared Newbie......

[1bigmistake]

Hey to all, I am a newbie to the forums been searching around for a day or so and decided to go ahead and make an account, I am thinking about filing Chpt.7 per what the lawyer says I am a perfect Chapt. 7 case. I got a few cc when I was younger in school and didnt want to ask my parents for money, stupidly I didnt have a job and parents ended up paying anyway then I got a job and the bills were too much and coming to the point I am now, I have 4-5 cc's that I have not paid for a year not having the money! It appears that I am now being suited by one of the collection companie and to be truthfully honest Im sick of it all, Im embrassed to go places and see people I know or think I know that have beacon scores above 650, I am just tired but so very scared!!! I dont know what to do, I am afraid that I wont be able to do anything after this bankruptcy I scared that I will have to stay with my parents for 10 more years with this on my credit and keep this same old car for 10 years as well, and if I do it I dont know how, when or where to began to ATTEMPT to rebuild my credit, this is just one big mess!!!! What are your thoughts on this???????

[miss puff]

Hi 1bigmistake. I am new myself and while I don't have the experience and knowledge that alot of the others have on here, I do share your fears, embaresement and feelings of overwhemness (is that even a word?). From what I have read, and I have read ALOT on here, that after filing it might not be as hard as you might think. You will not live with your parents forever! If you haven't paid on your bills for about a year, it would be my guess that your credit is probably bad even without the bankruptcy on it. Once the bankruptcy starts you can start to repair and rebuild on your credit scores and within a few years your score might even be better than if all your cc are in collections and what not. I am not sure about this as I am only in the very beginnings of it myself (our "free consultation" with an attorney is for Wed). Some more experienced posters will probably have better thoughts on it. However, you have come to the right place for information, support and guidence. I wish you luck on whatever you decide to do.

[Bobby'sGirl]

Great bunch of people giving advice and --- almost as important --- reassurance that we are not going this route alone. Everynight now, instead of curling up with a magazine or book to get sleepy, I head with my cocoa (or wine if it has been one of THOSE days) and spend an hour looking through archives to see what others have gone through. I knew what to get together for my attorney, what questions to ask and even more important, what NOT to do right before filing! I have learned a lot by following links inserted in posts; and where to look for info members are unsure of answering. And remember, there is an ignore choice to "banish" from your threads the individuals who get critical or get a bit, uh, outrageous in the postings. And once in a while Minny our moderator gives them 10 in the corner until they behave. Glad to count both of you among our new online BK "family". Oh, and I also will be a Chap 7 no asset; will be filing late summer when I get enough cash together (hello, garage sale and consignment shops!)) to finish paying lawyer.

[1bigmistake]

Im glad to be here, just unsure of what the future will hold for me now, scard about it all, and though I know I wont be with my parents forever, will I ever be able to own a home or go into a car dealership for a brand new automobile (i have never owned) and not be looked at like im second class because of my financial burdens in the past. Thats really what is scaring me now will I be able to have a family that I can provide for(credit wise; house, car, etc...) and if so how long does this typically take???? Lok forward to the advise from all of you and thanks for those who have already posted.

[SinkingFast]

I realize you're scared and confused, but you're gonna have to give us some info for us to be able to help you.

What State do you live in?? Did you recently move?? Within the last 2 years that is.

What's your current income level? Do you work a regular job? What do you own? How much total debt are we talking?? What kind of debt?? CC's? Student Loans? Taxes?

The State you live in is important. Some States don't allow wages to be garnished. May not the case where you live if the collections company is gonna sue you, but still, they could just be going after a judgement against future property owned. The State also tells us what your exemptions are.

Some people that come here don't need BK. They just need a little direction on how to get started to straightening out their situation. Or suggestions for alternate approaches.

BK is just one of many alternatives. Maybe it's what you need. Maybe not. BK, however, should be the thing you consider as a last resort. If you can figure out another way, then by all means, do that instead.

[aa06a47]

I know about scared, confused, and depressed. You'll be euphoric a few minutes after you file, then your get depressed again, then euphoric again, then depressed. Then you'll go to the 341 meeting and when it's over, be euphoric again, then depressed again. Bankruptcy sucks, you go through alot of emotional roller coasters. Once you get off the ride, most people will not want to get back on it again. I'm on the 5 year roller coaster ride. The first part of it being the bumpiest.

[1bigmistake]

Well I live in Ga I don't know how much debt because I have not been paying or looking at it maybe hoping it would go away yea right I have not moved and I don't own anything its just all bad huh?

[aa06a47]

Well I live in Ga I don't know how much debt because I have not been paying or looking at it maybe hoping it would go away yea right I have not moved and I don't own anything its just all bad huh?

Well, 1bigmistake from Georgia, it is time to get that part of your life past you and move on to bigger and better financial times. Bankruptcy may be your option.

