Chap. 11
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| 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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Shannon
Hi,
So sorry to hear that you're having to go this route. You must feel very frustrated. Thanks for keeping us updated, and please keep posting about your experience. I'm sure there are others that can benefit from your first-hand knowledge.
I'm sending positive thoughts for a quick and happy resolution.
Blessings,
Heather
How do you know he spent the money? When I got divorced I had to pay for my ex-husband's debt. Most of it was related to some major dental work done on him and other medical expenses. I was fortunate enough to be able to take care of that and still came out O.K. - not everybody can.
As far as interest rates, if you have good payment history and good credit, you will get a lower interest rate than someone with a history of bankrupcy. The rates you get are a reflection of your own credit-worthiness - do not blame other people before researching the facts!
Wow Tbone..the excitement you stirred up today! :)
Hugs and support to you... I havent been here long, but I read some of your posts and know this was a step you wanted to avoid...but good for you in talking to several attornies and getting it sorted for the option that it will work best for you.
I, too, am getting nervous about the doubling minimums..but I know it hasnt been THAT long that minimums had been 4%...so I figure, Im just now being Forced to stick with it and pay things off faster....giving the CC companies less $$ in the long run...IF I can keep up with minimum payments!
anyways....I wanted to voice my support. I have a dear friend that fought with CC debt post-divorce, ...then gave up hope for a bit, as it was debt that occured POST seperation, even....then fought and struggled to get back on track.....after 4 years of a daily struggle, of sending his credit so low he's not even qualified to carry an ATM card because of the CC logo on them now.... he finally began the process of bankrupcy....its not easy, it doesnt create an automatic improvement in your life...but its like...pulling yourself out of quicksand and turning the corner with the assurance that you are firmly in a new path. Which is a long way of saying I agree...if you are seriously considering bnky, truly, do it now and start the 7 to 10 year process of fighting your way back to good credit. Dont wait 7 years to start the 7 year process.
Good luck Tbone, and thanks for keeping us updated!
~ Teresa
Teresa
http://www.affordingpickles.blogspot.com
Hi everyone,
Wow! This thread has really sparked a debate!
While this isn't a debate board, a little debate now and then can be a good thing as long as it doesn't get heated.
Kerri Kerr
Sr. Community Moderator
Home & Garden | Food
iVillage.com
Wow...I should stir things up more often! Thanks to all for the support (and criticism, gotta be able to take both you know.)
Reality is that a 3 year long divorce will wipe out anyone, especially when:
a) I had to pay temp support of nearly $4000 a month for 2 years, then $2800 for the next year and 2800 a month for the next two years.
b) and pay my atty ($50,000 so far) and all of the custody evaluation costs,
c) and buy everything I needed to start over for myself and to take care of my two kids (The Ex refused to part with anything, save one loveseat.)
d) I received none of the community assets...and I mean none.
e) I took all the community debt (my car and $1000)
f) I pay for all the medical bills and rarely receive child support.
I was starting to dig my way out when the minimum payment change became public.
The priorities are simple.
Keep a roof over the kids' heads, clothes on their back and food in their mouths. They live with me 290 days a year. I wish I could do something else, but it just cannot be done.
if you have income to support $4000 a month temp support... Can I be your next wife?
Just Kidding of course!
Shannon
Sorry Shannon,
The position of "next wife" has already been filled.
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