Should I file bankruptcy? (Here’s my plan)?
Greetings! Here is a secured loan question I found when I was looking at Yahoo.
I have a “no asset” bankruptcy estate. I don’t own car or home. I have thousands of dollars in credit card debt and medical expenses. I have one secured item, a furniture account, all of which were sold/pawned to pay on my rising bill. I have only two things that could possibly be possessed, a bed bugged bed and and an old printer from this secured account.
My only income from the last year has been unemployment. Most of the items I own are exempt by my state
If I worked, I would love to pay off my debt. But, my employment isn’t guaranteed. Once I work I want to save and pay down student loans, which are a true priority debt.
I changed my number to avoid being harassed by creditors. I even have a cease-and-desist letters ready if I get calls at a future job. ***The final straw was having a creditor come to my house, and threaten to sue. I know they can’t enter my home without a court order from an officer. So, I am ready to put up my video camera and state my legal rights if they return.
BANKRUPTCY: Right now, I’m reading two bankruptcy / financial recovery books, and I’m preparing my paperwork for filing (24-25 documents), waiver, and credit counseling course, before I see a volunteer lawyer.
Having to care for a heart recovery mother and a mentally ill nephew, I just don’t have time to deal with the inconvenience of creditors.
I also want to be debt free (yes, I know student loans don’t count), and live a life based solely off cash savings. My credit is already bad.
I plan to take additional personal finance courses along with the required bankruptcy to secure a future of self-sufficiency.
Tell me what you think I should do?
This secured loan question was exactly what was on my mind. The answers helped with my problem. I am glad the original poster shared.
Have a wonderful day!
November 30th, -0001 at 12:00 am
I assume you’re in the US. You’re talking about a Chapter 7 “no asset” bankruptcy. You apparently have no exempt assets. Exempt assets are assets you do not wish for the bankruptcy court to consider liquidating. Since you say you have none, this is not an issue. Once you file bankruptcy, an automatic stay go into effect. This mean that your creditors can no longer contact you for the collection of the debt. They can no longer call you or show up at your door. A Chapter 7 no asset usually lasts about 6 months. Then, all your unsecured debt is discharged. In other words, you no longer owe anything on the debts that were discharged. The Chapter 7 will show up on your credit but other debts will discharged. If the student loans are considered secured debts, they will not be discharged and you will still have to pay them but not during the time you are in bankruptcy.. Keep your nose clean for 5 years and you can begin to rebuild your credit.
Your creditors do not want your bed or your printer. They want money. If you have none, then you obviously can’t pay them. See a bankruptcy attorney before you do anything.
November 30th, -0001 at 12:00 am
I assume you’re in the US. You’re talking about a Chapter 7 “no asset” bankruptcy. You apparently have no exempt assets. Exempt assets are assets you do not wish for the bankruptcy court to consider liquidating. Since you say you have none, this is not an issue. Once you file bankruptcy, an automatic stay go into effect. This mean that your creditors can no longer contact you for the collection of the debt. They can no longer call you or show up at your door. A Chapter 7 no asset usually lasts about 6 months. Then, all your unsecured debt is discharged. In other words, you no longer owe anything on the debts that were discharged. The Chapter 7 will show up on your credit but other debts will discharged. If the student loans are considered secured debts, they will not be discharged and you will still have to pay them but not during the time you are in bankruptcy.. Keep your nose clean for 5 years and you can begin to rebuild your credit.
Your creditors do not want your bed or your printer. They want money. If you have none, then you obviously can’t pay them. See a bankruptcy attorney before you do anything.
November 30th, -0001 at 12:00 am
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