Guide The Bankruptcy Life Line What Your Creditors Hope You Dont Know

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While this type of bankruptcy stays on your credit report for seven years, successful repayments can slowly counter the negative hit. For instance, you can still get an FHA home loan in the middle of a Chapter 13 bankruptcy. The first thing you need to remember is that the entire purpose of bankruptcy is to get your financial life back on track. So rather than thinking about bankruptcy as the end of the line, consider it a new beginning. Work with a credit counselor to set up a budget, to help you create a spending plan, manage cash flow, and prevent you from racking up future unnecessary debts.

First, stay on top of the state of your credit by checking your free annual credit reports with all three credit bureaus , and dispute any errors immediately if you find them. Next, regularly check your credit score so you can track your progress and better understand how your financial activities impact your score. When looking for the right product to help you rebuild your credit, research the best credit cards for borrowers with bad credit.

You want to look for a card that:. The first will report your payments and credit activity to the credit bureaus to help you re-establish good credit; a prepaid card will not. This will only help build your credit if the card is used responsibly — and if the credit card issuer reports authorized users to the credit bureaus most major issuers do, including Chase, Capital One, American Express, Bank of America, and Discover.

Another option is to have someone cosign a credit card or loan for you, which can give you access to credit that can help you rebuild your score. However, in either case, remember that your friend or family member is risking their credit reputation to help you. The form clearly says they will garnish you IF you miss a payment which I had not done. Can they do this? Thanks for answers…. I let the company I work for use my personal credit card and the debit is up to 67, The company is an LLC in Texas and not doing very well. Is there anything I can do tomake sure my credit card gets paid off by my company?

How much did the bankruptcy lawyer cost? Do you need a lawyer to file bankruptcy? My credit card debt was sold to a collector and then to a law firm who sent me papers stating that I am sued for the debt and to respond in 10 days. Not sure what the response they are looking for? The only thing I owe in my name is my truck which is broken and I can not afford to fix it.

I have been unemployed for 3 years. Should I file for bankruptcy and can I do this without a lawyer? Wow, reading all of the above passages, I am saddened, and my heart goes out to all of those people who are struggling to make ends meet. And although I can understand her anger, there are thousands of people out there, especially in todays economy, who need the help ad the relief. These ceditors can destroy you life, put you on the street. Of course, there will always be people who take advantage of the stuation, and with that, I empathize with Mary.

But for everyone else, I say to do what is best or you and your family. I filed bankruptcy, and was discharged two months ago. At first I was very ashamed, but you know what?

Should You File for Bankruptcy?

And now I can do things the right way…I am actually saving money every month, instead of being in a negetive account trying to pay bills. And this is a blessing, especially with a baby on the way. I did a lot of research on bankruptcy, and at the end of the day, it is not the end of the world.

Look at Donald Trump. He filed, and he has risen a stronger business man. I think we could all learn something from him. I think that you should weigh all your options and do a ton of research before you file. If your decision is to file, life goes on, and it will only get better from here. This page is one litany of excuses. As someone who is a judgement creditor- if one of the people owing me money tries bankruptcy- I show up for every hearing and drag it out as long as possible. Most bankruptcies are based on no resistance. Although it is important to list everyone who claims to own your debt it is the account number and the account itself that you are discharging through bankruptcy.

If that were the case no one would file. What would be the point? So, no matter what new agency may come along and tell you, it is the account that is discharged. Once it is discharged no one can collect or attempt to collect on it. Jenna, you handled this well. It is so important for people to keep their discharge letters. I am sorry to hear your plight but no one decides just for fun to not pay their bills. This statement somewhat disturbs me. Are you keeping tabs on them? This behavior could be misconstrued.

My advice would be to let it go and leave this family alone before your problems get much worse. No,an attorney is not needed to file for bankruptcy. If a person can fill out income tax forms, he or she should be capable of filling in bankruptcy forms. It takes a bit of patience and a few deep breaths. How do I know? Did it. My meeting is this Wednesday, April 14, Can a Hospital sue me on my judgement liens that I have listed on my chapter 7 bankruptcy and it was discharged I am very upset and not sure what form I need to fill out for the court.

