I would like to hear from people who filed and experience chapter 7 bankruptcy. I want to know to if it actually stays on your credit report for 10 years. Is it also possible to get an apartment and a checking account from credit unions or banks?
it’s medical billings idiot i never borrowed money. It’s people like you that didn’t want obama to pass the free health care bill!

I would like to hear from people who filed and experience chapter 7 bankruptcy. I want to know to if it acutally stays on your credit report for 10 years. Is it also possible to get an apartment and a checking account from credit unions or banks?

A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

What percent of the creditors’ claims can the trustees pay?

A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

How many cents on the dollar will each creditor receive?

A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

If a creditor has a claim of ,500, how much will he or she receive?

I just need an explanation of how to find these I know that the chapter 13 bankruptcy stays on your credit for 7-10 years. But, how do you figure who gets what percent of what?

For lack of a better term i was forced to take out a mortgage last year on my home that was paid for. The terms and percentages were awful but thats besides the point.

My income at the time was sufficent to pay my bills and the mortgage.

I ran a successful business for a little over two years until 4 months ago when things went downhill. My mortgage payment is more than most people make in my area in 2-3 paychecks and now im unemployed with a SMALL list of other monthly bills besides the mortgage. I do have about k in other unsecured debt from the business and other unsecured creditors from when i was young that i never took care of.

I have thought about bankruptcy, chapter 13 is a no-go mostly because i cant afford the mortgage payments now so why would i waste my time with a 13?Otherwise it could work,but otherwise i dont really need a bankruptcy if were not including the house mortgage because i could just set up monthly payments with my creditors at a small payment.
7 minutes ago – 3 days left to answer.
my monthly expenses are slim so im not worried about that.

My problem seems to stem from my home, i have about 40k worth of equity in a 117k home.

With that kind of equity, it really does not make sense to file a chapter 7 because in my state you lose all equity besides 5k no matter what.

It really doesnt make sense to do a 13 because as already stated i cant afford the payments now,much less the payments to all my creditors plus the mortgage.

And the only other options are selling, of which is not really an option because foreclosure has already been initiated.

Or a deed in lieu of foreclosure, but then im giving them all of my equity for "free" although the foreclosure would likely not show up on my credit report and i could begin to repair the other damage.It would be faster to do this than to wait 10 years for a BK to come off the credit or 7 years for a foreclosure to come off.

OR just let it be foreclosed on……thats not appealing at all ofcourse.
ADVICE?

I graduated Pharmacy School Summa cum laude in 1991.All of my experience had been in retail pharmacy. Married a complete loser in 1994 and went on a path of self destruction. Charged with 3rd&4th degree cds felonies in 1994 and completed all sentencing early in Feb of 1997. I voluntarily gave up my pharmacy liscense in NJ at the time of arrest. Had to claim bankruptcy at that time, credit cards, car payment etc, didn’t cover student loans. I am in default on loans and I am trying to work out something w/them now.Have been told I have to wait 10 years to get record expunged. I had my son in 1996 and have devoted all of my life to him. Have been trying to get a worthwhile job for quite some time but, haven’t been very successful. Finding my self in a situation where I may have to move out on my own and support my son and I need some advice on how to present myself to potential employers, on resumes, on interviews and any advice as to what kind of job I should try for with my educa.?

I have three questions.
1. How do you know when to pay off a collection account?
2. What steps do I need to take to get this under control?
3. Is there anyone out there that is willing to advise me through email/phone conversations?
I have collections on my credit report and I am struggling bad with this. I have items that are at five years and have been sold to collection agencies. The agencies are reporting that the collections are new. I did a dispute online with equifax and they deleted a few but not enough (for me). What does the last sentence in the statement below means?
"This information is generally removed seven years from the initial missed payment that led to the delinquency. Missed payments and most public record items may remain on the credit report for up to seven years, except Chapters 7, 11 and 12 bankruptcies and unpaid tax liens, which may remain for up to 10 years. A paid tax lien may remain for up to seven years. Transferred accounts that have not been past due remain up to 10 years after the date the account was transferred. "
I honestly do not know where to start. I have done disputes, hired an agency, I’m sinking here. It seems as know one knows how to get rid of bad credit once you are in a position to handle using credit appropriately. Please someone with a strong credit rebuilding background help me solve this.
I have a orchard bank credit card, furniture in house loan, and another secured credit card through my bank with hopes of helping rebuild my credit.
I understand that the debt is there and I dont need anyone telling me that over again. I need advice on how to fix it!!! I saw that someone said to pay it but doesn’t paying it starts it back over again for 7 years?

