I have been thinking about doing this for awhile has anyone done this and was it with or without an attorney
Filing for Bankruptcy Chapter 7
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IMO: consult with an attorney
Consult with an attorney homie and good luck.
We got plenty here. Like half the board
I did best thing Ive done. Wait not sure if its 7 but if that's the one that stays on credit for 7 years that's what I did. Mine falls off in Dec but Im currently sitting at 720 credit score.
I'm gonna have to file soon. I've tried every volunteer lawyer organization in Houston but none will take my case. Almost all of my debt is student loans and I meet the criteria of the Brunner test yet they don't want to attempt to discharge it. It's always some "we've never done that before" shit or "you have to wait six months for the best result". These orgs are often attached to an educational institution and I believe that's the problem. They ain't trying to fuck their money up. If anyone knows a lawyer that can do this cheaply hit my DM.
Chapter 7 stays on your credit for ten years not 7. Chapter 11 stays on for 7 but your still pay off your debts, but they are reorganized into payments you can better handle. Here's the part they don't tell you. Once you declare bankruptcy your auto and homeowners insurance go through the roof! There are companies who will never deal with you. I'm told that American Express will never issue you a card if there is a bankruptcy in your history regardless how old. My question is how do they know, since after 7 to 10 years it is supposed to be wiped. I don't know. You also will no longer qualify for some of the better career type jobs. Many will pull your FICO and history as part of the hiring process. The is an underlying sentiment in the US that people who don't pay their bills lack character and morals when the issue is far more reaching and complex than that. If at all possible, try hard to stay afloat and deal with your bills, but if you can't probably Chapter 7 beats 11 since you wash the debts away at the price of 3 extra years of credit issues.
What makes you certain that you meet the criteria of the Brunner test?
Bad news chief ....... If you're taking advantage of the Brunner "undue hardship" standard then there is no such thing as a cheap lawyer. Forget that! If a normal bankruptcy wasn't bad enough, a Brunner bankruptcy doubles the trouble, red tape and paperwork. Good luck.
Why don’t you wait until the next administration if student loan debt is your major concern? It’s a decent chance that some debt will be discharged and total payments will be dramatically lowered.
Brother don't sleep.
As bad as he's fucking up now Trump still can win a second term.
Also with all of these stimulus packages being passed I see no way this happens after all of this especially.
If it doesn't happen during this pandemic I don't see it happening for years.
I can't wait that long. I can no longer work in trusted positions because of my debt. They think I'm too easy to bribe. I'm also locked out finance jobs as well. I'm hurt right now and it's only gonna get worse.
The problem is that I can't afford an attorney. That $1200 ain't gonna do shit as far as lawyers are concerned.
I owe Ferrari numbers and as I said earlier it has cost me my job. Outside of a couple industries I can't earn enough to pay back the loans. I can't even make interest only payments right now. I had a hard time finding jobs after I graduated. I couldn't find anything that was stable and paid enough for me to pay my loans back every month. That compound interest built up during that period and I've been fighting it ever since and I owe more money than I did 5 yrs ago despite paying several hundred dollars a month. Now I have no income. It's best to file soon so that I can get ahead of people who went broke during the quarantine.
I have to file 7 to use the Brunner test.
ok ,trust and believe it's better to do what you have to do to get legal help, even go down to see about getting help from legal aid in your area then you taking it on yourself fucking up and end up having nothing done while wasting your time and a judge's time too who might not be that nice to you or your situation.
My parents did it over medical bills,after doing it themselves getting fucked they ran to a lawyer the second time around.
Good luck
Damn that's fucked up, what line of work are you in?
Just a general comment for those considering or if your hardship fails.
All of the free legal aid orgs that handle bankruptcy in my city have turned me down. There is this persistent myth that you can't discharge student loans to the point that a lot of lawyers believe it. There have been hella Brunner cases that won over the past few years. The worst part is that some of these orgs exist to give law students and early career lawyers experience. Class after class is missing out on these teaching opportunities and I'm missing out on legal help. I think many of them just want a slam dunk case that can be done quickly and almost guarantee a win. One place asked about my credit card debt which is ~6k and not maxed out. She said I'd have to stop using the card for 6 months before they'll help me file. 6 months?
Let's just say I have highly sought technological skills that are of great interest to two industries that are highly automated. One is public sector, the other is private. I can't work for either right now.