I have since built my credit score up to a which I am veryy proud of. By primary question is this today I received a letter in the mail from a creditor that was listed in my original bankruptcy stating that I know this money from What can I do and what are the laws that will protect me against us. Since then I have had just started invesigating and applying for credit. Any other suggestions?

Our Chapter 7 has been discharged for over a year. The bank has still not foreclosed on our house. My questions is we will be able to buy a new house soon are have to wait 3 years after the foreclosurer. We filed for bankruptcy and had our creditor meeting back in October. We are re-affirming with our cars and house, but yet have not recieved a bill from those people yet. Will we be getting these bills again soon? We should be discharged in a couple months.

Thank you so much for any advice you may have. Now three years later I have a mortgage and two credit cards as well as a new car. Its great, I love it, bankrupcy is the best thing, a new start…. Just do it, get your self cleard to start again. Thanks America…. I dont have a problem with creditors calling, I changed my phone numbers to a throw away cell phone and they call that now.

I do have some nice clothes though.

Dear Mary … even though I am sure you will never read this … I just wanted to say something to you. Then … for the past 2 years we had one bad thing happen after another. My husband had been layed off FOUR times in the past 24 months in the construction field. Each time got harder and harder to stay a float.


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Then we sold our house in hopes of saving some money … but took a HUGE loss in order to get rid of it. Then suddenly we had no money in the bank … and we were sinking fast. Not ONE of them would give us a month off from paying … or lower our payment … or seemed to even want to help us. Then one day … there was no food in the house … and we stopped paying our debt … so our kids could eat.

The first bill that we ignored … was the hardest for us. We did not know what else to do. Wow, it was nice to read that I am not alone. I too was married for 9 years and when I seperated I bought a house, 4 months later lost my job and was completely clueless as to what to do! Long story short I filed bankrupcy Oct and was discharged in Jan, and able to walk away from my divorce debt free with a new job and a new start and I even kept my house.

Question- Can a debtor still try to collect? My husband passed away from Leukemia in I was 21 years old. We did not have children, but it was a struggle to pay for our bills. I turned to a credit counseling service who made a deal with my creditors and reduce payments and interest rates. It helped, but not much. Luckily, I had parents who were nice enough to let their 21 year old daughter move back in — rent free.

Finally, after 5 years of paying I decided to file bankruptcy. I have learned from my mistakes.

I’m buried in debt. Can I just stop making payments?

Yes I have credit cards, but I do pay atleast double the minimum payment every month and they could be paid off within 3 months. I live in my own apartment, pay all of my bills on time, and still have money to buy food. My dad had retired in , but still has to work part time while my mom works a full and part time job. So my dad, who is 67 and has health issues still works too! To Mary, who will probably never read this, get over yourself. Maybe one of them lost their job, maybe one became ill, or maybe they just realized they were in over their head, and thought that a fresh clean start would help.

What about those of the younger generations that will never get to see their social security benefits that get taken out of their paycheck? There are some demons in your life that I hope you get rid of. Whether you believe in it or not, there is a little thing called Karma — what goes around comes around. I feel sorry for you, Mary!!

I use to be married and was going alright, then found out I have a illness that could kill me and that was the end of my life I thought but I got credit cards because my credit was pretty good even bought a new car then I got divorced a year later which never thought that would happen to me. I still payed my bills but moved to another state with family. I have sceroderma and rhynaulds disease.. To Mary and all those attacking her.. I have been on both sides of this fence. It was bought with the stipulation that she would get her credit straightened up and get it in her name in a couple years.

Well 7 years later, she never did this, moved out and left the place a mess.

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She has done it to another couple landlords since then, so it is not a one time thing. But there are those who mismanage their money and expect a free ride or others to clean up their mess — this is wrong. I am also a little sad because my husband and I wanted to be police officers, but I read that once you file bankruptcy, law enforcement agencies will deny you. I am relieved that I will have a fresh start but not relieved that I wont be able to get a better job due to my credit history.

I need plenty of prayers. I am in the exact same boat is you. I filed my paperwork on Friday with ant attorney that I pray knows what he is doing I have the same title as you and been working for the same amount of time only difference is I have 3 children and I am totally stressed out because of this. I have lost over 40 lbs from not eating and sleeping. I will pray for you and you do the same for me and my family.

