Bankruptcy

I googled this for you. Just a brief breakdown of bankruptcies.
http://www.upbankruptcy.com/Types%20of%20Bankruptcy.htm

When you file bankruptcy, a stay goes into effect, so no one can just come and get your stuff and no collection efforts can be made. Your best bet is to meet with a good bankruptcy attorney and discuss your options. Filing a chapter 7 got a little bit harder after the bankruptcy reform act was passed, but it is still feasible. I don't know all the specifics, but there are certain income/debt requirements you have to meet in order to file a 7. Call a bankruptcy attorney that offers a free consultation and decide from there.

If you haven't filed yet, I suggest you tune in Dave Ramsey's radio show on KLIF, 570am 1-4pm weekdays. He also has a website, www.daveramsey.com. You can send him an email and ask questions. He is someone with lots of experience with finances, debt and bankrupcy- his own and in helping others in these areas. He has nothing to gain whether you decide to file or not so ask him before you go to a bankrupcy attorney. I often hear him help people form a plan that doesn't even use the bankrupcy option to get out of debt. Some debts aren't even bankruptable, like federal student loans for example. You also still have to pay for your debt in bankrupcy. Good luck. A.

Chapter 7 is very hard to come by since they changed the laws in 2006 and chapter 13 will take all of the debts that you are NOT curretnly paying (including the arrearage from your mortgage, if applicable) and require you to pay it back over a 5 year period. This INCREASES the amount of money that goes out each month because you are still expected to pay your mortgage/rent in addition to the BK payment.

I am not an attorney but am a counselor for people in financial difficulty regarding their mortgage and have seen BK be a huge mistake for many people. They end up not being able to pay the BK and it gets thrown out and they still lose their house in foreclosure.

contact me if you have additional questions.

C.
###-###-#### or
____@____.com

Honey, you don't need to be afraid, you need a good bankruptcy lawyer who can explain the process to you.
No one is going to come and look through your possessions!
Let me suggest you go for a free consultation with someone
like Vicki McCarthy, attorney who is kind, gentle, VERY
knowledgeable, and will explain the whole process to you and give you a list of what you need to do to file. I believe she does a free consultation (ask when you call).
She's at 1106 S. Main, Duncanville, ###-###-####.

You need to listen to Dave Ramsey on am 570 at 1:00p till 4:00p or on Fox Busness channel at 7:00p. Good, solid advise. DaveRamsey.com

There is life after bk. We did Ch13 in 2001, paid it off in 2005, 8 months early because we scrimped and saved. It killed our credit, but thankfully we've rebuilt it. The creditors never came for anything. We had furniture we bought at Wickes on their credit, which was included in the bk, and still have it. It's not pleasant, but we realized we had made some stupid mistakes when we were younger and had no other recourse. We tried debt counseling and debt consolidation, but the creditors were not willing to work with us as we had hoped. We got further behind with the counseling service we chose so things got worse. Our atty had the payments directly withdrawn from out bank account so we didn't have to worry about missing a payment or a check getting lost in the mail. It went very smoothly.

In CH13 your debt is not dissolved, simply reorganized and you make a monthly payment. We had to attend a 1 day seminar and work with the trustee to determine what our payment would be. It remained the same for the duration. The atty fees and court costs were included in that too. CH 7, which I'm not sure you can do much anymore, basically dissolves your debt. Looks worse on your credit too. At least with CH13 you are establishing a 'payment history' for future credit.

Good luck to you!

Please do yourself a huge favor and find an attorney. I am a financial planner and I have known many families who have gone through bankruptcy. Not knowing your rights will only allow the unscrupulous creditors to take advantage of your situation. You can go through this process a lot more comfortably with the proper guidance. I wish your family the best during difficult times.

Hi A.,
We file ch. 13 and went thru Rubin & Associates. Their website answers a lot of questions regarding 7 & 13. Hope this helps and good luck.

L.

Call Jim Ince at ###-###-####. He is a bankruptcy attorney and will give you a free consultation. He will explain everything to you. He is a good Christian family man and will be very kind. You are under no obligation to carry through, but you can't make the decision without information.

Good luck.

D. Kimbriel
Grandma to 2 beautiful boys

I work for an attorney. No they don't come in your house. It mainly has to do with what kind of debts you have and the money you make to see what you type of bankruptcy to file either chapter 7 or chapter 13. I think it is chapter 13 that you now have to file first to see if you have the resources to pay any back through the trustee. If you have like a timeshare or something like that they will take that to sell. But as far as I know that is the only thing that they will take from you to sell. Hope this helps. Good luck.

I filed Ch 7 several years ago. No one came to my home to take what they wanted. The only thing you can lose is property that SECURES a loan you can not pay back. I.E. Your car, The riding lawn mower you bought last year on the Sears card (if the Sears card is something included in the CH7). The trustee can also seize any non exempt property - such as a car that doesn't have a dedicated driver (each adult gets one car alloted), over 10K in jewelry or furs, a second home.

You really need to talk to a bk lawyer, though - they're well worth the $2500 it will cost for the filing. They can also tell you the difference in 7 and 13.

Good luck
S.

Hi, A.!

My husband and I filed years ago in CA and I know the laws have changed, so I can't really make any recommendations as far as what does and doesn't happen now. I can tell you that you should contact an attorney and a wonderful one who specializes in BK is Michael P. O'Donnell in Fort Worth. His office # is ###-###-#### and his website is mpolawfirm.com. He's been specializing in bankruptcy for years and is very good at what he does. Please don't hesitate to let him know that S. recommended him. If you'd like more information, please feel free to contact me. Hang in there! It's NOT the end of the world. If it'll relieve stress and give you a fresh start, then it's the right move.

My attorney asked me to list all I have and I was afraid to tell him because I thought a;; of it I would have to give up. Then he told me things not on the list they could take. In court they said something to me that I understood that they will be coming for my things. I was so scared. I lived in fear for weeks and nothing happened. They took nothing. Laws have changed since I filed but you can keep your house and car. I have tons of stuff. Kept it all. It is not like living in a million dollar house with boats. So do not worry about it. They will not take it. G. W

A creditor may only recoup if a debt is secured. A secured debt is a debt with collateral (house, car, home imporovement loan, etc.). If you are current on your payments, your home or auto is safe. If you are not current, foreclosure and repossession apply separate from bankruptcy. If you're current, your homestead and one auto per adult driver are allowed. If you own any rental property, that will be sold. An unsecured (credit card)creditor will not enter your home unless you have expensive or custom furnishings, art collections, etc. which could be sold/auctioned off to raise money. If you own a business, fixtures, machinery, or equipment may be sold/auctioned off in an effort to satisfy creditors.

My husband & I filed for bankruptcy chapter 7 in 2002. No they don't come and get anything. We used Waage & Waage. They were wonderful explained everything. Today we don't own any credit cards because we have learned to leave without that crutch! We didn't loose our home or cars nothing. The Lord blessed us and showed us how to live as good stewards over what He provides for us. Pray and ask God what is best thing for you to do. God bless you!