bankruptcy

[joetavis]

What is the name of your state?Michigan.
I was thinking about filing for bankruptcy because my roommate bailed on me and I just cant afford my bills anymore. I was wondering if it would be a good idea to move into a different apartment (lower cost) before I file and just get out of my lease on my current apartment. I have also heard something about a new law about bankruptcy where your debts dont erase, they just must be paid over time, is this true? Please help!!!

[seniorjudge]

Originally Posted by joetavis

What is the name of your state?Michigan.
I was thinking about filing for bankruptcy because my roommate bailed on me and I just cant afford my bills anymore. I was wondering if it would be a good idea to move into a different apartment (lower cost) before I file and just get out of my lease on my current apartment. I have also heard something about a new law about bankruptcy where your debts dont erase, they just must be paid over time, is this true? Please help!!!

You've had some problems.

[url]http://forum.freeadvice.com/search.php?searchid=876395[/url]


BUT I would avoid filing bankruptcy at all costs.


(I am NOT a bankruptcy lawyer.)

[bigun]

You don't give near enough info. How much do you owe and is your income above or below the median for your state? If you're above the median, you will be in a Chapter 13.

[joetavis]

michigan- I make 40,000 per year. where would i find the median? and what is the difference between the chapter 13 and the chapter 11 I think it is?

[bigun]

Do a google search or, a search of the Dept. of Labor website. You'll find something about median income.
Chapter 11 is a business bk.
Chapter 7 does wipe out all unsecured debts . However, bk reform put a lot of restrictions on who may file a Chapter 7 starting with the median income test.
A Chapter 13 is a repayment plan where you do repay some portion of your debts over a 36 to 60 month period.
Most bk lawyers give a free initial consultation. Talk with a couple and get all of your options explained.

[Who's Liable?]

Originally Posted by seniorjudge

You've had some problems.

[url]http://forum.freeadvice.com/search.php?searchid=876395[/url]


BUT I would avoid filing bankruptcy at all costs.


(I am NOT a bankruptcy lawyer.)

BK is NOT the end of the world... Yes it may suck, but if people play their cards right, they can get it erased from their credit reports after only 5 years...

[gawm]

Originally Posted by Who's Liable?

BK is NOT the end of the world... Yes it may suck, but if people play their cards right, they can get it erased from their credit reports after only 5 years...

how's that?

[trustknow1]

Originally Posted by joetavis

What is the name of your state?Michigan.
I was thinking about filing for bankruptcy because my roommate bailed on me and I just cant afford my bills anymore. I was wondering if it would be a good idea to move into a different apartment (lower cost) before I file and just get out of my lease on my current apartment. I have also heard something about a new law about bankruptcy where your debts dont erase, they just must be paid over time, is this true? Please help!!!

Not much info on your debt load here, but why don't you try your own suggestion (without the bankruptcy part)? Bankruptcy is not something you can do everytime you lose a roommate, and the bills get higher.

You are about a month behind on that Bankruptcy consideration....you can still file, but as stated...things have changed from just "walking away" now. There are options similar to your concept of Bankruptcy available without having to file Bankruptcy. Debt consolidation, etc. Use a flyswatter to kill the fly...not a bomb.

Save that Bankruptcy thought as an option after you are married. (when you will really need it....lol)

[Who's Liable?]

Originally Posted by gawm

how's that?

If I told you, it wouldn't be hard, and you wouldn't have learned anything...

[gawm]

Originally Posted by Who's Liable?

If I told you, it wouldn't be hard, and you wouldn't have learned anything...

what wouldn't be hard? And I would of learned how someone would get it off their credit in just 5 years instead of the 7-10 that everyone else says. What, do you think I'm gonna file just because you SAY it can be taken off two years earlier than everyone else? yeah, let me rush out and find a bk attorney right away IF YOU DON'T WANT TO BACK UP YOUR STATEMENTS WITH FACTS, that's fine with me. i lived this long without knowing it I was just curious, but you know, i don't really think there's a way to get it off in 5 years, but if you say so

[bigun]

You need a credit repair site.
Try [url]www.creditboards.com[/url] and start with the newcomer thread.

[Who's Liable?]

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Originally Posted by gawm

what wouldn't be hard? And I would of learned how someone would get it off their credit in just 5 years instead of the 7-10 that everyone else says. What, do you think I'm gonna file just because you SAY it can be taken off two years earlier than everyone else? yeah, let me rush out and find a bk attorney right away IF YOU DON'T WANT TO BACK UP YOUR STATEMENTS WITH FACTS, that's fine with me. i lived this long without knowing it I was just curious, but you know, i don't really think there's a way to get it off in 5 years, but if you say so

FACT:
You are a bone head

FACT:
You want other people to do things for you

FACT:
You've already been given the first step in repairing your credit.

FACT:
You're going to respond with some stupid reply that makes you feel better about how your life is going even though it's in the crapper.