Discussion in 'Black People Open Forum' started by jamesfrmphilly, Jan 25, 2005.
I'm goona do it and i want to know what are the risks.
it depend on if you going for chapter 13 or 7 !
chapter 7 i think.
credit card debt.
with 7 you should be ok , it give you a clean start the risk is slim to none
you can get a new credit card after 3 months to build your credit history back up.
I know one young Lady who filed chapter 7 and 3 months later she was able to
buy a new car the risk in chapter 7 is slim to none compare to 13
thanks, i have never done it before and I'm scared.
I almost filed but I just let my doubt charge off by themselves. It takes about 10-12 yrs. When that time past it was like I had no credit and I still needed a co-signer for certain things. My mom filed charter 7 and 10 years later she brought house. In between that time she bought a car and a credit card. My point is that life goes on if you file bankruptcy and it's not the end of the world. Not to be funny but I know you're get up there in age and may not feel like you don't want to wait 10-12 yrs for a clean slate. If this is the case than file charter 13 debt repayment plan. Once you pay the bankruptcy off it takes a much shorter time to reestablish credit. Thing is with chapter 13 is you must have a steady source of income and a bank account. Either way you will need a lawyer. Be sure you understand all the terms of your bankruptcy. You are no fool by any means but remember lawyers sometime treat you let they are doing you a favor. Those guys are in it to make money so make them work for their pay. You get what you pay for. God Bless Brother.
chapter 7 is charged off at about 3 months and you can start to rebuild your credit. some states it is anywhere from 275.00 and up depending on the amount of the work the laywer do and creditors you have
chapter 13 is charged off in about 3-5 years some times longer which takes you longer or as long as the debt takes to pay to start to build. starts at 1200 in some states, plus court cost, filing cost and any extra atty. fees. but is placed in your scheduled payments to pay off your debts.
chapter 7 can force you in a chapter 13 if it proves you can reaffirm a debt at a lower %
If you file a 13 and find yourself needing to file again you can file a chapter 7 which is a chapter 20 which is not in the laws but it combines your debts for 13 to 7 which equals 20
but to keep lawyer fees down you like to do this in a timely manner of 2-3 months this will also keep the fees down, once you give your retander fee.
You can pull your credit report free online if you like at www.TransUnion.com right side at bottom under "other credit report options" and follow prompts and you want to check once you get to that page
or you can call them
and follow prompts
the charge is $ 9.00
I would not file bankruptcy if you have a low debt celieing. Alot of your current debts can be worked out with your creditors at a reduced rate.
You may also try one of those credit counseling companies, the ones who contact your creditors and setup payment plans for you.
Bankruptcy is a thing that is really only useful to people with lots of assets who want their lives financed by taxpayers (ask Trump).
If you have little debt, let's say like 20,000 and below, you are hurting yourself by getting a bankruptcy.
those credit counseling companies also have hidden fees and if you miss a payment they place u in collection and they also have late fees as well...but if you do go with them the best thing is you be paying half of what you owe in total they subtract their fee and then pay your debts with what is left over. Then it becaomes your job to get it removed off your report.
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