How bad is it really? NPR

BigBellyBigBelly
edited February 2012 in About App & Forum
To file for bankruptcy? My husband and I are.really.considering filing but we know absolutely nothing about it! We were young and dumb and got a couple credit.cards and spent money we.didn't have and now years later all we do is pay the minimum and are getting no where! It would be nice to have a fresh start. will we loose our house or car?? Anyone know anything about filing for bankruptcy?

Comments

  • lucyloo288lucyloo288
    I don't know anything about it, except my dad did it.. but he had gone thru a divorce and didn't have a house and had a car he owned outright.. I think there is a chapter you can file that they dont take everything from you.. but bankruptcy lawyers usually give free consults, so it wouldn't hurt to call..
  • three_cats_n_a_babythree_cats_n_a_baby
    Are you in the UK? If so then it will stay on your credit file for 7 years meaning you can't get a mortgage or any sort of credit in that time. May am worth looking at a loan to pay everything off so you only have one thing to pay. That's what we did and even tho me still owed the same amount it felt so much better only having it in one place and less chance of forgetting a payment and getting charges etc. Also look at changing credit cards over to interest free so the balance at least goes down. I would try anything before going bankrupt!
  • three_cats_n_a_babythree_cats_n_a_baby
    Sorry for the typos, silly phone.
  • BigBellyBigBelly
    Yea we wanted to try and get it all on one but don't know if that will work. I guess we could.call just to see what they say. But I think getting a loan to combine them would be pretty hard cause it's a lot! But wish we could do it that way!
  • three_cats_n_a_babythree_cats_n_a_baby
    If you could do it i would recommend it cos it makes it feel loads better! Ours was only about 8k all together but was over 3 over drafts and two credit cards and we felt like it was never ending!
  • starrxoxo9starrxoxo9
    If you don't want to lose your house or cars you have to file chapter 11. You still have to pay back a portion of your debts, and they also make you sell your assets to pay your debts. Chapter 7 is what I filed and I was absolved of all debts but I rent an apt and my car was paid off at the time. Bankruptcy really sucks so try to avoid it if you can. I would do some research on Chapter 11 bankruptcy in your state.
  • BigBellyBigBelly
    Sell assets? Like things we have that are worth money?
  • starrxoxo9starrxoxo9
    Yes if I remember correctly that's one of the rules. I think it also depends on how much your stuff is worth.
  • starrxoxo9starrxoxo9
    Oops its chapter 13 not 11. Here's a link.

    http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx
  • BigBellyBigBelly
    Thanks @starrxoxo9
  • starrxoxo9starrxoxo9
    No prob, good luck!
Sign In or Register to comment.

© Vanilla Keystone Theme 2024