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Bankruptcy - How to?
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Mac Elite
Join Date: Apr 2003
Location: Southern, NJ (near Philly YO!)
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So due to a lot of variables in my life it has come down to me needing a way out financially. I need to declare bankruptcy. Has anyone here ever gone through this process and do you have any suggestions?
thanks... BTW I am single with no dependents and live in New Jersey.
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MacBook Pro 15" i7 ~ Snow Leopard ~ iPhone 4 - 16Gb
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Professional Poster
Join Date: Mar 2002
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Is it a lot of credit card debt or secured debts?
Do you have a lot of assets?
You might find some information by doing a google.
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Addicted to MacNN
Join Date: Sep 2000
Location: The Rock
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Best advice: talk to a trustee.
Don't remember if anyone on this forum is an expert on the subject or not, but I do know there's a lot of disinformation out there on the subject.
greg
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Mankind's only chance is to harness the power of stupid.
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Clinically Insane
Join Date: Jun 2001
Location: planning a comeback !
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Don't do it in a rush, bankruptcy is NOT the easy way out as many portray it.
Gather some information, talk to a lawyer. I'm sure the are are not-for-profit organizations that give advice on that.
-t
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Banned
Join Date: Jun 2005
Location: Indy.
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Have you talked with your lenders? Most would rather give you some major leeway instead of losing out completely. I knew a woman who went from $30k credit card debt to about $12k by making some phone calls and by promising not to declare bankruptcy.
Bankruptcy can be more expensive in the long run.
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Professional Poster
Join Date: Mar 2002
Location: Boston
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personal bankruptcy has change a few years ago.
my best advice is to talk to a lawyer, in most circumstances bankruptcy is only going to restructure your payment plan, that is you'll still be on the hook for the debt that you've incurred.
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~Mike
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Mac Elite
Join Date: Jan 2004
Status:
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[homersimpson]I thought bankruptcy was the cool law. The law that said "hey don't worry I got this"[/homersimpson]
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Administrator  Join Date: Apr 2001
Location: San Antonio TX USA
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No, personal bankruptcy is NOT the way Homer thinks it is. As others have said, contact a lawyer. But first, contact your creditors. Restructuring your debt may be in their best interests, which would mean that they might forgive some debt, reduce interest rates, simply stop charging interest and consider the debt a fixed sum, or all sorts of other things. With the way the economy is right now, EVERYBODY has issues, including lenders, and not losing out completely may be something they want to pursue.
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Glenn -----OTR/L, MOT, Tx
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