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 Elite Fitness Bodybuilding, Anabolics, Diet, Life Extension, Wellness, Supplements, and Training Boards
 Chat & Conversation
 Filing Bankruptcy: I am in the process and need some GOOD ADVICE how to proceed
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| Author | Topic: Filing Bankruptcy: I am in the process and need some GOOD ADVICE how to proceed | ||
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Elite Bodybuilder 
Posts: 940 |
In the past few years I foolishly racked up debts exceeding $22,000 (all but $3,700 or so in unsecured). I recently started making substantially $7.00 per hour more than I was making before plus 1 1/2 time for more than 24 hours worked in a week. I started filing before I got the pay increase so I knew chapter 7 was out and I'd be going chapter 13 (repayment). I guess this was inevitable but I almost shit when I met with the lawyer. According to my disposeable income 1,000 left after I pay my bills,rent,food,ect I am supposed to pay $1,000+ dollars a month back over 16 months! That will fucking clean me out. The cunt lawyer said it HAS TO BE THAT MUCH and over 16months based on how much I make. Has anyone seen this kind of shit? They also didnt do shit as far as negotiating the debt down one fucking bit. I figured I'd be paying about $400.00 per month or a little less for like 2 1/2 or 3 years or something like that. I have to do some serious looking around now. Anyone with help or info I will be extremely greatful. Thanks in advance. ------------------     | ||
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Cool Novice 
Posts: 22 |
I'm not sure I understand why you are not able to file Chapter 7. i filed 7 about a year ago, i was about 15K in debt and owed all kinds of credit card bills and i also had lost a lawsuit for a few grand for a motor vehicle accident. I had just gotten a much higher paying job when I decided to file. All that happened was my attorney filled out the petition and sent it to court, so it stopped all the debt collectors from harrassing me. We went to court about a month later, i was nervous as hell. The judge just asked me a bunch of questions, then said "chapter 7 granted", and said a bunch of legal shit to my attorney and that was it. Al i had to end up paying back was about 400 bucks to Sears which i had agreed to earlier, even the money i owed from losing the lawsuit was dropped. i was able to get an unsecured credit card about 4 months later and a loan on a brand new car a couple months after that. i don't know if this helps you, but good luck, it's not all that bad. | ||
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Amateur Bodybuilder 
Posts: 199 |
Well I would talk to the bitch who said you can't fill chapter 7. I don't think she is right. I would ask someone else in the lawfirm about chapter 7. I think you can qualify. I did file #7 mostly due to medical bills. Good luck! | ||
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Elite Bodybuilder
Posts: 940 |
I was taking home around $1,050.00 per paycheck before (with no 401k contribution from me-or my employer) and now I am taking home $1,300-$1,400 per pay (2weeks) after taxes and 16% contribution to my 401k. They saw I have $6,000 in the 401k and no savings (intentional prior to the filing) I am going to have to look elsewhere than the place I went to. Her answers for me were bullshit. I have no idea how they expect a $1,000 per month payment-that's quite steep. Thing is I wasted $700.00 on this , which is handled by paralegals and the lawyer files for you. I know when the lawyer does more work they charge an arm and a leg. I figured my case wasnt complex with houses and properties and such. Its back to square one I guess ------------------ | ||
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Elite Bodybuilder
Posts: 945 |
sorry sounds like shit suck for you. Good luck! | ||
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Amateur Bodybuilder
Posts: 71 |
I worked for the irs for eight years and attended many bankruptcy hearings. I assume that the trustee and/or judge is aware that you are taking home more money now. What do you do for a living? Are you a straight wage earner or do you have commission income? If you have commission income, you may be able to negotiate the payment amount down becuse it is not constant. You probably dont qualify for the chapter 7 because the financial statement reflects some ability to pay. Unfortunately when they determine your necessary living expenses, there is not alot of give and take. I would contact another attorney and look into those credit counseling services, they can settle with the creditors and give you a much more reasonable monthly payment. If you are not in collection status with the creditors, the counseling servicemay be a better option. | ||
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Guru 
Posts: 3579 |
Fuck I thought I was in trouble being in debt $1000 Sorry for your trouble good lUck | ||
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Pro Bodybuilder 
Posts: 470 |
Bro....I make well over 50,000 a year. I filed Chapt 7 last year NO PROBLEM....24,000 in credit cards....poof!!! All gone. Didn't include my car...kept it and the loan. Not proud of it....but ya know what...fuck it. get another lawyer. | ||
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Elite Bodybuilder
Posts: 940 |
Mac. I am a wage earner. I have one secured debt of approx. $4 k and 18 k other debt. All of the debts are OLD and have been in collections for awhile. I definately need some advice on how to negiotiate down the debt and pay it back. ------------------ | ||
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Amateur Bodybuilder
Posts: 71 |
Give me an email at [email protected] and give me any pertinent details. Definitely look into the credit counseling services. That should be your first option. I am not a lawyer, but will do what I can to help out. Sorry I did not respond earlier was out of commision for a while. |
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posted December 01, 2000 04:25 AM