*NON JEEP* WANTED BANKRUPTCY ATT

anyone on here ever file bk? or is in the process i think im going to file but am interested in how much it will cost and how long will it take me to recover from it as in credit. i know there are some things you can do to help as in like a prepaid credit card run it up every month and pay it off. but yea any help is good help

BK's aren't what they used to be. From someone in the "industry" basically the only BK you'll be able to get away with is a Ch. 13 which is a big consolidation loan. Basically all your lenders agree to take a lesser amount all at once, and you pay a monthly payment. You'll see have a BK on your credit forever, and it'll hurt you forever. Your best bet is to try to get them paid off yourself, and just work on it slowly.

right just make deals with the lenders? or are those things true where i can set everything up to make a single monthly payment?

That's a consolidation loan, chapter 13. You can, but it's a BK. This is where my knowledge falls off, I know the basics but someone else could probably tell you more. Be weary of most BK attorneys though, as they're obviously going to push you to BK.

However, now's the time to do it if you do. People with bad credit right now got lucky, because a LOT of people have bad credit, and the banks are going to have to accept that. However people with great credit, are going to be sitting pretty for a looooooong time.

yea exactly and for me haha im goin to have bad credit for awhile... lol it is what it is.

btw hows that xj comin along makin any progress?

crazyjim said:

You'll see have a BK on your credit forever, and it'll hurt you forever. .

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A BK will not stay on your credit "forever" and it will certainly not hurt you forever. There is a statute of limitations on how long it can be "reported" on your credit reports from the 3 major reporting agencies (TransUnion, Experien, Equifax) as dictated by the Fair Credit Reporting Act. You are protected with that.

The statute of limitations for a Chapter 13 BK is 7 years. For a Chapter 7, it's 10 years. After that, the reporting agencies must remove it from your reports to comply with the law.

thats what i was thinking.. ive heard of people bouncing back in a reasonable amount of time after a bk...
know what they cost or know a good att?

Unfortunately no.

Back in 2003 my wife and I consulted an attorney to file for BK. We made a few payments toward the retainer initially, and that started the process as far as the debt collectors calling us at home. We were able to refer them to the attorney and it stopped the calls. We ended up changing our minds and stopped paying on the retainer.

At that time I began doing a lot of research on how to clean up our credit and learned a bunch of techniques from a site that worked great. It wasn't an overnight thing, but after about 3 years my credit went from having about 20 negative entries to ZERO. My credit was finally 100% clean with only positive accounts and I have kept it that way ever since.

I have learned one thing though the hard way. During my journey to get things cleaned up on my credit, there was an old timer on the site who kept preaching the same statement, and I always blew it off until finally realizing it myself. He would say "Having clean/good credit only introduces more debt". I found this to be true for myself.

The site I learned it all from is http://www.creditboards.com/forums/

You'll only get out of it what you put into it. If you are lazy and just hop on there to ask questions without reading, you will not get much out of it.

the same as any forum.. haha thank you for the tip im gonna look into this. i dont really care about the collectors callin me i dont answer my phone very often anyways

Well you should care about them calling. There are specific rules they have to follow when contacting you. It's called the Fair Debt Collection Practices Act.

If/when they don't follow those rules, you can take them to court over it. That's exactly what I did when one of them left a voicemail stating things they shouldn't have. $10k later in my pocket I was glad I had read up on that site.

ooooohhh mmmmm now that makes me
more interested

i just registered for the site and am gonna have to take a couple hours and do some reading

The wife and i used a company called Chang and Daimond a few yrs back. Looks like the closest one to you would be Temecula though. I think it was like $1600 for us both to file? http://www.thebklawyers.com/ Good luck, Hope it helps.

thank you for everyones help. im looking into both sides fixing my vredit myself without a bk or just filing and starting over

My dad has done a few, but I can't find his website at the moment. I've emailed him. When he gets back to me I'll hit this thread up. He's an attorney.

waxer said:

"Having clean/good credit only introduces more debt". I found this to be true for myself.

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haha... did I ever learn that the hard way.

I'm fine having bad credit for a while... keeps me out of trouble.

I have never owned a credit card, nor ever made a payment on anything. Weird, eh?

Skwerly said:

I have never owned a credit card, nor ever made a payment on anything. Weird, eh?

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Your jeep looks like it :shocked:

I just received a Chapter 7 discharge from the bankruptcy court. The rules have changed from what they used to be. First you have to take two online courses on how to manage your money. There is a pre-filing course and a post filing course. Each course takes up to two hours to complete but are pretty easy. I did each one in about 45 minutes. They each cost 50.00. On top of these fees, the court cost are 300.00 which can be made in 4 payments but you have to pay it off before you receive a discharge. And you have to pay your attorney in full before even filing. My attorney cost 750.00 and he said that was typical for a single filer. Then comes all the forms that your atorney will walk you thru. About two monmths after filing you have to attend a 341 hearing and answer questions from a bankruptcy trustee. If your attorney did his job, it is about 5 minutes of yes and no answers and you are done. After that, it is about two months of waiting and you get a simple letter saying your debt has been discharged. A chapter 7 will stay on your record credit report for ten years. This is not an easy decision, but since i have been out of work for over a year and didn't want to lose my house, it was my only option.

cracker said:

Your jeep looks like it :shocked:

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LOL, it may be budget built but it goes where I want it to, and reliably.