I need advice from people who have or are going through a bankruptcy.?

Hello everyone.I need responses from people about their bankruptcy and what is involved in them.We have an extremely huge amount of credit card bills and some medical bills.Even with debt relief help we could never make the payments every month.We own our house and have a car payment.Both are current.We can not sell the house cause there is no equity in it cause like so many others we refinanced with the whole sub prime mortgage scandal.So the house is not even worth what we owe on it.I am told that we can file and still keep our house.I am angry at myself for not being more financially responsible.We have a 4 year old and I do not want him to be as financially irresponsible as we were.Eventually the cards began to be used for everyday expenses that we just couldnt keep up with.If we dont file then I risk the chance of being sued or liens on the house.I want a better life for my family.So my question is how has bankruptcy changed your life?And do you feel any relief.Oh,we live in the state of Pa.Thanks everyone.I need advice from people who have or are going through a bankruptcy.?
Kris..you need to contact a local bankruptcy attorney and find out exactly what you qualify for based on your income and amount in your household. Most will see you free the first time. If you qualify for a chapter 7 and you keep the home loan and auto loan current you are able to ';re-affirm'; on the loans, meaning you keep them and continue to pay per the norm. If you don't qualify for a chapter 7 and only qualify for a chapter 13, you would make payment thru the US Bankruptcy Court Trustees and payments are taken out of a paycheck, similar to a garnishment, but it's voluntary and called a wage order. In a 13, the plans run from 3 to 5 years, based on the amount of income, but an attorney will be able to tell you what is best for your situation. In a chapter 13, the secured debts are paid first, the un secured paid last. In the chapter 7 you would wipe out all the debt, but continue to pay on the home and auto if you have the loans current at the time of your creditors meeting. The bankruptcy filing will give you a ';fresh start';, but, it takes hard work and discipline to regain your credit history. Loans will be harder in the future as well as interest rates higher. Bankruptcy filings should be the last resort and you can find more information at these websites: www.bcsalliance.com www.totalbankruptcy.com and www.usbankruptcy.gov Loads of information for debts, credit and bankruptcy. There is life after filing for the bnakruptcy. It all depends on how you treat it after you have done so. Good Luck! I filed last year, discharged in Feb 08, already have one credit card, pay on time and more each month, financed a new Harley Davidson with my husband, and pay all my bills on time and re-establishing already.


In addition: A bk filing is on your credit report for 10 years, the debts for 7 years.





Your welcome...email me if you have questions (I don't mind helping at all).....best answer would work too! ;)I need advice from people who have or are going through a bankruptcy.?
I would seriously try reading Dave Ramsey's book. Bankrupcty would wreck your credit for a long time, and that's how our country got into this financial mess in the first place. It's just a matter of increasing your income, reducing your expenses to bare-bones, and living frugally.
I am filing for bankruptcy next week in court in the UK, and have been on the rollercoaster for almost 6 years until it finally crashed.


Our laws are different, since MBNA twisted your Presidents arm about changing bankruptcy laws a number of years ago and if I still had a house, I would indeed lose it, regardless of if it had any equity in it or not.


You may lose your car, if you don't keep up repayments (though you'd know that), and if you can't prove you need it for work.


Seek out the help of Citizens Advice.


You probably haven't been irresponsible with money, but are just another statistic, and of course a victim of what has probably been the biggest banking scandal ever.


I wish you luck.

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