My mom and my step dad have declared bankruptcy one or two times in the last 10 years. My older brother now lives with them because his health hasn’t been so great for some time. Needless to say their credit isn’t so good after filing for bankruptcys. Now I hear the bank has gone to foreclose their home and they say to us, their adult children that they have their lawyer working on it but don’t tell us much else. My parents havent made such great choices about their money in the past so we are pretty skeptical. Not only that a majior reason why they are in this finacial hell is because my step dad fell for an internet e-mail scam. I and my brother am trying to help them as much as we can with our own practical smarts but they haven’t told us any details so far. From what we gather my parents could be housless come Febuary. What can be done to help them legally and, or what would you do about all this?
I don’t know what form of bankruptcy they have filed this time.. but they say they will be required to pay all of their bankruptcy debts off and keep up with all of their incoming future bills they will have too.
Step dad works two jobs. My mom is on disability. My older brother also works but he is the one who has been sick (and even though its not HIV or AIDS he may also be ill for years to come too) is now working at a Taco Del Mar.

My mom and my step dad have declared bankruptcy one or two times in the last 10 years. My older brother now lives with them because his health hasn’t been so great for some time. Needless to say their credit isn’t so good after filing for bankruptcys. Now I hear the bank has gone to foreclose their home and they say to us, their adult children that they have their lawyer working on it but don’t tell us much else. My parents havent made such great choices about their money in the past so we are pretty skeptical. Not only that a majior reason why they are in this finacial hell is because my step dad fell for an internet e-mail scam. I and my brother am trying to help them as much as we can with our own practical smarts but they haven’t told us any details so far. From what we gather my parents could be housless come Febuary. What can be done to help them legally and, or what would you do about all this?
I don’t know what form of bankruptcy they have filed this time.. but they say they will be required to pay all of their bankruptcy debts off and keep up with all of their incoming future bills they will have too.
Step dad works two jobs one as a school janitor and the other as a large route news paper carrier. My mom is on disability. My older brother also works but he is the one who has been sick (and even though its not HIV or AIDS he may also be ill for years to come too) is now working at a Taco Del Mar.

I find myself more and more isolated in my frustrations…. seeing the Fed delaying the inevitable- bailing out another huge corporation with my money.

NO ONE is being taken to court, everyone escapes responsibility for bad decisions over the reliance on the ratings agencies. they get their trading bonuses right away, before any loan performance can be verified. where the h@ll is the accountability here??!! doesn’t anyone else care?!

my parents got fu&*ed 10 years ago when someone bought their house with no money down and then he defaulted. they were pushed to the edge of bankruptcy after working all their lives to buy a home. where the hell was the Fed to bail them out?!

is it because americans are clinging to the dream of being the ones doing the screwing instead of the ones getting screwed…?!

that’s why everyone is content with these disgustingly corrupt politicians that the bankers own?!! they pay off politicians on both sides of the aisle so that the bad lending practices continue, and nothing changes…. further funneling what little wealth the public still has into the fat cat’s pockets! is it going to take a North American Union for people to wake the h@ll up? will they even then?

http://news.yahoo.com/s/mcclatchy/20080909/pl_mcclatchy/3040652

http://theprolific.com/2008/08/meet-obamas-corporate-backers/

http://uk.reuters.com/article/stocksNews/idUKNOA53525520080605

Mike B:

Basically, they had moved out of the house, the deal fell through, and they spent thousands trying to relocate and resell the house

My friend had purchased a car new 10 years ago, and it had went through flood waters so the car was totaled. The insurance company paid off ,000 of the ,000 back then. She then filed a chapter 13 bankruptcy against the car, but it was discharged, and never paid them for the car. The loan company never contacted her about the car. 10 years later, it’s not even on her credit report. It’s just sitting there, can’t sell it or junk it with no title. Any ideas what she can do about the car? If she calls the original loan company, will they come after her? Thanks.

Social security is already insecure by Government.

