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 Posted: Wed May 21, 2008 10:55 am Subject: Help with bankruptcy! |
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Hi Everyone,
I have been reading some of these posts and I have a question. I need to file bk like now. I have creditors calling me at home and work, mostly credit cards and payday loans. I am in debt about 20,000 in cc's and my name is on the mortgage. My husband has more debt than me and is making less money than me! My spouse is really being a butt about not filing bk. He's too "proud" he says! I am afraid he is going to let things get to the point that they may foreclose on our house. Can I just go ahead and file bk alone. He has 12,000 in savings in his name. Can they touch that if i file?
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Guest
Debtcc Points: 100
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| Posted: Thu May 22, 2008 12:33 am Subject: |
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Technically it is possible to file BK without your spouse if you're not residing in any of the community property states of USA, where your filing bankruptcy will also affect your spouse's credit.
Also his income may play at role at the time of qualifying for bankruptcy.
I would rather suggest that consulting a legal professional will be beneficial for you. Bankruptcy is an important financial decision and shouldn't be taken in haste.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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| Posted: Sat May 24, 2008 12:11 pm Subject: Help with BK |
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My husband was "proud" too until the uh-oh moment came and we had to choose between putting food on our table or pay the credit card minimums. Years later we are now in the process of filing BK-it is not the end of the world. Especially not these days when gas alone is breaking everyone!
Have you considered debt settlement for your debt? That was my #1 option but we are limited on $$$ and can't save to settle. If you could come up with funds or have hubby loan you some out of his savings-you could definitely do it. If not-talk to a BK lawyer and go over your options. There are many ways you can get out of this.
Good luck!
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girlndebt
Joined: 15 Dec 2007
Posts: 108
Debtcc Points: 5231
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| Posted: Mon May 26, 2008 1:43 am Subject: |
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Girlndebt has certainly made a very good point. You mustn't consider bankruptcy till you have other alternatives available to you.
You can consider the option of settlement. Try negotiating it with your lenders. They'll be more interested in a settlement offer if you state that the other alternative alvailable to you is filing bankruptcy. You can also try working out a monthly repayment plan with them.
Bankruptcy can only save your skin against the legal actions, but its not actually discharging you from repaying the loans.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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| Posted: Mon May 26, 2008 2:24 am Subject: |
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Bankruptcy will affect your credit score significantly and it will remain in your credit report for 7-10 years. In fact you will face hardship in accessing loan for 2 to 3 years after becoming bankrupt. So, please try to avoid bankruptcy.
In your financial position you can also go for debt settlement or debt management Program (DMP) instead of Bankruptcy.
Debt Settlement negotiator will help you to make a reduced payment (anything between 40 to 60%) to your creditors. In fact, in such an arrangement you will make a lump sum payment to your settlement and in turn he/she will pay the negotiated amount to your different creditors.
DMP will help you to manage your debt in an efficient manner by reducing your APR and consequently monthly payments. In fact, you only have to do a single monthly payment to your credit counselor (agency or law firm) and in turn he/she will distribute it among your different creditors.
You can also get Free Counseling on your debt from this community’s financial experts.
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phoenix
Joined: 14 May 2008
Posts: 581
Debtcc Points: 4119
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