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Author
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Topic: Bankruptcy.. who's gone through it?
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stangless
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Member # 1414
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posted
 
 
I have a close friend who is considering filing for bankruptcy. Who here has gone through that?
She just recently got divorced. She started her marriage with perfect credit and ended up with a terrible credit and about 15k in debt.
Here is the story. She married a guy who owed a bunch of money in credit card bills. Since her credit cards had much better interest rates, they transfer all of their(his) balances into her accounts. and accumulated more debt as the marriage went on. 3k, 5k, and 6k.
They had just purchased a house before she decided to give up on the marriage. The guy treated her like shit so she just left and filed for divorce. She didn't want the house nor could afford the monthly payment if she stayed(not that she had much option since he scared her into thinking that it was his house and she had no say about it) .. well, 6 months later, she learned that the house had been prepossessed since former hubby stopped making payments almost right after she left. her credit was destroyed.
Currently she pays about 600 bucks in just credit card bills monthly(this is just minimum payments)
Here are some more details.
She has a low paying job. $14 bucks an hour and two small children. she's currently receiving what i consider a hefty child support check ($1100 monthly) who knows how long this will last... hubby makes a decent living but is very unstable.
She still has a hard time making ends meet because of those credit card payments. Is she better off just filing for bankruptcy and starting over?
The way i see it, her credit is already destroyed, she owns nothing but a car. Has no plans or means of purchasing anything that would really require a credit check for a several years.
Do you guys know of any local attorneys that you would recommend? how much would it cost to file for bankruptcy( kinda funny, one has no $$ to pay for debts but yet is required to pay $$$ to NOT pay for the rest?)
she's quite diligent with her money and , from what i know-but who really knows, spends no $$ on her or frivolous things, everything goes to her kids, school, babysitting and food. Her divorce attorney is just milking her too. She's paid so much in legal fees just to keep full custody of her children. She's not even asking for alimony or anything..
Any thoughts?
[ May 12, 2008, 06:12 AM: Message edited by: Jmir018 ]
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Posts: 4634 | From: bay | Registered: Jun 2002
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Venomized93
Founding Member
Member # 55
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posted
I can't help you on the local attorney part. But here is a great website with any type of credit problems. They have a specific forum for Bankruptcy problems. Check it out for sure:
http://creditboards.com/forums/index.php?s=d64c942f6ba1b8a6357d65f523ce453e&showforum=34
Good Luck. I would ask any serious questions there, they have very informative people there. You may run into someone that knows of someone locally to get help from there.
Posts: 2077 | From: San Francisco, California | Registered: Oct 2000
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N8
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Member # 6048
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posted
I love that forum venom posted. Lots of good info there. My brother went through Bankruptcy, but it was prior to the law change. Now, I personally do not think it is worth it. You have to jump through some serious hoops to wipe everything clean since the law change. I am no professional as I have never went through it. But I have witnessed the aftermath. I can say it is better to hang in there and make deals, payment arrangements, settlements, send in dispute letters. All of that. I did a dispute letter on one bill that was actually mine, but because they didn't respond in a timely manner it was stricken from my credit. I would avoid BK's at all cost.
my .02
Also BK is nothing close to starting over. You are given the scarlet letter after that basically. Lots of people wont touch you with financing. Also if you dont do a complete wipe (which is difficult these days) SHe may end up with a slight reduction, but still have to pay back the majority and still have a BK on her record. So she really wont gain much.
[ May 12, 2008, 10:09 AM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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SFvert
Drama kids have no place here
Member # 3965
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posted
id love to write an essay on my opionions, as i have worked in this industry for a year now,, but I would either advise her to seek legal aid in her county, because it sounds like she might qualify for it, or to call a consumer credit counseling agency in her agency so that they can more thoroughly advise her on her situation and weigh the pros and cons. GOOD LUCK ![[patriot]](graemlins/patriot.gif) Oh and P.S.. bk isnt that bad as some people think
Posts: 3706 | From: the city by the bay | Registered: Jan 2004
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Gnari-Garage
CAFords OG
Member # 3164
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posted
have her call a BK attorny and set up an appointment and talk to someone. Bk isn't that bad if she had good credit then suddenly it went bad, she can build her credit up quick.
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Posts: 4017 | From: 916-sacramento | Registered: Aug 2003
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89point.
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Member # 6078
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posted
tell her to act like she doesnt want the divorce pull out 3 credit cards in his name and transfer his shitty debt back over to him
Posts: 2727 | From: martinez | Registered: Oct 2005
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stangless
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Member # 1414
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posted
thanks for the tip guys.. i'll make sure to pass the info along
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Posts: 4634 | From: bay | Registered: Jun 2002
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