BANKRUPTCY??Have you ever done it??

  1. As I hit another paycheck and round of bills over my head I get closer to going to a lawyer and filing total bankruptcy..I feel some shame over this although it was a series or HORRIBLE events that started my plunge into the deep abyss of DEBT...I'm looking for some info from anyone who has some knowledge on this sad area...I am working 48-58 hours a week and that dosen't even cut it....if Icould hear some real saga's and not just what the ads say maybe I could make a better decision..Already checked out the credit counciling and that's not enought help..anyone know anything on this topic
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  2. 41 Comments

  3. by   lovebigdogs
    I did that once. The credit counselors suggested it to us and we thought long and hard about the decision. I totally understand the humiliation involved because I have been there. The only problem I had afterwards was I had to get my mom to cosign a visa card for me but I got a car loan from Ford Motor credit to get back my credit and then dumped the bum that wouldn't help by getting a better job. Anyway it might be a good idea for you if you have already tried everything else and having a hard time making it.
  4. by   VictoriaG
    If bankruptcy is your only recourse, for Heaven's sake do it and don't beat yourself up for it. Look at it as a new chance at an organized life. If you pay cash for everything and stay away from credit cards, you'll do fine.

    We are products of the American dream, instant gratification = instant credit. You would be amazed to learn how many of your friends and co-workers are head over heels in debt.
  5. by   studentOH
    I know several people that have had to file bankruptcy. If you have to do it don't feel bad, it will be a HUGE weight off your shoulders. Get a couple opinions though to be sure you're making the right decision. I myself have had to go to school every other quarter just so I could keep up with my credit cards from HIGH SCHOOL. Good luck!!

    Brian
  6. by   studentdeb
    We also filed about 14 years ago. We did chapter 7 which wipes your debt out (except for anything owed to the government, you still have to pay that back) It took several years to gain credit again, but we did by having a co-signer on a car and after that, the offers came in. We also were able to buy a house in 95. It stayed on our credit report for 10 years though so that hinder some things. I was turned down for a job because of it.

    We learned a big lesson for it and now are very careful with our credit. We have had several credit cards and do not use them but one.

    If you need to do it, you should. It will help you relax and give you a fresh start.

    Gool luck.
  7. by   MishlB
    Go for it!!!! The relief you feel will make it all worth it. I was physically sick for so many years, and I thought, why am I doing this?? It no longer carries the stigma it used to. Find a good bankruptcy lawyer...do your research.
    Good luck!!!
  8. by   mattsmom81
    Interesting thread, as I'm in major trouble financially myself and considering bankrupty too....from a MVA and multiple surgeries, and now unable to work.

    Those of you who have been through this: do we lose all our IRA's and assets (like furniture, a car that is fully paid off)
    if we file for bankruptcy? Can a settlement for pain and suffering from a MVA be taken as well?

    I have about 30K on credit cards...mostly for medical bills.

    It's tough to have debt controlling your life...and hard on the pride when we've worked hard all our lives...a catastrophic event can just wipe a family out, unfortunately.

    God bless.
  9. by   RyanRN
    I think my son may need to think long and hard about doing this.

    Can anyone tell me how much a 'bankruptcy lawyer' fee is? And where do you go for references?
  10. by   MishlB
    Fees vary from lawyer to lawyer. I paid $400, and $200 filing fees. You can keep some assets, like a car. Creditors rarely repo items, too much work.
    There are different chapters of bankruptcy that can be filed, I filed chapter 7, which will free me from all of my debt (except student loans). You will need to make a list of all debt, including addresses, and you will need to list all assets and their "fair market value". Basically, an inventory of everything you own, and what you could get for it at garage sale prices. Be honest about all property or investments you own, because they will find them!! You will have to appear in court for a final decision by the judge, and that's it. Once the papers are filed, creditors can no longer call you, which is nice. The whole process took approximately 1 1/2 months.
    Good luck
  11. by   sbic56
    mopsi
    I was close to where you are 10 years ago. I never really considered bankruptcy, but do believe it is a viable last option in a few cases. I have heard from others that some creditors will lower the amount of debt you owe so as not to lose out entirely. Perhaps if you call and tell them your situation? It is a long road out, but very satisfying in the end, if you can do it. Good luck!
  12. by   RyanRN
    Thanks Misch, appreciate the information.
  13. by   fiestynurse
    You don't necessarily need a lawyer to file for bankruptcy. If it is a simple bankruptcy all you need is someone to help you fill-out and file the paperwork. One of those legal document places should suffice.
  14. by   NICURNtobe
    I agree about not needing a lawyer. If you're strapped for cash how the heck can you afford $400+ for them?? When I did mine I did it myself and it worked out fine. You don't need a lawyer!

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