Do you know if the trustee will take our pension and I think they take your income tax return to. I found this site when looking for info about bankruptcy. I can understand anyone having money problems, I am having the same problem about money, I also have the Problem Mary has. My tenant filed Chap 7 in June and stopped paying rent in Sept. I won a judgement in court against her in Nov. Can I garnish her wages? Larry- Any debt that was incurred after her filing date, not discharge date you can collect on that debt. Any debt incurred prior to her bankruptcy filing date is dischargeable and not collectible.

I do consulting work and pay out of pocket a month for health insurance. Good credit after only 2 years of a discharge — its BS. Yes there are proud honorable people who find themselves needing to file for bankruptcy…I get it. A perfect example of this kind of greed and stupidity is the housing crash. As a result these people who played by the rules and who actually bought a house they could afford now find themselves in a position where they have to file for bankruptcy — my sympathy to these people. To Mary, I truly understand your anger and frustration, but everyone files bankruptcy for their own reasons.

My husband and I followed all of the rules, paid all of our debt on time, and the company he worked for closed their doors in October of after 50 years of business. My husband went back to school for two years, while I worked full time and he collected unemployment, as we lived off of our savings also. He did the right thing by taking the job, but after 3 years of using all of your savings, cutting back as much as you can while raising three children, and living pay check to pay check things get tough.

Creditors did not care about our situation, called and harrassed us as we found ourselves having to now pay bills days late. There are a variety of reasons why it has happened. Here are a few reasons I see. Our nation is experiencing one of t he worst economies the US including Texas has seen in recent history. The number of Chapter 7 and Chapter 13 bankruptcies have risen sharply as a result. In other cases a medical situation has decimated savings, and unforeseen medical bills have reached a point where paying them back is a hopeless endeavor.

Even still, I observe people who needed to take job positions that are far below their skill level and pay grade due to the job market constraints. This has made maintaining their previous standard of living very difficult.


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Despite their ability to tighten their expenses and cut back where they can, their bills just keep rising. My clients who are in situations similar to this are faced with very difficult choices. Of course they know this is the right thing to do, but when their debt balances are greater than their savings, they often wonder if there is an ethical alternative to this slippery slope of draining their financial futures.

Should they file a Chapter 13 or Chapter 7 bankruptcy? If you were to ask the average bankruptcy lawyer in Houston they would wholeheartedly recommend this option. Sometimes I would too, but if all the facts were presented you would see that bankruptcy is an option that should not be taken lightly, and used very sparingly. These differences are explained o n Wikipedia. The bottom line is this: Most people who need help these days are honest, hardworking people who have found themselves in a difficult place for a number of reasons, often outside of their control. You would be surprised how many people you know have struggled with the same debt problems, but I understand the desire to not ask friends for referrals.

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Here is a little about my background which will help you understand my qualifications in offering you clear, straightforward, objective advice. I have completed over successful legal cases over the past four decades. In addition to owning and operating one of the largest law firms in Houston, I was also privileged to serve as a Texas judge and Mayor as well.

Service is very important to me, and this is why I have volunteered my time as a board member and chairperson for the many non-profit organizations listed on my about me page. Please understand this. Here is what I mean. For years, my Houston law firm represented some of the biggest creditors in America.

I am intimately acquainted with their entire playbook, and I know exactly what they can and cannot do to people who owe them money. Owing them money is not a crime. My leadership position at the BBB has opened my eyes to the countless scams and debt settlement schemes to prey upon people facing financial pressure. As a Judge I became acquainted with Texas law for obvious reasons, as I had to reference it in the many cases I oversaw.

This added yet another dimension to my legal understanding, and provided me with an expert view on how our laws are administered. Since I used to preside over lawyers and their legal arguments as my job, I feel this experience is extremely beneficial when it comes to educating Texas consumers on their rights pertaining to debts, wage garnishment, foreclosure, statutes of limitations on debts, and more. While I am a licensed bankruptcy lawyer, my experience has provided me access to a bankruptcy alternative that most attorneys know nothing about. My past clients can attest to not learning about this anywhere else.