When Should I Consider Filing Bankruptcy?
Posted on
July 17, 2009
at
12:45 am
Should I plan filing bankruptcy or let it come upon me?
Posted on
July 17, 2009
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12:54 am
When should a consumer file bankruptcy is a broad topic. Inside of it are a lot of general questions, and then there are questions that are specific to your case, that must be answered too. A bankruptcy lawyer is better equipped at answering all of your questions, however, here are some that you can consider:What kinds of debt do you have? Secured or unsecured? If they are mostly unsecured, maybe you shouldn't file bankruptcy, but instead consider the alternatives. Credit counseling, debt consolidation, or debt settlement. Unsecured debts are negotiable.If your debts are secured (mortgage and/or vehicles)-and you fear that you'd lose them, then maybe you should file bankruptcy, as it may save your assets.
Posted on
July 17, 2009
at
1:35 am
I agree with x and y, and speaking of kinds of debt, you should maybe file bankruptcy if it is a student loan debt (that is secured by the government) that you want to pay back. Before filing bankruptcy, you also should know that there are two types available for individual filers. A Chapter 7 (liquidation) and a Chapter 13 (reorganization) bankruptcy. The amended bankruptcy laws of 2005 though made it really hard for consumers to file under Chapter 7 as it requires for them to first pass the Means Test. Consumers instead are forced to file under Chapter 13. This chapter gives consumers a chance to catch up on past due payments and set up an affordable repayment plan based on their income and expenses.
ck Rep Points:
Posted on
July 17, 2009
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2:12 am
You should not file bankruptcy if your debts are mostly non-dischargeable under bankruptcy. These debts are child support, alimony, secured taxes, and government-backed student loans.
Posted on
July 17, 2009
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2:16 am
You should file bankruptcy if you have tried to contact your creditors/lenders and they all refused to negotiate with you and even threatened to serve you with a lawsuit. If you are also unemployed and have assets but you don't want to tap into your 401(k) and/or other pension plans--maybe bankruptcy is right for you.
Posted on
July 17, 2009
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2:19 am
When should you consider filing bankruptcy?If you need the automatic stay protection. It halts all collection activities against you which gives you time to save your assets (your house for example, if it's facing foreclosure or your vehicles from being repossessed)
Posted on
July 17, 2009
at
2:25 am
Should you file bankruptcy or let it catch up to you? If you cannot make up your mind on whether or not you should file bankruptcy, or if you really have no idea or you don't have the capability to assess your financial situation...before you spend money, time, or effort into filing...try to speak with a debt expert first. Fill out one of the forms here and consult with a debt expert. Consultation is free.
Posted on
July 17, 2009
at
2:29 am
Should you file bankruptcy or not, and which Chapter to file under?File Chapter 7, if you have assets to liquidate and if you can pass the means test.File Chapter 13, if you have sufficient income to finish the repayment plan. It usually lasts from 3-5 years.
Posted on
July 17, 2009
at
2:31 am
Thank you all for the replies, I would certainly consider all of these pointers..my friend is asking if bankruptcy can stop an eviction?
Posted on
July 17, 2009
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2:50 am
Bankruptcy's automatic stay can stop a foreclosure, eviction, and most lawsuits.
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