Wanted: opinions on filing bankruptcy

Avatar for mquin73
iVillage Member
Registered: 03-27-2003
Wanted: opinions on filing bankruptcy
2
Wed, 06-04-2003 - 5:15pm
Hi all!

It's been a little while since I posted last and I'm not sure if anyone remembers me but I just wanted to get some people's opinions on filing bk. First off dh and I are $35,000 in cc debt, $23,000 on an auto loan, and have a $120,000 mtg loan. Between all our min. cc payments, utilities, mtg, life ins for the kids, auto ins, and babysitter we pay as much out as we have coming in. Now, I did mention last time that we are planning on getting rid of the new vehicle and buying my sisters who is giving us a good deal on hers (she has a company car so no longer needs hers). Part of the problem with that though is that we will have had the new vehicle for a yr as of July. We are not paying any int. on it cuz we got a 0% financing rate, but the mo pmts are still killing us. I have checked to see what the blue book retail value is and it's about $2000 less than what we owe on it. Now, if we could sell it for what we owe on it that would be no problem, but what if we can't? I don't know. I have thought about filing bk, but don't know what the repurcutions (sp?) were. Whether we would be able to keep the house or the new vehicle and of course how it would be afterwards.

TIA

Michelle


signature 2008

iVillage Member
Registered: 05-09-2003
Wed, 06-04-2003 - 6:32pm
Bankruptcy is never an easy decision, a good book to consult is How to File for Chapter 7 Bankruptcy by Stephen Elias, Robin Leonard, Albin Renauer, Kathleen Michon. If you have attorneys in your area who will give a free consult, that would be a good idea. We were about $60,000 in debt and had to file bankruptcy, but we didn't own a home. We kept both vehicles, one of which we owned, the second we reaffirmed with the bank. When the time came, we used this book and a program I downloaded and filed our own bankruptcy, which saved us about $700. All I can suggest is do your research well, it's not a decision to take lightly. Keep us updated.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 06-04-2003 - 6:52pm
This is a great question for the Bankruptcy Q&A Board - http://messageboards.ivillage.com/iv-mlbankruptcy - folks there definitely know the ins/outs/pros/cons etc. It's a remarkable resource!

HTH

Danni

All my best,
Danni