Re: Bankruptcy...anyone do it?? phairestofthemall: I also went bankrupt with my stbx in 2000, we had a great lawyer who really knew his stuff and we came out of it very happy, it was really the best thing we could have done. NOW though the rules have changed dramatically I hear, it may not be such a good idea anymore, I can't say because I dunno exactly what changed. I'd say look into it though, and FYI for you or anyone else interested, my lawyer's info:
<moderator removed details - contact poster for details>
As you can see he's in Austin (yes HE, can't help what your parents name you lol) but he might be willing to work/consult with ppl out of the vicinity, couldn't hurt to call n ask anyway. Worth noting, he also has a lot of experience with IRS-woes, used to work for them actually.
Re: Bankruptcy...anyone do it?? superwife: [quote author=Freckles link=topic=22550.msg216985#msg216985 date=1136084147">
Was it worth it? yes it was.
Runied my Credit. But got Clear of that Debt.
[/quote">
ruined your credit forever?? And in the mean time there is no shot of getting credit right? That is my major concern, esp. right now, as my car is 3 tires in the grave, and while I can easily never own a home again, i will need to own a car.
I'm relieved to say that my debt is not that high... so maybe it's not a realistic option. And with the new guidelines (whatever they are) it may not be an option.
I just need to know if my situation is that bed, and I don't trust a lawyer to tell me this honestly (lawyer=honest?? ha ha ha). They'll take my $$ do the bankruptcy, even if it's not in my best interest.
Re: Bankruptcy...anyone do it?? phairestofthemall: No, going bankrupt doesn't ruin credit forever- the laws were such when I did it that it would stay on credit reports for 7 years, they may be diff now but I highly doubt they'd let it run forever. Also, rules were and prolly still are different for certain kinds of debt- like IRS/childsupport debts can't be touched in any case, secured debt (homes, cars) sometimes yes sometimes no, unsecured debt almost always yes. As for credit in the meantime and after, there were options that allowed us to keep many CC's through the process, and even afterward there are places you can get new accounts. Also, my lawyer told me that the general rule he used was to recommend bankruptcy if A) someone's debt was only increasing, and B) doing so would rid someone of 40K or more in debt.
Coincidentally, I spoke to my lawyer again recently, called him asking if he knew any divorce attorneys that were as good in their field as he was in his lol He gave me some names and we shot the breeze awhile- he said bankruptcy filing numbers have fallen through the floor since the new laws went into effect- something like 2000 a month to 200. :o
Re: Bankruptcy...anyone do it?? Freckles: In my State Bankruptsy stays on 10 years.
So in a couple years I will be out from under bad credit.
Do Have two credit cards. Got AFTER Bankruptsy.
:)
Re: Bankruptcy...anyone do it?? Plucky: Like JNA, I also work in the bankruptcy field. Bankruptcies generally stay on your credit report for 10 years after the discharge date. Once the case has been closed, it's very easy to re-build your credit responsibly by using low balance credit cards. The law states that you can only file bankruptcy every 7 years (may be different with new laws), so you are a good risk because the creditors don't have to worry about another bankruptcy and losing their money.
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