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Bankruptcy
Posted on 6/21/25 at 11:13 am
Posted on 6/21/25 at 11:13 am
Have a friend that is a single mother. She’s gotten in a bind financially. She has about 20 small loans from high interest companies. She’s behind 3 months on house note. I think she was taking the loans to pay for other loans. It’s a bad situation. She’s a nurse and makes $75,000 a year and has 3 kids. It seems bankruptcy is her only option. If so, which bankruptcy and does the bankruptcy wipe out those 20 small loans?
9
Posted on 6/21/25 at 11:15 am to tigger4ever
She needs to speak to a bankruptcy attorney.
Posted on 6/21/25 at 11:17 am to tigger4ever
She hot? There may be another solution.
Posted on 6/21/25 at 11:32 am to tigger4ever
If they’re unsecured debts the bankruptcy will take care of them. The mortgage is a little more problematic with her being behind. Have to spend the money for a bankruptcy attorney.
Chapter 7. She’s going to lose any credit cards she has and learn to live on a budget. She’ll be able to begin rebuilding some credit with starter credit cards a few months after bankruptcy.
Chapter 7. She’s going to lose any credit cards she has and learn to live on a budget. She’ll be able to begin rebuilding some credit with starter credit cards a few months after bankruptcy.
Posted on 6/21/25 at 11:48 am to VABuckeye
Does she need to close her checking account and open a new one? All the loan companies are taking money out of her checking account weekly to where she has little left for essentials.
Posted on 6/21/25 at 11:57 am to tigger4ever
Any chance of a consolidation loan?
Posted on 6/21/25 at 11:58 am to tigger4ever
Talk to the attorney asap. He will advise her to stop paying her bills but not the mortgage.
Had a relative go through a BK. It’s imperative that she talk to an attorney asap.
Had a relative go through a BK. It’s imperative that she talk to an attorney asap.
Posted on 6/21/25 at 12:02 pm to VABuckeye
The companies are automatically debiting payments out of checking account. Should she close the checking account?
Posted on 6/21/25 at 12:05 pm to tigger4ever
quote:
Should she close the checking account?
Yes
Posted on 6/21/25 at 12:05 pm to Bestbank Tiger
She isn’t getting any decent consolidation loan 3 months behind on the mortgage and with a slew of paycheck type loans. Her credit is likely fried at this point.
Posted on 6/21/25 at 12:08 pm to tigger4ever
She needs to talk to the attorney. He will probably advise her to close the account. When the calls come in she will tell them she is entering bankruptcy and to speak with her attorney. Once she notifies them they are required by law to stop all collection attempts and calls.
I can’t say it enough. Speak with a bankruptcy attorney. This will cost money but she has no choice if that’s the path and I don’t see another one.
She can keep her house but she needs to act. I’d call today.
I can’t say it enough. Speak with a bankruptcy attorney. This will cost money but she has no choice if that’s the path and I don’t see another one.
She can keep her house but she needs to act. I’d call today.
Posted on 6/21/25 at 12:22 pm to tigger4ever
she should open a 2nd checking account in the same bank. transfer all money into the 2nd account. that will will automatically close the 1st account. all this can be done online.
Posted on 6/21/25 at 3:23 pm to tigger4ever
Get a consult with an attorney that can advise on Chapter 13 bankruptcy.
Posted on 6/21/25 at 5:10 pm to OTIS2
A chapter 7 bankruptcy can wipe out the unsecured debts.
There are other potential issues. She has to pass a financial means test to qualify for a 7.
Does she have a lot of equity in a house or other asset. ?
In chapter 7 you stand to forfeit your non exempt assets.
There are other potential issues. She has to pass a financial means test to qualify for a 7.
Does she have a lot of equity in a house or other asset. ?
In chapter 7 you stand to forfeit your non exempt assets.
Posted on 6/21/25 at 6:43 pm to tigger4ever
Obligatory
Posted on 6/21/25 at 9:22 pm to SmackoverHawg
quote:
She hot? There may be another solution.
LMAO...
Posted on 6/21/25 at 9:43 pm to tigger4ever
How much is her debt?
Posted on 6/22/25 at 10:26 am to tigger4ever
All she has to do is revoke their authority to debit her account, which she approved of in the first place with a form. But if she’s as unorganized as she sounds, close it.
Posted on 6/22/25 at 11:31 am to tigger4ever
She can probably get a free evaluation from a bankruptcy attorney. There is a means test that affects whether she could file a 7 or 13. With her income, she’d probably go into a 13, keep all her assets, and have a 5 year payment plan. Costs about $330 up front in filing fees and related expenses, with the attorney fees paid through the payment plan. A 7, if she qualified, requires payment of fees up front. Lots of variables, so she should consult an experienced bankruptcy lawyer.
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