Filing for BK 7

*delete*

What type of bankruptcy do you want to file for? You need to speak with a bankruptcy attorney in this regard.

Bankruptcy is a personal decision. People are greatly influenced to take this decision when they are unable to pay their series of debts. At the same time, creditors will also keep calling for the payments.

Filing for bankruptcy can temporarily stop the creditors from engaging into enforcement lawsuits. Secured creditors can apply for "relief from the stay". Then they will continue their efforts and try to repossess or foreclose.

While almost all debts can be included in the bankruptcy, student loans, alimony and support obligations, drunken driving restitution, and debts incurred through fraud are exceptions. They cannot be discharged in bankruptcy.

In most cases, people think that filing for bankruptcy solves all the problems. Depending upon the individual circumstances, after bankruptcy, if your situation does not get better from the present, why do it? You need to speak with a bankruptcy attorney and figure out whether you really need to file a bankruptcy petition after showing your individual case.

I have had to file bankruptcy before, in fact twice and that is not something I am poud of, but the first time I was living on $800 a month (during a time when my ex decided not to pay c/s). 2nd time was after we moved to NC and the cost of living was so much higher and I was having a hard time finding a job and we had just had a big move and all the expenses, and things kept getting worse and worse. Advice, if you do not think you can manage on your own, get some help first. Use bankruptcy as a last resort. If you want to make an appointment with an attorney, do so, but get everything together. That means ALL bills (how much you owe, how much your payments are, etc). Do a budget up with what you have going out compared to what you have coming in. Discuss you options with the attorney. It may not be in your best interest to file bankruptcy and there might be a better way for you to go. When I went, both times, I talked with my attorney and showed him what I had put together and told him I wanted to be able to pay every one back, but when he calculated everything, it was better for us to file bankruptcy and eliminate what we had. I felt very ashamed and was very upset both times. I have never been one to run from anything I owed, but I was at the end of my rope. If you use a counseling service, just be careful. My husband and I got taken by a couple of them before we filed the last time. I was still doing everything and then found out that they were taking 25% of our payment for their fees, and we were never told about fees when we started up the program, plus it seemed that none of our creditors would work with us. We just ended up deeper than we started. As with everything, be careful and check everything out before you make a major decision such as filing bankrutcy. It will stay on your credit report for 7 to 10 years and makes thing very difficult, from getting credit to renting a place to live, sometimes getting a job. This is from someone who has been there. Use it as a very last resort.

Sounds like you are considering filing for bankruptcy. I hope that you have considered all of your options and you have carefully thought about your decisions. As I have said on this board numerous times, I do not advise bankruptcy unless it is absolutely necessary.

Be aware, a bankruptcy will appear on your credit report for ten years. While it will be difficult for you obtain loans and credit cards or if you obtain these things, you will be dealing with higher interest rates, you must sit down and actually examine whether bankruptcy is the only option.

I filed in 2000 but I had to put a lot of thought into it. You can see my story in my blog stated below. This is not to advertise my blog, but it is to tell you of my story and my heartache when I had to file bankruptcy and the reasons why I made that decision. I would hope that you read it and others stories as well before you consider it.

Good luck. We all wish for the best for you.