Tag Archives: chapter 7
- My Husband Wants to File Chapter 7 Bankruptcy and Thinks I Should File Chapter 13. – Cathy
“Dear Steve, Husband’s employer closed. He is now receiving Social Security and unemployment. I work a full-time and part-time job and have a little pension check. Our credit card debit is no longer manageable. My husband wants to file chapter 7. He thinks I should file chapter 13. I co-own some property and have $20,000 [...]
- All About Chapter 7 Bankruptcy Rules
A chapter 7 case starts with the consumer filing a request with the bankruptcy court in the area where the individual lives or where the business borrower happens to be or has its principal place of business or principal resources. In addition to the petition, the debtor should likewise file having the court: schedules of [...]
- All About Bankruptcy – Chapter 7 Bankruptcy – Chapter 13 Bankruptcy
Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It [...]
- I’m Currently in a Chapter 7 Bankruptcy and My Attorney Told Me Not to Make My Mortgage Payment. – Ed
“Dear Lewis, I am currently in chapter 7 Bankruptcy. My home is worth 315,000 and the court is getting an appraisal as ordered by the trustee. my home is worth about 380.000 dollars and I have had had contractors over giving me estimates on work that is needed. so far the roofer gave me an [...]
- Bankruptcy Filings Way Up. 73% File Chapter 7 Bankruptcy.
The latest year-on-year bankruptcy numbers are out and nobody should be surprised that bankruptcy filings are way up. In the year ending September 30, 2010 the number of Chapter 7 bankruptcy filings was up 14% and Chapter 13 bankruptcies were up 8%. – Source Chapter 7 bankruptcy cases account for 73% of all consumer bankruptcy [...]
- Would I Run Into Trouble Filing a Chapter 7 Bankruptcy? – Lee
“Dear Steve, Since last March, I have charged $30,000.00 in Credit Card purchases. The bulk of this was March thru May 2008. In May My hours were reduced (At that point I was using my credit card for survival. I.E. Groceries, Gas, Utilities, Car Repairs and needs). In August I was laid off and still [...]
- We Don’t Want to Lose Any of Our Paid Off Vehicles in Bankruptcy. – Tony
Tony “Dear Steve, Between me and my wife we have over $70,000 in credit card debt. we spoke with a lawyer for chapter 7 to eliminate them . however i have 1 vehicle and my wife has 2 , they are clear with no payments on them . by law we aour only covered for [...]
- I Went Bankrupt Five Years Ago. I Don’t Think I Can Do That Again. – CurlyGirl
CurlyGirl “Dear Steve, I’m current on all my credit card debts, but the $700 a month in minimum payments (on about $10K total in debt) is killing me. I was laid off from a good job 2 years ago and have been freelancing ever since, so my income is irregular, but still enough to live. [...]
- Is Bankruptcy Right For Me?
Bankruptcy Basics Most people think of bankruptcy as a process in which you go to court and get your debts erased. It’s not that simple. In fact, there are two types of bankruptcy: the familiar liquidation bankruptcy, where your debts are wiped out (Chapter 7 bankruptcy) and “reorganization” bankruptcy, where you partially or fully repay [...]
- I Filed Chapter 7 Bankruptcy But I’m Scared What I Will Face. – Lee
“Dear Steve, I racked up lots of credit card debt going through college and graduate school. I have always been able to make miniumum payments and still had good credit. I now have $60,000 in credit card debt, $30,000 in school loans, and I had just bought a new car two years ago. I don’t [...]
- My Fiance is Going Bankrupt. Will We Ever Be Able to Buy a House? – Jennifer
“Dear Steve, My fiance is considering filing for Chapter 7. He has okay/good credit, but more than $25,000 in credit card debt and his payments severely limit our finances. He does not have a car or house that creditors can seize for payment. I’ve read that bankruptcy will stay on your credit for 10 years, [...]
- The Five Myths About Bankruptcy. Watch the Video.
Thanks to Twitter I discovered a new video out of a news story on the five myths about bankruptcy. The myths are: You should be dead broke until you file for bankruptcy. Bankruptcy ruins your credit score. You lose your home if you go bankrupt. You should max out your credit cards before going bankrupt. [...]
- I Went Bankrupt and My Financial Situation Has Taken a Turn for the Better – Roger
Roger “Dear Steve, 6 months ago I filed Chapter 7 and it was discharged. Since then my financial situation has taken a turn for the better with a higher paying job allowing me to save money on a monthly basis and in turn hopefully invest and I am no longer living paycheck to paycheck. At [...]
- I Suggest Bankruptcy Too Often, So Say Some
I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see The Truth About The Failure Rates and Completion Rates [...]
- Jeannie Already Went Bankrupt And Is Now With CCCS But Can’t Afford to Feed Her Daughter
Jeanie “Dear Steve, I have already gone to bankruptcy five years ago. I am currently in credit counseling, however, I do not have enough money to provide food and clothing for my child. I am a single parent not receiving child support, I have no child support judgment. Long story, but I felt it was [...]