Lawyers

I am really shocked at how many times people on this forum recomend a bk lawyer! HA! I just went in to a bk lawyers office and GUESS WHAT: I layed out $200 in cold cash, talked to her about 10 mins and STILL have no answers to my questions!

I am starting to think this whole thing is just one big joke.

My questions:

So, how does bk truly affect one? Is it better to just keep muddling thru?

The only thing she said that almost makes sense is for a chapter 7 your daily living expenses must exceed your income! I think I already knew that! NO advice on student loans.

Blah!

When people email on this site they are looking for answers: NOT, "Go visit a lawyer" Those of you who have the answers pass them out, those who don't why bother responding with
the lawyer phrase....

Wish me luck,
Betsy

Sorry you had a bad lawyer experience. We did to with our first lawyer. We fired him after paying him over $400. We hired another. We were just out that money. Our first lawyer didn't want to do all the work, because we had to many creditors for him.

Our second lawyer is great. We filed a chapter 13. I have over $40000 in school loans. We are paying them through the bankruptcy. We live in the state I went to school in. We were lucky because the state paid off a few of my loans. My dad also cosigned on 4 of my loans. It has affected his credit, but he is getting it cleaned up. They are not suppose to be on his credit because we are paying them through the bankruptcy. When we are done paying our Chapter 13 which is about 4 years, we will pay on my school loans like they were normal. We call and set up a payment plan with the company.

I hope this helps a little. If you have more questions just post here or try to e-mail me through the e-mail link. I have done research on the school loan thing with bankruptcy.

By the way, very few people get them discharged because they can't pay them.

Stefanie

[vrzirn]

Consult an attorney.
Many times that is the answer! It is the only accurate response to a complex question requiring review of many records and making sense out of a long, rambling, emotional essay full of repetitive and irrelevant comments.
Quite often, like you, people do not follow the posting directions.
Many of us well-meaning responders are not attorneys. However, we may have extensive experience in certain fields and try to answer as best we can. We are free. We spend our time trying to help you.
Occasionally, the posters do not like our answers and forget that this is a law forum and not a support group.
Perhaps, if you had been well-prepared when you saw the attorney and had a specific list of questions you would have gotten more bang for your buck.
I wonder if you have researched the FAQ's on this site with regard to student loans surviving BK. The question you ask about how a BK will affect you is very general. My response, then: a lot. I sincerely recommend you learn how to live beneath your means.
Good luck.
vrzirnM.D.

[bigun]

Betsy,

How does bk truely affect one? Well, it'll be visible on your credit report for 10 years. After that, it'll be cloaked and not shown except in a few circumstances. How else it affects you really depends on your particular situation prior to bk. If you had the foresight to plan it out {legally} and were able to shield assets from creditors and have a good job and benefit package, this is really just a small speed bump. However, if you run to a lawyer with a lawsuit in one hand and a shoebox full of chargedoff bills in the other and you rent and don't have a great job then, it's gonna be tougher.
As a general rule, you need to get yourself on a cash basis and live below our means post bk. Get those student loans straightened out and create some positive credit history. Don't worry about securing new credit for a couple of years. Save your money. 24 months post bk, FHA will approve you for conventional motgage financing if you have a clean credit report since the bk. You can get some unsecured cc offers from subprime companies that aren't secured but, they'll probably carry an annual fee and the rates will be awful. Auto loans-depends on how hungry car dealers are to move cars. I know a guy who got a new Ford in Dec. 2000 at .9% and his bk was only 16 months old. But, he has a great job and had saved about a 25% downpayment.
Bottom line, bk is not the financial diasater it was 25 years ago . It can be overcome much easier now but, it's still a rough way to go.

As to muddling through. That depends on if you can handle the collection activity and avoid being sued and getting your check garnished. Does you state allow wage garnishment? How close are you to the SOL on your debts running out? Have you already been sued? Is there a judgement against you? It's hard to know what to advise unless we have all of the facts.

Hi Betsy, I can understand your frustration. If you would like some information on how to work through your debt problems as well as some sound advice, go to [url]www.daveramsey.com.[/url] His website is informative and you can also call his radio show during broadcast hours to ask questions and obtain advice regarding your situation. He is a Christian but he does not force this upon you at all. He offers sound and helpful advice. He does not condone bankruptcy and, if you call, he will discuss with you the best way to avoid filing and working your way out of debt. I am sure the situation seems bleak but there is hope out there! For the time being, do some simple things to cut down on expenses such as no eating out, no entertainment (movies, etc), coupons for groceries, and save save save!!! It's tough but well worth it in the long run. I wish you the best. Check out his website and the forums there from others who have been and are in situations very similar to yours. It doesn't hurt to explore other options.
Good luck and God bless.