Bakruptcy info, please help

iVillage Member
Registered: 05-18-2008
Bakruptcy info, please help
2
Mon, 05-19-2008 - 9:37pm

Hi, I am 27 years old and I have probably around 50,000 worth the debt. I know you are thinking OMG how. Well I used to have awesome credit, I had tons of credit cards (bad idea) I would always make on time payments, I even would pay them off completely some months. Well needless to say I went through a divorce and lets just say it went down hill from there. I really worry about this everyday, I dont think I will ever be able to get out from under this. I mean yea I could take all my extra money and pay on this debt, but what about a savings or an emergency fund. I also have a 2 yr old and 7 yr old. I am really considering bankruptcy, but I dont even know if I have the money to do that. I heard that it could cost in the thousands to file. Is this true? How do I file? Please help. I just want to get a fresh start.


iVillage Member
Registered: 03-17-2003
Mon, 05-19-2008 - 11:12pm
iVillage has a sister board to this board with a folder specifically for discussions on bankruptcy.
iVillage Member
Registered: 12-31-2005
Mon, 05-19-2008 - 11:15pm
I'm new at this too, I met with my bankruptcy attorney today and his fees are 1,500.00. That includes everything from filing paperwork, talking with my creditors and going to court with me.
He also said that I can stop making my payments up to 2 months before I file so I can save that money because after a bankruptcy you'll probably need to make larger deposits on housing and insurances.
I hope that helps. He also referred me to a credit counseling company for a budgeting course that is required for bankruptcy, the one I'm going to also advertises they'll negotiate your credit card debt down instead of filing bankruptcy if your budget could allow for it.
Good luck