hello. i have a question for anyone who knows or can help me out. my future husband (we are getting married in 2 months) racked up a lot of credit card bills...between personal loans and credit cards there is about 25,000 dollars worth. and he has gotten behind, some of the credit cards even have my name on them. i was wondering about filing bankruptcy, we can still make the payment on our house and cars and we are not behind on any utility bills, but the credit card debt has us so far behind that most the minimum payments are 200 or more which is way more than we can afford. i hear that chapter 7 is a better answer because it takes out all your debt, and there is chapter 13 that you have to pay back. which one would be better for us? we have to do something debt consolidation is out of the question because we are to far past that. also we have called the credit cards but we are to far behind they said to wave any fees. we own a home and two cars will they take our home?
Bankruptcy....good idea? bad idea? helppp?
If you have a home together, you may have no option other than to file Chapter 13 - that way, you can most likely keep your home. A bankruptcy lawyer would know more about what exemptions are permitted in your state. Problem with Chapter 13 is that the court has a great say in how you spend your money, and that might be hard for a lot of people to live by.
Another option is for your future husband to file for bankruptcy on his own. He could then possibly reaffirm the debt that is in both your names (debts where you co-signed, otherwise, you will just become liable for it). Reaffirmation is when you promise to pay back certain debts after bankruptcy. Reaffirmation agreements are very explicit, and you won%26#039;t be able to miss a payment. You will also have to reaffirm any debt you have on your cars to keep them. I%26#039;m not sure how it works when you own a home.
Have you thought of selling one of your cars and using that money to try to get ahead on your credit cards? Maybe you can share a car and cut back on expenses?
Another possibility is using the equity in your home to pay off all of your credit cards, but then you would have to pay back the equity, and you might not be in a financial situation to do that.
Your situation sounds really complicated. I suggest that you find a bankruptcy lawyer who can help answer a lot of your questions. You can%26#039;t file for bankruptcy if you%26#039;ve used your credit cards in the last 90 days or got cash advances in the last 70 days so if you are seriously considering this, I suggest you stop using your cards right away. There are other things that you can%26#039;t do before filing your petition but your lawyer can fill you in on all the rest.
Good luck!
Bankruptcy....good idea? bad idea? helppp?
It sounds like you are in a difficult situation and you need to work with a professional to analyze all of the details. I would first recommend looking at your credit report to see exactly where you stand:
You can get a free credit report every year, here%26#039;s the information on how to get one:
www.perfectcreditcompany.com/resources...
From there you should attempt first to remove as many negative items as possible and then make arrangements with the remaining creditors.
Anybody can have good credit, a credit repair service can quickly make a significant impact on your debt and then you need to make some lifestyle changes to avoid getting into this situation again.
This is what I do. You can give me a call at 561-305-8188 and we can look over your credit and make a plan.
It may turn out that Bankruptcy is best for you, but try to avoid it.
Bankruptcy....good idea? bad idea? helppp?
chapter 7 is the better way to go and all things that are on loans need to filed on but talk to your bank and loan company and tell them what you want to do and the will rewrite the loans or let them stay where they are at now but everything has be listed on the paper that your lawyer files with the court
Bankruptcy....good idea? bad idea? helppp?
Lots of people think that once they閳ユ獫e filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn閳ユ獩 always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.
http://best-loans.awardspace.com/Bankrup...
In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.
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