Bankruptcy

Thookatha

sarNie Elites
Does anyone in here know anybody who's ever filed for bankruptcy? If so, could you please tell me what happens/happened to them? What did they have to do after they filed? Did they have to give up all of their stuff...like their car, house, tv, etc?
 

m3lhouse

sarNie Adult
My ex roommate had to file. What happened to her was she had to pay her lawyer 800 dollars to do all the work for her; Sorry I can't give you details and what not, she didn't lose any of her property the biggest thing that comes with it for her is like 10 years of bad credit after all of her debt was wiped out. It's not the worst thing that could happen it seems, but it does suck bad to have bad credit for that long and have to start all over and when you want to take out loans, buy a house etc...she was able to rent an apt under her name alone but I'm sure it still suuuuckkkks.
 

Thookatha

sarNie Elites
thank you for your response. man, i didn't realize that it would destroy a person for like 10 years. i wonder what the likelihood of getting a loan is if you have a co signer with excellent credit. i heard that even people with superb credit are having trouble getting loans. can anyone give me any input on this?
 

CTR

The Realist guy here period
thank you for your response. man, i didn't realize that it would destroy a person for like 10 years. i wonder what the likelihood of getting a loan is if you have a co signer with excellent credit. i heard that even people with superb credit are having trouble getting loans. can anyone give me any input on this?
The laws have changed for filing bankruptcy. It is now harder to file for bankruptcy because people were abusing he system. What do you expect? The economy is in a bad state right now and the banks does not want to loan because they themselves are in bad shapes. I would be wary in co-signing for someone who've filed for bankruptcy. There is a reason why they filed for bankruptcy in the first place and if they couldn't pay for it then it is your responsibility. I have seen to many people that way. B)
 

KhoOnxNouxWanxJai

Staff member
Yeah I'm real doubtful that someone with excellent credit will co-sign for anyone right now because it's a high chance that if that person defaults their loan then it's your bottom for it. My dad made the mistake of co-signing for my mom's nephew for a car and he crashed and refused to pay for it and then they started collecting with my dad after awhile my dad talked to my mom's brother and sisters the parents of the kid and they were forced to pay for the car that their son no longer had -.O; filing bankruptcy isn't really the way out right now -.-" though many people are trying to use it but there are other options that could be explored before filing bankruptcy... there are some who filed bankruptcy and still lost their assets from what I heard... I know that there is this one couple suing their attorney's the ones who filed bankruptcy for them because the attorney's told them they would be able to keep their home if they filed bankruptcy but 2 months later the house went into foreclosure -.-" sorry if that doesnt help u much :lol:
 

7270

7270
I think a major problem with bankruptcy would be with finding a job, if the person doesn't have one already. If the person already has a steady one, no worries about that.

As for getting a loan, the person won't have a problem getting one. It's just that the interest will be high. The person would have to shop around. Hopefully, the economy gets better. Credit sharks actually loved people with bankruptcy. So they have a reason to charge the high %. It's hard to reason doing so with someone with great credit. Since the economy is the way it is now though, hopefully, loan underwriters don't approve loans so easily.

The change in bankruptcy law now is that the person would have to go through credit counseling for at least 6 months before being able to file now. In addition, an individual cannot file bankruptcy again within a 10 yr. period, if I remember correctly.
 

Thookatha

sarNie Elites
thanks, all. this is very useful info. keep it coming. lol
 

Muddie Murda

smile...
My sister's dad filed for bankruptcy. He was in a really bad car accident that left him in debts for years. Then he finally filed for bankruptcy. He seems to be living a very dandy life. But that's just him and he has his own business running. I honestly don't know what he does. He says he's poor all the time. *shurggs* He doesn't have the houses in his name though, it's been transfered to my sister, my brother, and my uncle. I wouldn't recommend anyone to follow his footsteps. He was just lucky to have my mom there to get whatever he may need involving credit.
 

none3

sarNie Hatchling
http://www.freeadvice.com/

The website above is free. It helps you with all types of legal issues and can help you on what to do about bankruptcy. I heard that once you file bankruptcy it will stay on your personal record forever. Why? because too many people, especially younger adults file for bankruptcy too often.
Good luck!
 

genkers

sarNie Juvenile
My ex roommate had to file. What happened to her was she had to pay her lawyer 800 dollars to do all the work for her; Sorry I can't give you details and what not, she didn't lose any of her property the biggest thing that comes with it for her is like 10 years of bad credit after all of her debt was wiped out. It's not the worst thing that could happen it seems, but it does suck bad to have bad credit for that long and have to start all over and when you want to take out loans, buy a house etc...she was able to rent an apt under her name alone but I'm sure it still suuuuckkkks.
your roommate one of the lucky ones who didn't lose their assets most people who file for bankruptcy WILL lose their assets, noice i capitalize the word will
 

ChenrukNote

Goddess
I'm not sure about other states but in CA I learned from a personal finance class that you will need an attorney to help with submitting the case to the court and also you will have to complete a pre-bankruptcy counseling certification and post-bankruptcy financial management education certification. As for losing assets, that I'm not certain about either since I don't personally know anyone who's done it before. I think it depends on which chapter of bankruptcy your filing for. And for how long it affects your credit, it's usually ten years but in some cases of Chpt 13 bankruptcy, it might only be on for 7 years. The best thing I think to do if you're thinking of filing for bankruptcy is to seek legal advice. Good luck :)!
 