Because the market is down the naive are out in abundance with statements about how lucky everyone is to not be able to invest their own money…but let me remind you, while the markets may be down, it is the Social Security fund that is teetering on bankruptcy.

Also, there has never been a 30 year period in the history of Social Security where the S&P didn’t completely blow away the returns on Social Securuty (look it up)…even if you were 100% in stocks today, having started 30 years ago you would have more money than Social Security delivers.

No one would have lost all their money. Its Always been conventional wisdom to convert most of your investments into safe stocks and bonds 5-10 years prior to retiring, so if you were invested 100% in the market and prepared like everyone else for retirement, you would be just fine.

Low cost, no load index funds such as Vanguard and Fidelity have excellent retirement funds that beat social security hands down.

If we privatize social security, we balance the budget.

Don’t let the naive, uneducated, or down right ignorant people fool you, a guaranteed 2% return built on a Ponzi scheme is not a good deal.

For the past 4 months, I have been trying to collect on invoices for work performed for a general contractor doing business in my state. He resides in the same state, but out of town. My business partner and I have been hired by the contractor on three separate jobs and in each case, collecting is next to impossible. He refused to sign a work contract with us and would not give us the down payment we normally require. Unfortunately, we did the work anyway. My sister is an employee of the company and that is probably the reason we continued with the work.

I recently performed a online court records search on this man and was amazed at my findings. He has no less than 60 judgments against him and in one case he was convicted of Theft in the 1st Degree, was sentenced to 10 years in prison and ordered to pay restitution in the amount of approximately 2,000. That was approximately 10 years ago. He served a few days of his sentence on two separate occasions and was bailed out with ,000 in bonds. A partial restitution was made. Of the remaining cases, he still owes in excess of 0,000. It is my understanding that he has filed bankruptcy, but have not confirmed that yet.

His pattern continues. On the jobs I worked on recently, he still owes subcontractors. On the first job for which he was paid in full in September, he still owes approximately ,000. Yesterday, we collected from the homeowner on the 2nd job. On the final job, we ceased work on December 23, 2008 and filed a mechanics lien. We spoke with the homeowner and explained our concerns. The owner had already paid the general ,000 with a balance due of approximately ,000 based on the building permit information filed with the city. The job was started the end of September and to date, we have received nothing. The general contractor has promised payment by the 10th and 25th of each month if we provide invoices by the 25th and 10th, respectively. He has promised payment but neglected to write the checks.

I visited with the owner of his last business operation. He had convinced her to let him put the business in her name and make him an employee. Most of his clients and vendors are unaware of this. He has the same arrangement with the bookkeeper of his current business. It appears that he then collects money from the clients and then either spends it or diverts it elsewhere, thus leaving the unsuspecting owner with a series of bounced checks, lawsuits and irate vendors. He is eventually brought to court, a judgment is ruled against him and he walks away. The plaintiff, in most cases, receives little or nothing in restitution. It also appears that he may have forged signatures on credit applications and possibly be involved in a check kiting. Again, he is not the owner of the business, but it appears that he is directly involved in its financial operations.

The previous owner has contacted the local authorities, but they basically say they can’t do anything. One vendor has contacted the Attorney General of the State and is awaiting a response.

My question is this: With his 20 year legal track record of nonpayment and theft, what can be done to stop him from continuing his practice/scam? He is brilliant in the execution of this "scam", but needs to be stopped for the protection of unsuspecting clients, vendors and subcontractors. What can be done? Does a class action against him apply?

I filed bankrupcy last year a chapter 13 and I know that it is susposed to stay on my credit for up to 10 years. What happens after the 10 years is up and someone were to run my credit would they know if I ever filed Bankruptcy. My sister is telling me it will be on my credit forever but she never filed her self and where she found this info out I do not know but if you have ever filed bankrupcty in the past and know about this please fill me in thanx Fallon

