Anyone who's had to file bancruptsy please help me

Discussion in 'Fibromyalgia Main Forum' started by texasmaia, May 1, 2006.

  1. texasmaia

    texasmaia New Member

    Don't even know if I spelled bancruptsy correctly~ that's how much I know about it. I need help and quickly, please.

    I know nothing and it is looking like my husband and I may have to file soon. We are in the farming business and it has fallen out from under us.

    Absolutely any and all information would be appreciated. I don't know what happens, what I should make sure I do before, how long it will be after till I have any credit to buy things like a car, appliances etc. What do I end up having to pay? Should I have some more medical done before that I am needing????

    Please please help me....My husband wants to call an attorney today.

    Blessings to you,
    Maia
    [This Message was Edited on 05/02/2006]
  2. suzetal

    suzetal New Member

    I have never filed.But you say you have a farm.I just saw an angency that helps with Farms in my state.

    May be you can find help from an agency in your state.

    Good luck Sue
  3. OWWEE

    OWWEE New Member

    You might want to try www.creditboards.com. They have a general credit forum as well as a bankruptcy forum. Ask questions. BUT, get an attorney and you may have to interview several. Get an attorney who specializes in BK. BK is a federal process, but exemptions, limits, etc vary by state. FM resulted in me filing. It was difficult, but I finally realized I had to put myself first and not try to help others who couldn't or wouldn;t help me. Good luck to you. There are many who have filed BK because of the destruction this disease has brought into our personal lives. Remember, it is a business decision to file. It has nothing to do with your worth as a person. Good luck to you.
    [This Message was Edited on 05/02/2006]
    [This Message was Edited on 05/02/2006]
  4. cats3

    cats3 New Member

    There is a good web site that talks about bankruptcy.

    It is called Total Bankruptcy (totalbankruptcy).
    This site also tells about the laws in your state.

    As for a lawyer it depends on which chapter (7 or 13) you plan on filing.
    Some lawyers only deal with chapter 7 and some only chapter 13.

    I used total bankruptcy web site last year when I was looking into filing bankruptcy. It helped a lot. I did not use their lawyers. My sister lawyer knew of someone to use.

    I ended up filing chapter 7 bankruptcy.
    As for the cost to file bankruptcy it depends on the state you live in.

    Hope this information helps you.

    Gayle
  5. Rene

    Rene New Member

    Gayle, when you filed chapter 7 what did that do for you/ How did it help you?
    Thanks,
    Rene
  6. texasmaia

    texasmaia New Member

    I don't want to pry, but can you give me some more specifics. Was there anything you wish you would have done first?

    How do you salvage credit later?

    Thanks so much for the info and help!!!

    maia
  7. PVLady

    PVLady New Member

    You should absolutely have an attorney handle this for your. Bankruptcy law is complicated and mistakes can come back to haunt you. Meaning, creditors can come back etc.

    Now with the laws being stricter you especially want to be careful. No mistakes.

    Actually you are a better credit risk after a BK. The only thing is the interest rates are higher, but believe me plenty of companies will send you credit card offers etc.

    You can then begin rebuilding your credit. Please get an attorney as they will answer all your questions by the laws in your state.

    Good luck
  8. texasmaia

    texasmaia New Member

    thanks for all the helpful info.....

    Looking into the websites and we'll see what happens. We have a partner in our farming business that pulled the rug out from under us and left us with expensive equipment and no land. It's complicated, but we are really in a bind.

    Appreciate the help,
    Maia
  9. meditationlotus

    meditationlotus New Member

    When you filed chapter 7 bk and you said that you could chose your debts, and you chose to keep your house, did you have very much equity in your house? In Indiana, if you have more than, I think, $7000 in equity, they say with chapter 7 you could lose your house. I'm wondering if that is just a "maybe", and in your case you were over the equity amount and still got to keep your house?

    Thanks.
  10. cats3

    cats3 New Member

    By law I had to included all my bills and anyone I owed money to.
    These included credit card bills, electric bill, doctor bills, mortgage, and what I owed my sisters.

    On the house you use the fair market value minus any repairs that needs to be done on the house.
    Plus there is an exemption amount that I am allowed on the house to keep.
    In my state I was allowed to keep 15,000.00 of the equity.
    I was able to keep my house because the amount of equity left was not enough to pay off any bills.

    Car - I used kelly blue book amount and since the car is paid for and the blue book amount was under the allowed exemption amount I was able to keep my car.

    All my credit cards, doctor bills, electric bills were discharged. I don't owe them anything.

    Now I only owe for current bills like gas, water, electric, house payment.

    Gayle


  11. cinmcw

    cinmcw New Member

    I filed for bankruptcy some years ago, and it was ten years before I could get credit again.

    Do you have medical insurance? If not, then you better get to those doctors you need to see first, then file for bankruptcy.

    Once you file for bankruptcy, no creditor is allowed to contact you. No harrassing creditor phone calls or letters, etc.

    I was not required to pay anything back. I don't know if I filed for Chapter 11 or Chapter 13, but once I filed (and there is the lawyer fee you'll need to come up with), I was absolved from all of my debts. I did not own a house or anything like that, but there are ways to file for bankruptcy and still keep your house if you own one.

    Good Luck! Keep us updated!

    Cindy
  12. Rene

    Rene New Member

    Gayle thanks for the info. Sounds like it worked out good for you. I'm going to make an appointment for my mom.
    Thanks again
    rene
  13. zion1971

    zion1971 New Member

    please make sure you have no other options. my husband and i filed bankruptcy two years ago and we totally regret it now. we were trying to save our house and cars. we live in a place where there is no solid form of public transportation. it takes a car to live here. in the end, the car was taken anyway. and keeping the house wasn't worth it. research and talk to two or three lawyers who specialize in bankruptcy. pray about and make sure. you cannot change your mind once it is done. are the "things" you are trying to keep really worth it? that is the question i wish an attorney would have asked us.

    if after researching you decide to file, then file and don't look back. despite what some may say, bankruptcy is not a character flaw. most people i know could not endure what my family has as i have suffered with cfs and fms. they can barely keep up with their bills w/o an illness. so i don't feel ashamed about what i had to do. i just wish i was more informed.

    good luck!
  14. Jordane

    Jordane New Member

    Hi Maia,
    We filed for bankruptcy 3 yrs ago.So its our 3rd year out.
    We gave up our house,and kept our car!!

    But you have to tell them ALL your bills. Your expenses, meds, groceries, etc.

    They tell ALL your creditors about your bankruptcy.
    By law they have to be told.

    They told us it is usually 7 yrs,before you can try for
    credit.But that is not cut in stone. Others may give it to
    you sooner.

    We have not tried,since, for credit. We are trying to make it thru on what we make. And with me not wrking now.
    Thats an added pressure!!

    Pray it all wrks out for you!!!
    Jordane