Posted by: admin in chapter 13 bankruptcy laws on
Vorticity32 asked:
I have about 110000 dollars spread out over 4 unsecured personal loans and 1 car loan. I recently quit my job and was making about 49000/year. This is only about half enough to make it. All of my bills including living expenses total up to 5000/month.
I would need to make 100000/year to do it, and I am lucky to have made 49000/year. I only left the company because their are alot of shady things going on and I have been in this situation before and I did not want to be in it again, so I left the company. I am trying to search for another job, but I am out of money.
I have 13000 in my bank account, I need this money to make my rent and stuff.
Now I know they changed the bankruptcy laws in 2005 thats makes it harder to file chapter 7, and I made 49000 a year which is over the median for 1 person. But since I do not have a job now, what do I do? I do not have any income coming in, do you think that without a month of income coming in, I would be under the 49000? If I do Chapter 13, would I still have to pay the 110000 over a period of time? Any suggestions… should I stop making my payments?
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I have about 110000 dollars spread out over 4 unsecured personal loans and 1 car loan. I recently quit my job and was making about 49000/year. This is only about half enough to make it. All of my bills including living expenses total up to 5000/month.
I would need to make 100000/year to do it, and I am lucky to have made 49000/year. I only left the company because their are alot of shady things going on and I have been in this situation before and I did not want to be in it again, so I left the company. I am trying to search for another job, but I am out of money.
I have 13000 in my bank account, I need this money to make my rent and stuff.
Now I know they changed the bankruptcy laws in 2005 thats makes it harder to file chapter 7, and I made 49000 a year which is over the median for 1 person. But since I do not have a job now, what do I do? I do not have any income coming in, do you think that without a month of income coming in, I would be under the 49000? If I do Chapter 13, would I still have to pay the 110000 over a period of time? Any suggestions… should I stop making my payments?
That is the reason they changed the laws. People were running up bills through the wazoo and burning up the banks money for nothing. Anymore, you’d have the courts would require you to file Chapter 13 and you’d have to pay back whatever they think you could afford. But, since you quit your job, they are not going to look favorably upon that, especially with the highest unemployment rate since the 70s. I would say at this point they wouldn’t give you a bankruptcy. Lots of us don’t like our jobs, but thank GOD these days you even have one. Good luck because your going to need it.
Good luck on bankruptcy!
I personally believe you should payback every penny on the credit cards until they are paid off. I don’t care if it takes you the rest of your life. Credit card debt is the same as shoplifting.
You, among several hundred other Americans are another fine example of why America is in so much trouble right now.
I know alot of people that make less you than you do and get by just fine. You know what it is? They live inside of their own means!! Americans seem to totally forget that concept.
THE ONLY THING THAT YOU COD DO IS DONT FILE FOR BANKRUPTCY YET MAYBE A 12 MONTH LOAN THAY WILL GIVE YOU ALL OF YOUR DEBT OUT!!! IN 7-10 DAYS BUT YOU MUST PAY THE 110,000 IN 12 MONTHS AND PLUS THAY WILL CHARGE YOU 10% FORT
CREDIT 20$ FOR GOOD AND 30% FOR FAIR CREDIT AND 40% FOR BAD
Whether you can file Ch7 or Ch13 is based on your income. If you have no income, you would almost certainly be given a Ch7. I don’t think that quitting your job would have any effect on this.
With a Ch13, you only pay back a portion of the debt.
I also love Nathan’s line saying “Credit card debt is the same as shoplifting.” That is about the most asinine thing I’ve ever read on this site, but judging by the rest of his answer, he isn’t very smart.
You have no income because you quit your job, that will be a detriment to your filing BK as it would appear you are playing the system in hoping to have the debts wiped out. My guess is you will still be responsible, and by the way good luck in finding a job in today’s market for what you where making. Down to the wire who’s fault is it that you where that far in debt? Not mine? Live with it, pay for it, and learn from your mistakes
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