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

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Need some advice

  • Filter
  • Time
  • Show
Clear All
new posts

  • Need some advice

    Hey guys, I am working on finding an attorney to talk to when I ran across this forum. I figured I would ask you guys if you think BK could be a good option for my case.

    A little background:

    I am in my early 20s. Currently working 40hrs/wk at $18/hr. My total debt at the moment is around $51,xxx. That includes a truck loan from earlier this year, a motorcycle loan from early last year, both of which are majorly upside down, 3 credit cards around $1,000, $1,000, and $4,7xx, a personal loan for around $2,500, another for $3,000. After counting in my loans, and normal bills such as rent(with family - $300/mo non-negotiable) and gas to get to work/school, my debts currently spend about $2,0xx a month of the $2,200 I take home.

    My savings account is $0, retirement 401k etc is $0. In a year and a half I will need to get my own healthcare, and in a month I will start paying the first student loan which is another $50 a month until next September, then will jump to $150/mo. After next September I will also be responsible for starting to pay the rest of the student loans which is another unaccounted $32,xxx.

    I screwed up pretty badly thinking money was absolutely disposable and I know student loans do not get discharged which is perfectly fine if I don't have ridiculous debt in vehicles and credit cards when they start being due.

    Sorry if this is badly written, just been extremely stressed lately and looking for some advice. Thank guys and girls!

  • #2
    Hi, Poisoning. Welcome to BKforum!

    You should only file BK when there is no better option. I think you may have a better option. You are young and making a decent living. You are at a point in life where your income is likely to increase. You have the advantage of low rent while you live with family. This is a great time to learn from your mistakes and develop good financial habits for life.

    First, stop using credit cards and taking loans. If you don't have the cash, don't buy it.

    It sounds like $38,000 of your $51,000 in non student loan debt is the car and motorcycle. I suggest you let one or both go. I bet that will free up enough cash for you to comfortably pay your credit card debt. After repossession, you can negotiate a payment plan with the creditors to pay off the deficiencies. If you live somewhere that will allow you to take public transportation, get rid of both vehicles. If public transportation is not an option and giving up one vehicle will not free up enough cash, consider giving both up and buying a modest used car. If you do that, you may want to do it before you default on the current loans so that you can get a decent interest rate.

    Repossessions will damage your credit, but it will start recovering immediately as you start paying down that credit card debt.

    Create a budget that pays off that credit card debt as quickly as you can. Never pay only minimum payments, even if you can only afford to pay a few dollars more. Until you get your debt paid off, spend money only on necessities and never on "wants". Include a small amount of savings in your budget. Even if it is only $5. Increase whenever you can. On payday, if you have cash left from your previous paycheck, pay it to a credit card. When your credit cards are paid off, put it in savings. There are online calculators you can use where you put in information on all of your credit card information and it tells you how to most quickly pay it off. Try a google search for "debt pay down calculator".

    Hopefully, by the time you have to start paying on the student loans, you will be able to manage the payments. If not and they are federal loans, you can apply for an income based payment plan. If they are private loans, you may or may not be able to negotiate a lower payment. If all else fails, you can file BK when you know you did everything reasonable to avoid it.

    Don't get me wrong. I don't believe in avoiding BK at all costs. I disagree with those who say you should get 3 jobs and work every waking moment to pay off your debt. But, if you can avoid BK on your current income by decreasing your expenses and living within your means, that is your better option.

    All that said, it sounds like your income is low enough to qualify for a Chap 7. That would get rid of your loans and credit card debt. It will also allow you to keep any vehicle you continue to make payments on. But, it will also allow you to give up both vehicles without further obligations so that you can instead get something you can better afford.
    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
      Thanks for the response Lady! I have been thinking about all options deeply over the last few days. Tomorrow I am meeting with an attorney in the morning to further discuss options. Once I have decided which way to approach everything, I will update!


      • #4
        I agree with LadyInTheRed's advice. It seems that you should have options to deal with the $20k in "regular" debt, as well as the $32k in student loan debt. I'd like to add: Consider that not all attorneys are great attorneys. The first one I met with immediately suggested a Chapter 13 plan without analyzing my finances/means test calculation. He was also unaware that I had to use a different state's exemption list though I told him I moved to the state 5 months prior.

        My point here is that if you decide to meet with bankruptcy attorneys, get a few opinions. One may try to push you in one direction, while another may suggest an alternative that may be better for you (such as what LadyInTheRed is suggesting).


        • #5
          Thanks for the advice ladies and gents. I did meet with multiple attorneys and spoke over options. After time thinking about it, I did decide to go with the Chapter 7, which was advised to me multiple times. I will be signing and filing in less than 2 weeks. I will keep updated on what happens! Thanks again all!

          Lawyer paid, small price for big relief.


          • #6
            Happy to report that I received my discharge papers on 3/20/17! Only debts left are school loans of course, which I am happy to keep paying. 50k discharged, and the stress is gone.


            • #7


              Unconfigured Ad Widget