CTR

The Realist guy here period
Yeah I'm real doubtful that someone with excellent credit will co-sign for anyone right now because it's a high chance that if that person defaults their loan then it's your bottom for it. My dad made the mistake of co-signing for my mom's nephew for a car and he crashed and refused to pay for it and then they started collecting with my dad after awhile my dad talked to my mom's brother and sisters the parents of the kid and they were forced to pay for the car that their son no longer had -.O; filing bankruptcy isn't really the way out right now -.-" though many people are trying to use it but there are other options that could be explored before filing bankruptcy... there are some who filed bankruptcy and still lost their assets from what I heard... I know that there is this one couple suing their attorney's the ones who filed bankruptcy for them because the attorney's told them they would be able to keep their home if they filed bankruptcy but 2 months later the house went into foreclosure -.-" sorry if that doesnt help u much :lol:

That is the new law I'm talking about.

http://www.nolo.com/article.cfm/ObjectID/B...19B10B9611D3EF9
 

KhoOnxNouxWanxJai

Staff member

Haha yeah I wasn't questioning ja just saying that it depends on which you're filing ... there are actually people who get scammed out of losing their home because they get letters telling them that they can help file bankruptcy and the person will get to keep their home. Then after they pay these people like thousands of dollars about 2 k and so forth they lose their property and some assets and an extra 2k to pay those people who do jack shiz.

Remember when filing bankruptcy or thinking about it do research, research, research know your options, law, and situation don't jump at a too good to be true offer.
 

thedimpleduck

sarNie Elites
man...I remember when anyone could file for bankruptcy, not have it on their record, not have it affect their credit, AND can change your name & start off FRESH.

now, you can't do anything without getting tracked...meaning...the government/loaners got smarter!!

true f*in story:
It was my first semester in college and in my journalism class, we did intros and all that good stuff. and there was this girl named PRINCESS. she had some last name ( I can't remember what) that made her name even more ridiculous like STAR or something.
Anyways...so we had to do a paper on ourselves (who we are/how we perceive ourselves/etc) and we brainstormed as a class...basically just chillin for the day. And this one guy...(haha...I love straightforward and blunt-ass people!) asked the chick what everyone wanted to know.
"How did she get her name?"

Everyone had to be thinking the same thing, like, "Damn...her parents must really be f*cked up or on crack or something..." right???

So chick gets ready and tells her story.
Homegirl had been in so much DEBT, she filed for bankruptcy,cleared her credit history, and CHANGED her name...HERSELF. LMFAO.

Aside from giving herself a clean record, I think we all agreed (by the look on our faces) that she was not all that smart if she gave herself such a stupid ass name!
 

noungning

Heartless
My ex roommate had to file. What happened to her was she had to pay her lawyer 800 dollars to do all the work for her; Sorry I can't give you details and what not, she didn't lose any of her property [...]
wth she didn't lose her property? i doubt it unless she filed for chapter 7 i think...there's 2 types of filing... one is basically a freezing and one is basically wiping out ur debt... but also wiping out all your possessions.

i did the counseling online with someone... it's pretty easy... u answer questions, print it and call in and they send you a certification, this was about 3-4 months ago. you bring the certification to ur lawyer and u're squared. but again, they might've changed rules and regs. so i dunno.

thank you for your response. man, i didn't realize that it would destroy a person for like 10 years. i wonder what the likelihood of getting a loan is if you have a co signer with excellent credit. i heard that even people with superb credit are having trouble getting loans. can anyone give me any input on this?
yeah it affects u for 10 years. don't think u can get a co-signer... mostly asian pays others to get a loan for them lmao. so they pay for a loan+interest but the loan taker is just retarded...if the person defaults, they're screwed. do it like the old days go and borrow some underground money and then pay it back weekly :lol:

i don't have supurb credit... but it's not bad... i've never been denied a credit card and they keep giving me more credit... and i mean MORE, so far about 3 of the cards has upped my limit within the past few months... so i'm not quite sure if our economy is THAT bad as they say it is lol :lol: ... well, except AMEX which cut back their limits to everyone... but i kind of understand since their company is going down...quickly.

I think a major problem with bankruptcy would be with finding a job, if the person doesn't have one already. If the person already has a steady one, no worries about that.
[...]
yepppp... ppl with bad credit will have a VERY hard time to get a job, especially in this economy, they'd be frown upon. because the employers are afraid the individual might steal and etc.

co-signing doesn't even exist anymore...only co-applicants...lol...something i just learned of...
yup. but if you are sure ur credit is good, i suppose u wouldn't need one... 10 years from now after the bankruptcy filing lol

[...]
Aside from giving herself a clean record, I think we all agreed (by the look on our faces) that she was not all that smart if she gave herself such a stupid ass name!
lol i used to work at the bank and saw a few funny names like Barbie something.
 

noungning

Heartless
lol well it's just money that people lend out... their money, not much like banking with legal papers and etc. they have high high interest and they hassle you much worser than banks and collectors... just think of thai movies... yeah they really exist lol
 

KhoOnxNouxWanxJai

Staff member
Lol ning's talking about Loan Sharks :loool: dude whats funny is that the khmer and lao stores here do it lmao; but their interest rate is high like a bee. this one lady was paying 180 a week on a 1000 loan! and if she misses they double her payment for that week. I was like WTF lol ... so just to be funny I tried to take out a loan of 1000 to see how it would work with me :D LOL and the lady never hounded me or anything she forgot i even borrow the money! LOL so 2 months later after it wasn't fun no more I returned the money LOL ... what bored people do >.< lol
 

Thookatha

sarNie Elites
how the hell am i gonna find these people? HELP!! i need them now...so that i just have ONE person to pay...and not 10. you see, i am able to pay monthly with just one interest. i have a pretty decent job. but to pay so many different people and then have to have it pending, and then go through their f'ing "glitches" (oh yes, this happened to me recently and caused SOOOO much trouble)....it's hard. AND they have different due dates with different amounts...AND because they are spread out, i'm not even touching the principal payment!! ok, no more "and's". do you know where i can find these loan sharks? anyone? this is really crucial to me right now.
 
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