Bk Info Site!!!

[Minnymouth]

Found a site on MSN.com regarding the way the new laws are affecting the credit card companies. Seems like THEIR PLAN didn't work out like they thought, according to all reports.

Check out this report and also get lots of information on the new bk laws:

https://www.moneycentral.msn.com

then go under banking - then bankruptcy guide

lots of good info here,

Minny

[Genenco]

Found a site on MSN.com regarding the way the new laws are affecting the credit card companies. Seems like THEIR PLAN didn't work out like they thought, according to all reports.

Gee...That just breaks my heart that the creditors (and you know whose bed buddy) will all be crying over their balance sheets...

[sunshine08]

Very informative - Thanks for info.

[CC_n_CA_Hater]

Thanks for that link, lots of great information there. I had trouble finding it though and typed bankruptcy guide in the search engine http://moneycentral.msn.com/content/...de/P135860.asp

I'm glad they're having problems. The article is right in that they try to pressure you and talk to you like you're dirt when you do try to negotiate with them. From now on, I'm going to tape the phone calls (from a payphone so they don't get my new number). Its legal in these states to secretly record phone calls http://www.bankrate.com/ibd/news/cc/20030519d1.asp

[america06]

For the love of god, help me...

We are a family of four (wife and two boys, 2 and 5) I work for a major airline that filed for bankruptcy 3 years ago. I found a job right away, but it was a $20,000 per year pay cut. Additionally, that was when our second son was born and he required some medical procedures that cost us a couple of grand.

After a series of bad luck situations (my wife got hit by a drunk driver without insurance, etc.) we just kept getting further in debt. I started working two jobs but couldn't get ahead.

Now I'm back with the airline making good money, but we just can't seem to get ahead.

We have about $40,000 to $50,000 in unsecured debt, we're upside down in our house by about 25k and I make about 52k per year, sole income, for a family of four. We currently live in Indiana, but I am temporarily assigned in South Korea.

My pride wouldn't let me consider this before, but the stress is driving me to an early grave. I miss my kids and my wife, and I want to get back on track. To try and fix things, I've sold our cars, and I'm trying to pay as much as I can every month. I'm current on bills, but that's it!

Now that I've vented, I need advise. What is the mean income for a family of four in Indiana and Florida? (my company may send me to florida when i go back to the states) Is the income before taxes or take home? Is their a list of expenses that I can see to start making calculations?

Thank you for anything you can provide. I REALLY need help.

[Minnymouth]

America06,

Be aware that you have to maintian residence in one state at least 6 months or more (not sure) in order to file bankruptcy in that state and use their exemptions.

If your permanent residence is in Indiana, I would suggest filing there before moving away....

If you are still living in Indiana, have a consultation with an attorney (tell him the specifics, also that your husband is stationed outside the US).... and see what advice he gives you.

Let us know what the attorney says, keep us posted....

We will help all we can

[america06]

Thank you for your help. I'm going to do some reading and try and get some questions together. I have a lot of questions about what I can keep and what i can't. I want to keep our clothes, furniture, the kids toys, etc. We don't have any real valuable assets, our most expensive jewelry is my wife's wedding ring. Would credit counselor be a good start to evaluate our situation?

Thanks again.