Posted on
May 29, 2009
at
1:48 pm
At this point I am upside down on my mortgage and have over $80,000 of credit card debt. Does anyone know the ways to file bankruptcy that I could consider?
Posted on
May 29, 2009
at
2:59 pm
You can't necessarily "eliminate" mortgage debt, a secured debt through bankruptcy. You may be able to reaffirm the mortgage in a Chapter 7 which allows you to keep the home as long as the equity in the home (if there is any) is covered by the federal homestead exemption. If it is not, it is possible that the trustee handling the case may sell the home to generate proceeds to pay off your creditors. For credit cards, it is possible, if you qualify, to have your debts discharged through a Chapter 7. Once all non-exempt property has been liquidated, and the proceeds have gone towards paying off your creditors, anything left over that is unsecured may be discharged. In a Chapter 13, the debtor is making monthly installment payments over a 3-5 year period until the majority (at times all) of the unsecured debt is paid back. If the person completes the Chapter 13 case and there is some credit card debt left over it is possible that the remaining amount will be discharged. Chapter 13 is geared towards people with steady income who can make consistent payments, so often these individuals have to pay their full debt amount back, including their credit card debt.
Posted on
July 21, 2009
at
10:17 am
So the question wat are the ways to file bankruptcy has been answered for the most part, but I was wondering when is it necessary to file bankruptcy? Should you file if you only have credit card debt?
Posted on
July 27, 2009
at
3:16 pm
What are the ways to file bankruptcy if you don't qualify for Chapter 7 bankruptcy?
Posted on
July 27, 2009
at
4:51 pm
Most people who do not qualify for Chapter 7 bankruptcy will have to file Chapter 13 bankruptcy instead. You can see Mr. Ace's comments above for the differences between the two. Or, you can fill out a form on DestroyDebt.Com to get a free consultation and to see if any of the bankruptcy alternatives that are out there are suitable for someone in your shoes.
Posted on
August 4, 2009
at
5:59 am
The Question is now going to ask -- What are the other ways or the reasons to not file bankruptcy?
Posted on
August 8, 2009
at
10:19 am
Regardless of what are the ways to file bankruptcy, the original question- there are a lot of things to keep in mind as to why it may not be the best idea if you can find an alternative. For example, Chapter 7 bankruptcy stays on your credit report for 10 years. Chapter 13 bankruptcy stays on your credit report for 7 years. And both stay on your public/legal records for 20 years. And as Tom mentioned- it is possible that you will have to turn over assets if they are non-exempt.
Posted on
October 15, 2009
at
3:56 am
The consumer who has mostly unsecured debts should not yet ask the question - What are the ways to file bankruptcy? - because there are alternatives to which. The best time to ask that question is if the consumer is already facing a lawsuit.
Posted on
October 15, 2009
at
3:58 am
To answer The Question - What are the other ways or the reasons to not file bankruptcy?For unsecured debts that are below $10,000 with high interest rates, the consumer can opt for credit counseling and its Debt Management Plan.If the balance is higher than $10,000 and the accounts mostly past due, instead of bankruptcy, the consumer can opt for debt settlement.
