ID Theft
Another question on bankruptcy....?
I am considering bankruptcy after failure to pay off debts. The debts are not from careless spending--a huge part of the debt is a mortgage to a home that I lost during hurricane wilma and didn't have proper insurance coverage. Also, there is debt from a fraud/identity theft situation that was never resolved and can't be at this point. I'm not sure how to tell if I am eligible for a chapter 7. I have tried debt consolidation, restructuring the mortgage, etc. That is not an option at this point either since the mortgage is to a home that no longer exists. I would just like to know what happens if you do not have any assets to give up during bankruptcy. Also, I live with my boyfriend and he has his own assets and belongings.....they wouldn't take his possessions since we are not legally bound in any way....right? Or am I wrong? I'm just looking for any general advice on bankruptcy....I posted a question before and all I recieved was answers about debt consolidation. Thank you. Okay, for all of you that didnt thoroughly read my question: I already contacted credit counselors and agencies and debt consolidation companies. None of them are able to help me....really. I appreciate your help and the time you took to answer, but I am looking for legit answers on bankruptcy, not credit counseling.
Public Comments
- You need to discuss your situation with a lawyer, not the bozos on this forum. A lawyer can assist in choosing the right Chapter to file and the one that's most beneficial. Keep in mind, though, the law allows your creditors to protest any bankruptcy plan your attorney presents to the court.
- I would consult a bankruptcy attorney. Most of them will give you a free consultation as to give you an idea of how to proceed. In most states because you are not married to your boyfriend he is not legally responsible for your debit and vice versa therefore he would not be involved in the bankruptcy, and none of his possesions or credit would be affected. I would however double check that with the attorney.
- All people who want to file bankruptcy now are required to go through credit counseling, so that should be your first step. You should find a credit counselor near you by using www.nfcc.org - it is the website for the National Foundation for Credit Counseling, which accredits credit counselors. They should give you some details on the type of BK you are eligible for. Chap 7 is automatically available if you make less than the median income for your area. If you make more than that, you may have to go through Chap 13, unless you can show that it would be a financial hardship to pay back at least part of your debt. They may also be able to recommend a BK attorney to talk to. You will probably need to pay the BK attorney up front before they will file, so start saving your money now. As long as you don't have any joint accounts with your BF, he should not be affected by your BK.
- Most bankruptcy attorneys have a FREE initial consulation, and will give you the best advice. Because of differences in state and local laws, what you may and may not keep can vary between states and nobody on the internet will be able to give you accurate advice. My state will let someone keep a lot more than most other states, and how boyfriends and spouses' assets are handled is different from most other states. You need to speak to a bankrupcy attorney, and like I said, it is usually FREE for the initial consulation, AND, they can usually help you even if you don't do a bankruptcy, much better than debt counseling agencies and debt consolidation places.
- I agree with AJ485 on this one. Talk to a credit consuler and follow their suggestions which will be catered to your indicidual situation.
- this is serious . consult a attorney
- You really do need help. As you have already investigated the alternatives to bankruptcy you now need legal advice before taking your next steps.. A bankruptcy attorney will look at your situation and advise which chapter of bankruptcy you should file under. He/she will also protect you from creditors and help you with all the paperwork. An initial consultation with a bankruptcy attorney is usually free. Check out this website which has some useful advice on where to start and follow the links to find an attorney in your area that you can talk to free. I hope this helps. Good luck!
