Need some straight answers badly
to god, not my fault, up until this point I had maintained near perfect =
credit. A bad realtionship did me in. I have retained an attorney and am =
in the process of filing for bankruptcy, althogh the filing has not yet =
been done. The law firm has $1,000 dollars of my money. I am flat out =
unable to work and am recieving disability pay from military service in =
the amount of about $800 (with the possibility of it rising to $2,400 =
per month, though that will take years.) It will never go down and =
cannot be garnished by any entity according to the lawyers. There is no =
way I can see to live in the U.S. on the current amount with any type of =
repayment or consolidation stuff in effect. So, I have been planning to =
go to Latin America where $800 per month should allow me to live =
modestly. Thing's are defaulting now, and my credit is doing a serious =
nosedive.=20
Q1. Is bankruptcy the right move for me? I have no assests to protect. =
Only CC debt, student loans, a personal loan, and a new truck that I'm =
way, way behind on. Should I file, the court will order me to surrender =
the truck. This is scary because it's the perfect vehicle for driving =
there and I can't scrape up the airfare I need and eat at he same time. =
Driving there would be ideal. I'd like to take off right now but need to =
know the reprocussions of doing this. I'm not a bad guy out to screw =
people, I never have been. I'm just in a bad spot and very near the end =
of my rope. The next stop for me is a homeless shelter. I plan to =
contact the maker of my vehicle when I get to the Southern border of =
Mexico (can't go any farther without the title) and let them know where =
it is. I know for a fact that there are dealerships there. Time is =
pressing as I expect to just see the truck gone very soon (repo) if I =
don't get on with things. If I file, I'm guaranteed to have to stay in =
the states for another 45 days minimum. So... should I file? Would you?
Q2. Are there legal reprocussions (jail specifically) if I go ahead with =
this plan (just take the truck south, and not file bankruptcy?) Will =
taking off now mean I can never return to the U.S.?
Q3. If there are no serious legal reprocussions (the truck WILL be =
returned to the maker,) how long will my credit in the U.S. stay =
thrashed? Ballpark?=20
Thank you for reading this long-winded tale and please by all means =
shoot holes all through my plan. I need the info. If you're response =
begins with something about "moral responsibility" or "gradual =
repayment" I ask you to reread the part about me NOT being able to work. =
And being homeless. If there's someone who can just give me the facts or =
a better alternative I haven't thought of, then I will be grateful =
beyond what I can express.
Student loans are rarely written off in bankruptcy. However, dis
Student loans are rarely written off in bankruptcy. However, disability to work sometimes may help to get off of student loan liability. IMO, you have to talk to the lawfirm if your student loans will be dissolved in the bankruptcy process or not.
For the truck loan, the worst thing that may happen is, your creditors will show up and take the truck away. You won????????t go to jail for defaulting over loans. However, if you file Chapter 7, you have to sacrifice the truck.
Though Chapter 13 helps you keep the truck with you, but it requires a steady and regular payment plan that may not be possible for you.
Again, your creditors may not bring criminal charges against you for not paying unsecured debts like credit card debt and personal loan.
The impression that I get from your story is it will be difficult for you to keep the truck. Since you have already paid some bucks to the lawfirm why don????????t you talk to them?
You can go through the link below to know more about Bankruptcy.
And to answer to Q3, bad credits stay on your credit report for 7 - 10 years max.
If you are planning to file for bankruptcy, I think chapter 13 w
If you are planning to file for bankruptcy, I think chapter 13 will be a better alternative. You cannot get a judgment proof because you still have the truck to show as an asset. The creditor will make so difficult for you to keep your truck if they don't get their money. Follow a repayment plan under chapter 13. This will be a very good move through which you can keep your truck and pay towards your debts.
Are you sure about receiving the disability check after moving to Latin America? I think the laws will be different there. Be sure to confirm about receiving the check before making a move otherwise your move will go wasted.
The student loan probably will be able to garnish a portion of y
The student loan probably will be able to garnish a portion of your disablity. Consolidate this loan with Direct Loans and get it on income contingent repayment to prevent your loan from defaulting if you havent already.