You really do need to know how much you owe though. One thing you can do is go to www.annualcreditreport.com. Pull up a free credit report. I find experien is usually more up to date. That will give you an idea of how much you owe, and if you really need to pursue bankruptcy. Face it, you don't want to file BK if we are talking 5-10K. Chapter 7 BK is a silver bullet you can only fire every 8 years. Don't shoot it until you see the whites in there eyes!!!

Once you get the information pulled together, income, how much you owe, see at least 3 bk attorney's for free consults. In you particular case, your's may be so cut and dry bk case (from what it sounds here), most attorney's should be able to handle it. You might want to go with a cheap one. With a little research, you might even file pro-se, but you gotta know what your doing there.

[doinbetternow]

Well, 1bigmistake, looks like your getting some good advice. Man, do I know how you feel, and believe me, the euphoric feeling is comming. I just the dread before it that gets ya. The earlier post was right, get it all together, it's pretty tough, but when it's done you'll feel better just knowing what all the variables are. Don't worry too much about life after ch7, it's ok. Just learn from your mistakes. I was discharged in Sept. and just purchased a vehicle at 7.95%. (I'm still shocked at that one) Of course a lot of variables factor into that rate, but the point is that your not screwed for 10 yrs. The last few years up till and including now have been hard on everyone. So lenders can't afford snub everyone without a beacon credit score. Just find and attorney your comfortable with and check out his rep. Know as much as you can about the laws yourself (within reason) and make sure your fill out any paperwork to the letter, nothing but the truth. It's a draining process, but no worse than what your dealing with already. If you truly do have to file ch7, it's all better from there. Also don't be afraid to ask questions, and make sure your clear on everything. If nothing else you can be confident that you are taking care of your situation.

[debtisbad]

If you are in Atlanta there are many firms who do bk's only. Believe me, there are many people in Atlanta in your shoes. I moved recently from there. Gasoline alone will do one in with the commuting. Also there were many foreclosures in our neighborhood there. The people right across the street foreclosed right before we put our house on the market, which sucked. There are many people here to help you through this trying time, and we all lean on each other. I am hoping to get my scores up within 2-3 years. Anyway, when you get frustrated or have questions, just ask and someone here will try to help!

[SinkingFast]

When you go to AnnualCreditReport.com like Aa suggested, go ahead and pull all 3 of your Credit Reports.

If you do wind up filing BK, attnys are gonna want all 3 anyway. Turns out, when we pull our own Credit Reports, things show to us that don't show to anyone else who sees our reports. Anon recently posted a link to an article about that.

Also, different agencies show different things. We had accts that didn't show on one that showed on the others and visa versa.

Here's a link to the BK Exemptions in GA:

http://www.georgiabankruptcy.com/exemptions.html

If you don't own your own home, you can use the Homestead Exemption as a WildCard to protect other stuff. Like your car if you have too much equity.

GA does allow for wage garnishment. Up to 25% of your income. So your Creditors can come after money from you if you work a job.

You gotta pull your head outa the sand here and know what's going on in your life Credit wise. You could already have judgements against you that you don't know about. And, like Aa said, you need to know the total amount of your debt. If you make a decent amount of money working at your job and you only owe $5-$10K, this may be a situation you can work your way out of. BK may not be for you. Or you may have an overwhelming amoung of debt that only BK will resolve for you. You won't know until you look.

One thing I did see in your original post,............. You've had financial issues before and even tho you didn't ask, your parents bailed you out then. Now here you are, in bad financial shape again. This sounds like a pattern of behavior. If you do file BK, it may only be a temporary fix before you get into trouble again. You need to take a serious look at your finances and possibly make some life adjustments to keep this from happening again.

[fellowpoorman]

Welcome to the club, we've been where you are, don't worry just hang in there, we'll get you thru it. Your life is not ruined, you are now about to embark on a journey to take care of some issues that are causing pain, you will not have to live with your parents for 10 years, ther are a billion people with bad credit, credit does not run your life, or it shouldn't, So as your journey progresses we will try and help, the worry, the fear are all part of it, so know you have good ears to talk to. Good luck , it'll be worth it, beleive me.

[fellowpoorman]

By the way, ignore Fedler, he's an a--h--e, and a troubled soul to boot. Lightning man, John234 all the same a hole

[SinkingFast]

By the way, ignore Fedler, he's an a--h--e, and a troubled soul to boot. Lightning man, John234 all the same a hole

Mega Dittos there.

Fedler has problems.

Like we're all perfect typists or something??!!

[Bobby'sGirl]

Oh, is he back????

See him quoted in your post. When I joined I clicked on his name, and in his profile clicked on "ignore" link...handy little tool to protect my already frazzled nerves. While I was viewing posts before signing up I figured out several "put down" types who stroke own egos by being bully-on-the-playground, adult version. Nice to slice them out of my life online with a few keystrokes!