Have you considered Student Loan Payoff programs? That typically wipes them out in 10 years if you have large balances and are with a qualifying employer. Also, try contacting them directly. Now is a great time to get relief under COVID. That might allow you to get back on your feet over a 6-9 month period.
BGOL has a ton of knowledgeable cats. I've picked up some real jewels here. That stated, you may want to visit a bankruptcy board for a broader scope of answers. You'll likely run into those that handle 7 and 11s for a living.
Good luck, brother. I hope you manage to turn things around.
BGOL has a ton of knowledgeable cats. I've picked up some real jewels here. That stated, you may want to visit a bankruptcy board for a broader scope of answers. You'll likely run into those that handle 7 and 11s for a living.
Good luck, brother. I hope you manage to turn things around.
I've done that and I can't wait 6 more years. My job actually promised me student loan repayment and once I moved across the country told me that it wasn't true. They do PSLF which the govt hasn't been honoring and people with all the payments and correct paperwork are in limbo. They're required to keep paying in the meantime. If they do get forgiven it counts as income and you're taxed for it!
Here are some links to what I'm trying to pull off:
Google Scholar
Google Scholar
Google Scholar
Google Scholar
Google Scholar
The forgiveness the Democrats are talking about are for Federal Student Loans. Not private loans.
Most people get out of college and the consolidate their student loans with private companies.
Those private companies will never forgive shit.
Most people get out of college and the consolidate their student loans with private companies.
Those private companies will never forgive shit.
LOL, that's fucked up..
But they do have statutes of limitations that vary by state. In mine it's 3 years and I'm almost two years into defaulting one of the loans.
I have done 13 and 7. 7 was the best thing for my situation. I was able to re-establish credit in 6 months, maintain house and car. It has had zero effect on any insurance we have. My 10 year period ends next year and from everything I've read and my lawyer told me and others that have gone through the process, it is automatically deleted along with all the accounts that were included in the filing.
If you do a 13, your 7 year waiting period doesn't start until after it is discharged or the last payment is made. This means if you have a 2 or 3 year payment plan, your credit will reflect the filing for almost 10 years anyway.
Also, if you are debating filing the folks who are telling you NOT to file are omitting a key factor. If you are delinquent on several accounts already those negative entries will remain for up to 7 years as well.
My tip is any account you owe less than $1,000 to and it has gone to collection, save up some money and ignore them for at least 6 months. After 6 months take their call and tell them you don't know anything about the account but hey you want to do the right thing. Most collection companies pay only pennies on the dollar for accounts. So offer them 15-20% to satisfy the debt. Go up to about 40% and tell them you can give them a credit card number right now if and only if they give you a letter of deletion. If they say no tell them okay well i'm filing bankruptcy next week but wanted to pay you something. When faced with zero receivables they will usually give in with some back and forth with you.
If you do a 13, your 7 year waiting period doesn't start until after it is discharged or the last payment is made. This means if you have a 2 or 3 year payment plan, your credit will reflect the filing for almost 10 years anyway.
Also, if you are debating filing the folks who are telling you NOT to file are omitting a key factor. If you are delinquent on several accounts already those negative entries will remain for up to 7 years as well.
My tip is any account you owe less than $1,000 to and it has gone to collection, save up some money and ignore them for at least 6 months. After 6 months take their call and tell them you don't know anything about the account but hey you want to do the right thing. Most collection companies pay only pennies on the dollar for accounts. So offer them 15-20% to satisfy the debt. Go up to about 40% and tell them you can give them a credit card number right now if and only if they give you a letter of deletion. If they say no tell them okay well i'm filing bankruptcy next week but wanted to pay you something. When faced with zero receivables they will usually give in with some back and forth with you.
Sign up for Arag legal plus plan at ~$25 month. The plan covers 100% of the cost for an attorney to handle bankruptcy matters. Plus plan also covers traffic tickets and other shit. I had it through a previous employer and just kept it portable when I moved on.
most bankruptcy lawyers u pay per month
avg 300 up front to file
total cost 1,000 - 2,000 in total
people do it all the time have 700/800 score in 6 months, as they show you how to play credit game
avg 300 up front to file
total cost 1,000 - 2,000 in total
people do it all the time have 700/800 score in 6 months, as they show you how to play credit game
good luck
Rethink it.Got a buddy that did it and actually shit was worse. If you have 30-50k in debt I wouldn’t do it.
I hope you were being facetious with that statement!This is a good thread though.
no 11 ....
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