Bankruptcy ?

iVillage Member
Registered: 09-11-2007
Bankruptcy ?
11
Fri, 10-03-2008 - 8:22am

I have a question.... a few people have told me to file Bankruptcy, and that it will actually help me, instead of settling my CC accounts. I am a year behind on three CC's.


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Community Leader
Registered: 01-03-2004
Fri, 10-03-2008 - 9:23am

Confused,


DO NOT FILE FOR BANKRUPTCY! This is NOT a good course of action! It seems easy and simple but it will create more and greater problems for you that will take a LONG TIME to outlive. You can deal with your debts in other ways. It will take work and commitment on your part but you can do it.


First, I highly recommend you look into Dave Ramsey. Many churches offer his "financial peace university."

iVillage Member
Registered: 03-17-2003
Fri, 10-03-2008 - 9:48am

If you would like to discuss bankruptcy with those who are also considering the option, have had free consultations with lawyers, are preparing to file, have filed,

iVillage Member
Registered: 09-11-2007
Fri, 10-03-2008 - 10:01am

Thanks Wisdom...


"For example,

iVillage Member
Registered: 09-11-2007
Fri, 10-03-2008 - 10:03am

Thanks CG..


Those numbers are scary. heres the thing, I can continue paying my truck and ignore all my CC's and just scrape by, but I cant deal with the CC's hanging over my head like this anymore, and not having ANY MONEY FOR ANYTHING..:-(

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iVillage Member
Registered: 01-25-2006
Fri, 10-03-2008 - 10:15am

I totally agree that you might want to take a look at the BK option. It's a reasonable option and often people don't have a choice. It's one of a variety of options and not even close to the worst one in my opinion.

That being said and getting back to your original question....I'm unclear how this house/mortgage thing worked out on the divorce. You are living in the house but ex is paying the mortgage right? I think the quit claim only took you off of the title right? Are you still on the loan as a borrower? If so, you'll need to ask the attny to explain the ramifications of that. I see you mentioned a fiance. Is ex going to be allowed to stop paying the mortgage if you remarry? That may also be a consideration to help you decide whether to do a bk or not.

Peg

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iVillage Member
Registered: 03-26-2003
Fri, 10-03-2008 - 10:15am

Hi Christine - definitely visit the bankruptcy folder on our sister board Debt Q&A (link in Carolyn's post).

All my best,
Danni

iVillage Member
Registered: 09-11-2007
Fri, 10-03-2008 - 10:56am

Hi P.


No I have not lived int he house since april of 06. He stayed int the house, we were trying to sell it and had it on the market for a year and couldnt. Thats how I got in this mess, I was going to use the

Community Leader
Registered: 07-26-1999
Fri, 10-03-2008 - 11:33am
Unless he refinanced the mortgage to have your name taken off of it, then yes, you are still on the mortgage.
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iVillage Member
Registered: 01-25-2006
Fri, 10-03-2008 - 2:20pm

Christine,
Take a big deep breath and call your attorney and get some wheels in motion so that you have the information you need. You might also see if your attny can recommend a good bk attny. The first consultation meeting should be free and will answer a lot of your questions. Knowledge is power so just focus on getting the info.

Peggy

iVillage Member
Registered: 09-10-2008
Sat, 10-04-2008 - 2:32pm
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