Posted on
September 7, 2009
at
4:42 pm
1. I am a state of Illinois resident for years now. I owe $16,000 in credit cards(5 credit cards), $2,400 on a secured personal loan and $2,000 on my car loan, and some medical bill which I expect to don't go over $600 when will come out. I withdrawn $1,300 on one of my credit cards last week. I am unemployed for more then 6 months and I am not able to pay my bills anymore. I intend to stop paymenmts to credit cards and loan this month but to keep it for my car. Then I will look for a bankruptcy attorney. Will be any problem stopping to pay the credit cards and the loan now? Will be any problem with the money I withdrawn last week in the 341 meeting with the creditors and which ones could be? I do not own assets except a 4 year old laptop. 2. I pay my rent and utilities using cash since I have a verbal agreement with the landlord and there is no security deposit. Will I be able to count this cash amount for monthly expenses?
Posted on
February 9, 2010
at
3:26 am
I am trying to look for Chapter 7 Bankruptcy exemption in Illinois..
Posted on
February 9, 2010
at
3:31 am
But you know, I'm not too sure that you would be able to qualify for a Chapter 7 (liquidation) bankruptcy.According to the revised bankruptcy law - you must first pass the means test before you cango on. Most consumers who file bankruptcy end up filing a Chapter 13 instead (repayment) --There doesn't seem any asset to liquidate in your case..
Posted on
February 9, 2010
at
3:35 am
Chapter 7 Bankruptcy in Illinois - speaking of stopping payment to the creditors - in about 5-6 months time, your accountscharge off because the creditors are forced to do so by the law, & by that time - youraccounts get passed on to a third party collection agency - & that means that you would havean alternative to bankruptcy (at least for your credit card debts) - which is debt settlement.
Posted on
February 9, 2010
at
3:39 am
So here's your situation:
"I owe $16,000 in credit cards(5 credit cards), $2,400 on a secured personal loan and $2,000 on my car loan, and some medical bill which I expect to don't go over $600 when will come out. I withdrawn $1,300 on one of my credit cards last week. I am unemployed for more then 6 months and I am not able to pay my bills anymore. I intend to stop paymenmts to credit cards and loan this month but to keep it for my car" --- Why not speak to your lenders first if they can modify your payment plan? Then since your credit card debt is over @10k & you're willing to stop payments anyway - my advice is for you to settle your unsecure debts and then continue with your installment plan with the lender (modified version).
Posted on
February 9, 2010
at
3:58 am
Unless your car is being repossessed, your house facing foreclosure, your creditors/lendersare suing you - you can opt to not file bankruptcy. Bankruptcy's impact on your credit isvery serious that it takes years to rebuild - although not impossible. So if you're interestedin debt settlement, destroydebt.com can match you up to a trusted company - just fill outa form - it's free of charge.
