ladies i need some info on bankruptcy?

stephforever89stephforever89
edited July 2013 in Pregnant
Is it worth the ten year of not being able to do anything? We have about 4000 indebt not including our car payment which is in my dads name. We owe like 12xxx on the car. My husbands hours got cut bad. Like 300 dollars a month. Are bills are starting to Pile up. We really want a fresh start. I'm going to fill out for foodstamps today. And check into these income based apartments today. We have lowerd our bill some over the past few months. We r on straight talk,down to one car, lower car insurance,paid one loan off. Don't know what too do. What do y'all think

Comments

  • trixiesmom8trixiesmom8
    Bump
  • WilsomomWilsomom
    I wouldn't file for bankruptcy for just $4000 of debt. That's not very much really. The courts will take any assets you have & sell them. Plus you'd have horrible credit. If the car is in your name & your dad's name then you would have to file on it too & he would have bad credit. You have to file on every debt you owe, it's all or nothing.
  • ttcbabynumber4ttcbabynumber4
    I agree ^ don't file for that much. Life changes can come so fast. Just try to take things month by month and do what u can. Hopefully things turn around for u sooner rather than later. Hang in there. Financial problems suck.
  • JessibearJessibear
    I wouldnt for only four thousand, it will mess yoir credit up and also stay on your credit report for ten years which makes it difficult to finance or buy a house and sometimes even rent or anything for ten years.
  • 2girls_2boys2girls_2boys
    My hb had 20, 000$ in debt I don't think you need bankruptcy
  • julesjules
    Well urs is very low, however if u decide to file its actually 7 years that its on the record it does not mean u can't do anything. My husband filed before we got married because of his ex screwing their credit and never paying stuff which he had no idea bc he was the one providing she was the one in charge of paying the bills. Well since she was cheating she didn't care thought it wouldn't effect her or something. Anyway his bk was final only last year and we just bought a new car, are ina house. His old house and car also had her name on it and he did have to put those in in order to get his name off since she still wanted to keep them. And it makes no effect on her credit that he filed. And if the car is only in ur dads name ur not even going to including it at all so nothing to worry about. But like I said earlier in ur case thats very low dept I would call all the places tell them the situation get very easy payment plans going. They might even freeze somethings bc if they know ur other option is bk they dont want that at all so they will work with u. Plus this happens all the time so they know exactly what to do. And if u want professional to look at ur stuff get a hold of a lawyer they will look at everything and give u their opinion without u having to pay anything. Thats what my hubby did first to see what his opinions even were. And it doesn't screw ur credit he actually has a ok credit and is going up really fast now bc of our car purchase.
  • stephforever89stephforever89
    Our loan is through a government bank. We were paying on it got behind had to pay the important bills first. We owe them like 1500 out of 4000 dollar loan. We have court on the 6th for that. We owe Verizon greedy asses 2000. Which they are f'n crazy for charging that. Sry I really hate version they really know how to rip off ppl. Then some medical bills which is probably like 700 and when we dropped nationwide for Geico which is 300. Oh and credit card which is 500. We got approved for food stamps so that should help. I'm going to look at thease income based ap. I told my hubby after his vacation he has to put his 2weeks in and look for a new job. Which he has had several offers. I really have been tempted to call osha on his employer.
  • namelessnameless
    You need to budget. Don't file that for amount. Call the places you owe and set up payment plans.
    Verizon is expensive. Do you still have them?
  • MorgDeeBeeMorgDeeBee
    Take care of the government loan and call the other companies tell them your situation and see if you can work out lower payments until there is a change in your finances.

    We were about to file for bankruptcy before my husband deployed then decided it wasn't the best option we worked things out with the creditors where we only pay about 50 dollars a month to each ones. They were more willing to help us out instead of having to deal with a bankruptcy.
  • captivatedcaptivated
    If it is for less than 20k, it is unlikely to even be approved. My husband and I filed. You're better off with a loan consolidation.
  • captivatedcaptivated
    edited July 2013
    To put it in context, my husband had over 60k of debt not including the house. I have over 400k in medical bills. And 12k in attorneys fees left.
  • julesjules
    Well honestly sounds like u already have good control of the situation. Meaning u know exactly whats happening who u owe how much and like I said before they will work with u on making payments. Especially since separately its not that much so u should be able to ge very small amounts for each payment plan. Try figure out ur basic budget with how much all ur bills are and how much total u have left which will be divided into all those little payments some will have minimum amount u have to pay so get all the info first before u tell anyone what ur commitment will be monthly. And the places that ask how much can u pay every month just ask wants the lowets amount and have it set to that. And if at any point u have little extra just write them bigget check. That ur not signing up for too much at once but know u are always able to pay more obviously lol they all want their money. And I think as far as ur hubbies job get hin settled into the new place have all paper work signed making sure it won't change then have him stop his job now. Just to be safe. Plus u don't want to go a period without pay while his transitioning from the old to the new job. And I'll be praying for u guys!
  • KylieMommieKylieMommie
    edited July 2013
    Not for that little amount....ours was was just finalized for $92,000 so $4,000 is nothing
  • candy101candy101
    First I had one discharged in 2003 and it just came off my credit this year.

    Second I bought a house less than 2 years after I did have to wait until the 2 years was complete to close. We were building it so that was not an issue. I have purchased 4-5 cars in that time you can still buy things u will have crazy interest rates in the beginning.

    Four thousand is not enough. The courts will not take your assets. You are allowed to have one car each and a house if you own one.
  • ScarlettsMamaScarlettsMama
    The courts will not take your assets and u can buy stuff like cars and get credit cards right away but I think 4grand in debt is just not worth it...I filed 3 years ago but I had like 40grand in debt :/ but I can honestly say it was a great decision for us in our situation... in your case I would just make settlement agreements with your creditors you could probably cut that debt in half ...good luck!
  • starrxoxo9starrxoxo9
    edited July 2013
    I filed for $7,000 in 2008 and I regret it terribly. It's been 5 years and the only credit I can get comes with like a 30% interest rate. Hopefully it will come off my record soon. In April 2015 it will be 7 years. In hindsight it was too low of an amount to file for but I had been ripped off by a debt consolidation company for $3000 and my creditors kept freezing my bank account so I couldn't pay my other bills on time. They wouldn't work out any deals with me and I was really backed against a wall but I still regret it.
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