I have some debt, that I know I will never be able to pay off. Atleast in this century. It’s not that I owe a whole lot of money, it’s just that I am not the richest person on earth. I have a family and can’t afford to make payments that will make a difference in the balances.

I have considered Bankruptcy. I know the laws for it have changed in the last few years. Does anyone have a good website about the terms and all that?

What you can and cannot claim on a bankruptcy and so on. thank you all.
I have only had one credit card in my life, and that was a few years ago. I havent had one since. And I have 8 things on my credit report that are bad. But I have 2 loans on there that were paid in full with no late payments.

I honestly want to build my credit, but I have heard that paying off your debts (that are already on your report) dont really help build your score and that bankcruptcy is only on your report for 7 years.

I dont know. I just need some help. I am sick of getting threatining letters from credit agencys not willing to take a smaller payment.

Is debt consolidation a good choice? Does it really work?

changed? What was your experience and are you glad you filed or not? What happened? Thanks

It’s an empty threat though because I’m not going to file really.

I’m trying to negotiate a $1,300 debt for $900 – $1000. I want to threaten bankruptcy as leverage but is this a good decision? This would be my line: “I am familiar with the law and know that I am ‘judgement proof’. If I file for bankruptcy I will claim all property as exempt, and if you sue and obtain a judgement you could not collect any of my property to satisfy the judgement.”

Will this help? Can it hurt? Any other tips? Is there anything else I can use as leverage?

Here’s some background info: I’m not dealing with collection agencies so it hasn’t gotten too out of hand. I have about $30K in debt ($20K student loans, $10K credit cards). I’m working at part time jobs right now but when I do find work I’ll be making $35-$40K a year entry level in my field.

Thanks!

I filed bankruptcy before the new laws and my house also went into foreclosure. I heard that it went into auction march 23rd. What happens now? What does it mean when it goes into auction? All the home loans were on the bankruptcy. Will I be responsible for anything if the house was not worth as much as I owed?

We started a business recently, and I received a request from the IRS to pay back taxes and penalties from 1995/1996. I knew he hadn’t paid last year, though he said he’d paid estimated taxes — it turns out he is having the least amount possible taken out of his paycheck. I did his taxes this year, and he owes a LOT. I gave him an ultimatum to fix the IRS issue or we won’t be married in September. Yet he seems to be in denial (he doesn’t know that I know about the full 10 years of not filing). He half-heartedly wants to fix it (!) — to the extent of what I know. I don’t think he understands the extent of the financial burden this will be to BOTH of us. I want to protect myself — I’m squeaky clean. My name is the only name on the house, etc, so nothing can be taken away. We are about to relocate and buy another house in Texas, a common-law state (6 months). Am thinking he needs to file for bankruptcy before we’re married. But he doesn’t want to ruin is good credit. Sigh.

. Generally in a bankruptcy proceeding and creditor claim is allowed. True are false

I am considering filing bankruptcy due to the fact that in the last year i have willing foreclosed on my home and now it looks as though I am going to have to do the same with one of my cars, and I am just wondering if it wouldn’t be better to file bankruptcy since my credit can’t get any worse than what it already is, and that way I could have a chance at starting over fresh.

I was checking/cleaning up my wifes credit reports when I noticed she has a judgment from Merrick Bank against her. This jud was filed on May 2003, but we were discharged from chpter 7 on Nov 2003. Maybe that debt slipped through the cracks when we filled our schedule F, but I do have the discharge papers. Should I send the law firm that filed
the jud a copy of the discharge or should I just let it be? I’m
hesitant to “awake” this issue, so to speak. After all, it’s been 5 years and there has been no attempt at enforcing it with
garnishments/levy etc. I’m assuming they have checked the public records and have seen the bankruptcy after they filed or they know about it. What should I do?

My wife (ex)? and I have been split up for the past month now, the marriage has really been rocky for the past 3 years, here is why. I volunteered for duty in Iraq. The entire time I was there she wrote me 5 letters, I was there for a year. While I was gone she cheated, and became pregnant, my decision (rite or wrong) was for her to either loose the kid, or me, she chose to abort the child. I found an email in July on myspace of her talking with her bestfriends brother, flirting and “why didnt we have sex the night that we kissed”. She never paid bills, causing us to declare bankruptcy, ruining my credit. She says I treat her like s**t but I tell her it’s the effect, of her cause. Now that we’re seperated she’s “talking” to another guy from her old work, but they’re just friends. When I found her email we ended up in a huge fight, yes I lost it, yes I hit her. Im not proud of it. I did get in trouble with the law. I’ve seen alot in Iraq, and stress from her. Help, what should I do?