Bankruptcy ouch!!!!!!!!!!! - Posted by M.T.(CO)

Posted by SusanL.–FL on December 28, 1999 at 08:03:14:

Hi Dave,

After I checked them out yesterday, I decided I am going to look into them for myself!

I did visit a Consumer Credit Counseling office in my town three years ago when my ?dilemma? first started–but at that time, they told me that I didn?t qualify for their program.

Since that time I have gotten at LEAST half of my debt under control but the other half I am still struggling with. Up to this point, I have done everything I possibly can to get myself back on track. I feel that I am at the point where professional intervention would (and could) really help me over the hurdle.

My one biggest regret is that I am no longer able to ?do? for family ?n friends, church ?n school any more :frowning:

All in good time, I guess.

Have a good day.

Bankruptcy ouch!!! - Posted by M.T.(CO)

Posted by M.T.(CO) on December 23, 1999 at 13:12:11:

Well it looks bad for my situation, a recent event has set me up for serious trouble. I know BK is not the only sollution but it may be the best(or I am getting lazy). Can someone explain the different chapters of BK 7,11,13??? and if possible a solution to avoid it. thanks in advance.

Todd Williamson

Re: Bankruptcy ouch!!! - Posted by chris

Posted by chris on December 25, 1999 at 02:21:52:

I have heard many good things about the Consumer Credit Counseling Service who contact your creditors to arrange a payment plan. They can sometimes get your debt reduced and all of your payments are consolidated into one payment. See or call 1 800 388 2227 (24 hrs/7 days).

Also check out Debt Counselors of America. 1800 680 DEBT.

Re: Can’t diagnose problem or suggest solution without - Posted by NJDave

Posted by NJDave on December 23, 1999 at 13:57:15:

Need to know the whats, whens, whys, etc.

Use it only if there are no other options explored - Posted by Michael Morrongiello American Note

Posted by Michael Morrongiello American Note on December 23, 1999 at 13:31:46:

Unless you have to seek refuge and put a stop to all creditor collection efforts by taking advantage of the automatice STAY that filing a bankrupcty affords you, I would consider other alternatives. This is a MAJOR credit blemish and it will haunt and hurt you for years to come.

Chapter 7 is a personal liquidation bankrupcty, Depending on your state, certain assets can be elected to be exempt from liquidation. (like a homestead, car, etc.)

Chapter 11 is for business re-organizations - it is designed to stop creditors from breathing down a business’s neck and allow a business to put together a plan to re-organize their operations.

Chapter 13 is a personal creditor repayment bankrupcty plan. A plan is set forth from YOU the debtor all your secured and unsecured creditors. The creditors must agreee to the plan. You then have 3 + years to make payments under the agreed plan and to pay back all arreages while under the protection of the bankrupcty court.

Attorney many times push bankrupcty as a solution and failed to properly counsel with a debtor over other options. In many cases the mere “threat” of a bankruptcy will bring creditors together with you to work out a repayment plan.

Best of luck

Michael Morrongiello
Operations Manager

here is some… - Posted by M.T.(CO)

Posted by M.T.(CO) on December 24, 1999 at 12:05:15:

It starts with medical bills from last year when I found out about my liver disease(10-12,000)This year’s medical bills(3,000)three months ago had a wonderful blessing, my Daughter!!!but I had to take 6 months off because of sickness–lost my insurance…(9,000)for the baby. Credit Card debt as a result of time off and my own budget problems.(7,500) Other personal debt (4,000) and then add in the every-day expenses. Not much room for anything else this life has to offer.
any solutions? thanks for your help.
Todd Williamson

There may be some help for you… - Posted by NJDave

Posted by NJDave on December 24, 1999 at 13:27:56:

The regular readers of this (and other REI boards) know that I shamelessly promote short sale administrative services for Investors/Speculators.

But what only a handful know is that my wife ( and I operate a charitable [bonafide IRS approved 501©(3)] troubled loan and housing counseling organization.

Society For The Preservation of Continued Homeownership, A NJ Nonprofit Corporation.
P.O. Box 142
Oakhurst, NJ 07755

In addition to working with financially distressed, NJ homeowners, we have been inundated with referrals from the Mortgage Bankers Association of America to investigate and assist Borrowers with troubled loans, nationwide.

Based upon what you have disclosed, we may be able to effect/implement a non-foreclosure alternative for you.

Please e-mail us at NJSPOCH@AOL.COM. Provide your mailing address, and telephone & FAX #'s.

If you can verify financial hardship, this service is free.