bankruptcy or not
Date: Mon, 10/30/2006 - 17:35
I'm about $6000 in debt with credit cards and storefront payday loans. The storefronts will not work out a payment arrangement. I feel that the only way to be protected is filing Chapter 13 bankruptcy. What should I do?
iknow 6000.00 to u may be alot but its really not that much.. i
iknow 6000.00 to u may be alot but its really not that much.. i would suggest signing up here or somewhere for free consultation for advice on what to do.. plus bankruptcy if done with an attorney can easily cost 1000 now..id def sign up here 1st for ur free consult because before filing now u have to take a debt managment class anyway
Yes, the advice given by the guest is correct. You will have to
Yes, the advice given by the guest is correct. You will have to undergo a credit counseling for six months and qualify in the means test if you are filing for chapter 7 bankruptcy. You can go through the complete procedure explained in this link.
Filing for Chapter 13 is also tough.
Quote:
Chapter 13 filers will also have a tough time Under the old laws, the debtors arranged the repayment plan after paying the actual living expenses from their disposable income. New laws state that disposable income will be calculated as per the allowed expenses dictated by the IRS. If that disposable income passes the means test as per median in your state, then only chapter 13 is possible. The worse is yet to come: the allowed expense amounts have to be subtracted from the filer's average income during the six months before filing. Under the old laws, the subtraction was done from the actual income of that month and the previous six months income was not compared. This means that the overall disposable income will grow higher and as a result chapter 13 will also be tough to file. |
It is quite possible that $6000 is not the amount you actually owe. If the lender has put additional charges more than your state laws, the total can be reduced down and it maybe easier for you to pay through the program. You may discuss about your options with a credit counselor.
