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Started By
Message
Tell me about bankruptcy
Posted on 8/3/14 at 10:26 pm
Posted on 8/3/14 at 10:26 pm
Wife left me and now I can't afford my bills I'm probably going to have to file bankruptcy.
12
Posted on 8/3/14 at 10:41 pm to bulldog95
Looks like you were on point when you started this thread... My wife is Satan.
Seriously though, man. No advice, but best of luck to you.
Seriously though, man. No advice, but best of luck to you.
Posted on 8/4/14 at 5:03 am to bulldog95
Sell as much as you can, avoid bankruptcy.
Posted on 8/4/14 at 6:39 am to bulldog95
Where do you live? You need to get competent advice.
Posted on 8/4/14 at 7:00 am to bulldog95
Sorry to head, Brad. Avoid bankruptcy at all costs, if any way possible. Pick up a second job, sell material items, down size vehicles/ house/ clothing/ etc.
Posted on 8/4/14 at 8:51 am to bulldog95
Curious, how did she let you down
Posted on 8/4/14 at 9:11 am to bulldog95
Different types of bankruptcy are out there, ranging from liquidation to payment plans. Usually some portion of your debt is extinguished.
Some types of debt can survive bankruptcy.
A lot of good information is online about the chapters of bankruptcy and what you can expect.
When you say bills, are you talking about monthly bills? Credit card debt? Mortgage and auto? Child support/alimony? Medical?
Do some reasearch, and then go talk to a real, competent attorney (most of the commercials you see are not competent attorneys). A good BK attorney will help you understand all options available before you file.
Are you actually divorced? If not, the handling of bills is part of your divorce proceedings.
Some types of debt can survive bankruptcy.
A lot of good information is online about the chapters of bankruptcy and what you can expect.
When you say bills, are you talking about monthly bills? Credit card debt? Mortgage and auto? Child support/alimony? Medical?
Do some reasearch, and then go talk to a real, competent attorney (most of the commercials you see are not competent attorneys). A good BK attorney will help you understand all options available before you file.
Are you actually divorced? If not, the handling of bills is part of your divorce proceedings.
Posted on 8/4/14 at 12:03 pm to bulldog95
What are your assets? What are your liabilities?
How much debt is secured vs. unsecured?
How much debt is secured vs. unsecured?
Posted on 8/4/14 at 1:09 pm to bulldog95
Doesn't your wife have some responsibility for some of the debt?
Posted on 8/4/14 at 1:17 pm to bulldog95
Brother had to go through it last year for the same reason. Wife left him with nearly $150k in unsecured debt.
I'm not discounting it. It should be avoided at all costs. But, its not the end of the world or doesn't have the sigma that it once did. His credit score is actually about 70 points higher now than it was pre-bankruptcy.
Key is get a good attorney. Not one that advertises on billboards for $499. He paid about $2500 in Birmingham and it was smooth sailing.
I'm not discounting it. It should be avoided at all costs. But, its not the end of the world or doesn't have the sigma that it once did. His credit score is actually about 70 points higher now than it was pre-bankruptcy.
Key is get a good attorney. Not one that advertises on billboards for $499. He paid about $2500 in Birmingham and it was smooth sailing.
Posted on 8/4/14 at 1:21 pm to VABuckeye
quote:
Doesn't your wife have some responsibility for some of the debt?
Was thinking exactly the same.
Posted on 8/4/14 at 3:16 pm to bulldog95
If you want to liquidate any firearms (k31) I am your man...but seriously I would be selling everything to avoid bankruptcy
Posted on 8/4/14 at 3:49 pm to burgeman
Not divorced just separated. She moved out told me to go to counseling and then we could go to marriage counseling. She got an apartment leased for a year. She told kids that next summer they would all decide whether to come home or not.
Until then I can't meet my monthly bills.
House-670
Car-615
Ins-200
Loan-260
CC-400
Monthly house bills-600
Helping wife with daycare/etc-500
Gas/food?????????
Until then I can't meet my monthly bills.
House-670
Car-615
Ins-200
Loan-260
CC-400
Monthly house bills-600
Helping wife with daycare/etc-500
Gas/food?????????
Posted on 8/4/14 at 3:52 pm to bulldog95
Can you downsize on that car note? Any equity in the vehicle? If so, sell it and buy a beater with cash using the equity. Would save you the $600+/mo. and you could carry liability on it to cut the $200/mo. at least in half also.
What's the detail on the house bills? Cut cable out also.
How much do you owe on the CC? Can you roll it into the loan mentioned?
What's the detail on the house bills? Cut cable out also.
How much do you owe on the CC? Can you roll it into the loan mentioned?
This post was edited on 8/4/14 at 3:54 pm
Posted on 8/4/14 at 3:53 pm to bulldog95
She needs to throw you a few dollars podnuh.
Posted on 8/4/14 at 3:55 pm to TigeRoots
I gonna voluntary turn in the car I already have a beater I can drive.
House bills are electric, water, cell phone, cable (for the kids),
House bills are electric, water, cell phone, cable (for the kids),
Posted on 8/4/14 at 3:56 pm to bulldog95
Forgot I owe IRS $150 a month
Posted on 8/4/14 at 3:59 pm to bulldog95
What's your net pay?
Posted on 8/4/14 at 4:00 pm to bulldog95
quote:
I gonna voluntary turn in the car I already have a beater I can drive.
Be careful here, you might owe more than it's worth.
Posted on 8/4/14 at 4:05 pm to LSUFanHouston
I owe about 5000-6000 more than what its worth.
Net pay is about $2800 a month.
Net pay is about $2800 a month.
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