Bankruptcy Information

sugarkube4 Posted: Nov 20, 2006 06:46 PM

Bankruptcy Information

Hi Ladies..

FH is thinking about claiming bankruptcy.. Does anyone know a good lawyer that handles that??

Or.. if anyone has claimed, do you know a little about the process that you can clue me in on???

Thanks!!!

Meaghan729 Posted: Nov 20, 2006 06:49 PM

Re: Bankruptcy Information

Bankruptcy laws changed recently - and its alot harder now than it was before.

I would have him speak with an attorney - there are different types - and if he has any income whatsoever, it will be very hard to have debt elminated (they may work out repayment though)

it stays on your credit report for 7 years.

good luck!

gaccrrm Posted: Nov 20, 2006 07:01 PM

Re: Bankruptcy Information

You have FM.

AlmostKulak Posted: Nov 20, 2006 08:11 PM

Re: Bankruptcy Information

I went through the bankruptcy thing before the laws changed but I think if you find a good attorney it isn't as difficult now as people think.

donegal419 Posted: Nov 20, 2006 08:13 PM

Re: Bankruptcy Information

I don't know too much about it, but I believe it does stay on your credit record for seven YEARS... you may want to think about this seriosuly, particularly if you have plans to buy a condo, house, etc. in the next 7 years. He shoudl consult an attorney.

D's Girl Posted: Nov 20, 2006 08:28 PM

Re: Bankruptcy Information

Day, instead of that because it stays on your record, why don't he look into consolidating his bills and going on a plan like that?

AMGBride2008 Posted: Nov 20, 2006 08:41 PM

Re: Bankruptcy Information

I don't know anything about bankrupcy but I do know that you'll be in the red for a while. Maybe sit down with a financial advisor before making any big desicions.
Good luck!

JIFFY Posted: Nov 20, 2006 08:59 PM

Re: Bankruptcy Information

Just an FYI...make sure it's what you really need to do. I would try a debt counceling service too. The thing with BR is that it stays on your credit report anywhere from 7-11 years. (i'm not sure) but it's a long time. Something to consider when trying to purchase a house or a car.

kitty1224 Posted: Nov 20, 2006 09:01 PM

Re: Bankruptcy Information

It stays on your record for 10 years, I believe. Most people do not qualify for it anymore,

Marly Posted: Nov 20, 2006 09:25 PM

Re: Bankruptcy Information

It stays for 7 years.

Meaghan729 Posted: Nov 20, 2006 09:43 PM

Re: Bankruptcy Information

Posted by JIFFY

Just an FYI...make sure it's what you really need to do. I would try a debt counceling service too. The thing with BR is that it stays on your credit report anywhere from 7-11 years. (i'm not sure) but it's a long time. Something to consider when trying to purchase a house or a car.

DO NOT do debt counceling. you might as well declare bankrupcy then. Debt counceling will ruin your credit just as bad.

sugarkube4 Posted: Nov 20, 2006 09:46 PM

Re: Bankruptcy Information

Posted by Meaghan729

Posted by JIFFY

Just an FYI...make sure it's what you really need to do. I would try a debt counceling service too. The thing with BR is that it stays on your credit report anywhere from 7-11 years. (i'm not sure) but it's a long time. Something to consider when trying to purchase a house or a car.

DO NOT do debt counceling. you might as well declare bankrupcy then. Debt counceling will ruin your credit just as bad.

My BM is an office manager at a debt consolidating company and it SCREWS people's credit.. I don't want FH to file,he is looking for an easy way out and this is NOT it.. I keep showing him everyone's answers and FM's and I just don't think he is thinking rationally right now..

N.Y.bride Posted: Jan 02, 2007 10:11 PM

Re: Bankruptcy Information

How do you know if its going to be 7 or 10 years. I keep hearing both answers.

ssdbk Posted: Jan 04, 2007 10:34 PM

Re: Bankruptcy Information

Posted by N.Y.bride

How do you know if its going to be 7 or 10 years. I keep hearing both answers.

It can remain on for 10 years for a Chapter 7 bankruptcy and 7 yrs. for a Chapter 13--- but I have heard rumors that after about 7 years you may be able to ask to have a Ch. 7 removed. I do not know how true that is b/c I don't handle credit repair, but I am a bankruptcy lawyer (that is what the 'bk' in my screen name is for). The new law makes it more difficult but a surprising number of people still qualify. You just have to jump through a lot more hoops to get the case done, or possibly file a 13 instead of a 7.