Chap. 11

iVillage Member
Registered: 07-10-2001
Chap. 11
19
Fri, 08-12-2005 - 1:23am

Well I did the best I could do, but with the CC payments all doubling in October (thank you Mr. President) and the BKY laws changing in October (thanks again Mr. President), I've made the move to file.

Since I have too much income for Chap. 7 and Chap 13 was going to cost more per month than I'm paying now, I'm filing Chap. 11.

Yes, individuals can file Chap. 11. It is more expensive than Chap. 13 to do, but the repayment terms can be much more flexible. Most of the additional costs can be wrapped into the repayment plan anyway.

My advice to anyone considering going BKY is DO IT NOW! Come October 15, you will be out of luck. If you do want to do it, find an atty that does nothing but BKY's, I did and he is far more knowledgable than the other 3 attys I talked to combined.

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iVillage Member
Registered: 06-29-2005
In reply to: az_tbone
Fri, 08-12-2005 - 7:52am
I totally disagree with bankrupcy. To me it is such a cop out. You spent the money you should pay it back. It seems so unfair to people like myself who made sacrafices to make sure all their debt was paid back. It is because of people like you that intrest rates and fees are so incredibly high.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
In reply to: az_tbone
Fri, 08-12-2005 - 8:44am

Ms45,


Although, you may disagree with bankruptcy, there is a myraid of reasons why it may be necessary.

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
In reply to: az_tbone
Fri, 08-12-2005 - 10:10am

Thanks Becky, I think MS45 was too harsh.

AZ tone, don't feel bad. You have to do whatever it takes to survive. Think of this as a lesson learn. It's a new chapter in your life.

Good luck.

MYM

iVillage Member
Registered: 06-18-2004
In reply to: az_tbone
Fri, 08-12-2005 - 11:45am

ITA with you MYM. If any one has read the previous posts by the original poster, it wasn't something he WANTED to do. He had no choice. From his previous posts, it wasn't a decision made lightly. If I am getting posters mixed up, forgive me. However, I stand by my statement that it isn't a decision made lightly. Anyone considering bankruptcy really has to weigh all the alternatives before declaring bankruptcy. It is never done on a whim.

To the original poster, take heart. We feel for you and will continue to support you, as we do everyone here.

Keep us up to date on your situation and keep your chin up.

Kellie

iVillage Member
Registered: 05-30-2003
In reply to: az_tbone
Fri, 08-12-2005 - 11:48am

It's not a cop-out when a person is literally drowning in debt, and there is no other way to get out. Do you know what the *exact* circumstances surrounding this decision were? Nope, me either. We know just what he's told us. I don't think he spent all the money-sounds like the ex-wife had a part in it as well, but didn't end up with much, if any, of the debt.

I am not an advocate of bankruptcy, but in this case, this was probably the best way to clear the slate.

And, it is NOT because of him that you made sacrifices to get all your debt cleaned up. It is a choice that YOU made, and kudos to you for doing it.

Now, play nice, or don't play at all.

Lisa

Avatar for mommyof2grlz2boys
iVillage Member
Registered: 03-25-2003
In reply to: az_tbone
Fri, 08-12-2005 - 12:15pm
lol not sure why you are blaming your debt on the president but ok lol. Anyways thats good you found a solution that works for you. Youre right anyone considering filling bancruptcy should definatley get it done now.
iVillage Member
Registered: 07-10-2001
In reply to: az_tbone
Fri, 08-12-2005 - 12:40pm

"lol not sure why you are blaming your debt on the president but ok lol."

I didn't blame my debt on the President! I blamed him for:

a) doubling the minimum payments required by banks (true),

and

b) changing the bankruptcy laws to make it impossible (in most cases) to file after October 15 (true).

As for the first response. Since you do not know my specific circumstances, you are in no position to judge. And even if you did know my circumstances, you are still in no position to judge.

Avatar for mommyof2grlz2boys
iVillage Member
Registered: 03-25-2003
In reply to: az_tbone
Fri, 08-12-2005 - 12:45pm
oh sorry if you took it personally. I didnt mean it like that. YOu could have though cancelled the cards when he changed those things. Im pretty supportive of our president so maybe I get overly defensive but I in no way meant to offend :)
iVillage Member
Registered: 08-19-2003
In reply to: az_tbone
Fri, 08-12-2005 - 1:03pm

OK for worldwide peace on the the board, lets not get started on politics.

We all could state reasons why one could be supportive of the president while others think he is a dufuss. None of us would be wrong in our minds.

Shannon

Shannon


Pregnancy%20ticker
Avatar for mommyof2grlz2boys
iVillage Member
Registered: 03-25-2003
In reply to: az_tbone
Fri, 08-12-2005 - 1:25pm
totally agree :) thats why I apologized and actually Im not the one who even started with the politics thing,,,

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