Ok, this is kind of lengthy so please bare with me. I live in Georgia, I have been married 10 years and I have a 12 year old daughter. Clara and I have been seperate 3 years not legally, I just moved out. 5 years ago Clara and I filed Chapter 13 bankruptcy and everything was included, house, cars, furniture, credit cards, etc. This cost me 0 a week and I still have been paying for all this even though I moved out. It was in both our names but I was the only one working at the time and it comes out of my check. I haven’t been giving Clara any extra cause it’s all I can do to have that out of my check plus pay for my own apartment now. I now want to file for a divorce cause I know we will not get back together, I talked to a lawyer last October about this, I told her I did not want anything, Clara could keep the house, the cars, everything, I just want divorced. I told her about the bankruptcy and she said that was ok, what they would do was look to see how much I had paid
into it that was for my part of the bankruptcy, I may still have to pay some but not all of it. She told me at that time it was going to be 0 normally 00 but she is the wife of my cousins boss so she cut me a deal. I JUST now came up with the money, got it back from my taxes. So I e-mailed her to set up a date we could talk and this is the e-mail I got from her: “Since the last time we talked the law has changed and we increased our fees. It’s now ,250 for uncontested and ,500 for contested plus 0.00 filing fees. Also that I must know whether or not my wife will agree to all matters pertaining to the division of property, child custody and child support. If my wife and I had agreed to all issues it will be uncontested if not contested” I am thinking she has forgotten what my situation was. I am bumfuzzled that the cost went up and their may be an issue of being contested. I thought the courts decided on what amount of child support I gave,
Also I am not going to contest custody because I work a lot and I know Clara is a good mother; we just don’t get along at all. The ONLY time we talk is in regards to our daughter. I don’t want anything expect visitation of course and a divorce….what should I do? Any ideas or suggestion would be so helpful because at this time I don’t know what to do. Also if anyone knows of good lawyers in the Macon, Georgia area that are not outrageously priced, please let me know. Thanks.

Please someone explain this to me. I am having a divorce. All the equity that was in the house was used to pay my for my husbands business. I know I need to sell the house to get out from under this mound of debt. Is bankruptcy the best solution? My husband wants to pay me back the 100,000.00 back over a period of 10 years.

After being laid off a few months ago… and having lots of debt for having to keep a roof over my family’s head, the **** hit the fan. So… long story short:

I’ve got 4 credit cards with accumulated debt of ,000 (pretty much due to expensive but normal life events that happen, NOT excessive spending), and I’m gonna man-up and take the frigging negative hits, I want to get this over with, start the clock ticking, and start fresh in either 7 or 10 years.

I’m could file for bankruptcy, which will show up on my credit report for 10 years. OR, I could just let the credit cards sue me and have default judgments against me, which will fall off my credit report and disappear in 7 years.

No guesses please. If one is favored over the other, please explain. Don’t assume there are any extenuating circumstances, this is just general for now. Check back for my updates to your answers.

Also, I’m judgment proof/insolvent. {content} to my name, no savings, no assets, 0 car, no furniture, no property, no house.

Because of certain family members requiring full time assistance, they will be needing my care for a while. So basically, I’m not worried about having my wages garnished because I most like will not even have anything for the cards to grab for a long while.

Bonus question: Does anyone know for sure, once all the judgments fall OFF my credit report down the road, do the credit cards purge me from their system at some point, and can I get a credit card with them again with a normal credit limit? OR do they keep me in their system forever, and refuse to let me have a credit card with them again? I could see them going either way. I know what they would favor!

After being laid off a few months ago… and having lots of debt for having to keep a roof over my family’s head, the shit hit the fan. So… long story short, I’ve got 4 credit cards with accumulated debt of ,000 (pretty much due to expensive life events that happen, NOT excessive spending), and I’m gonna man-up and take the frigging negative hits, I want to get this over with, start the clock ticking, and start fresh in either 7 or 10 years.

I’m eligible for bankruptcy, which will last 10 years on my credit report. OR, should I just let the credit cards sue me and have judgments against me, which last 7 years on my credit report.

No guesses please. If one is favored over the other, please explain. Don’t assume extenuating circumstances, this is just general for now. Check back for my updates to your answers.
I’m insolvent. {content} to my name, no savings, no assets, 0 car, no furniture, no property, no house.
And no answers with spam links.

Any suggestions or opinions would be helpful, here is some background:

Someone I know owns a double wide which is located on a small lot in a country area, but has a basement foundation. The initial mortgage was around 120k and after 10 years is around 100k.

The person has to work two full-time jobs to afford the thousand dollar mortgage payment and utilites. ( The person was left with the house after a divorce and is trying to keep it)

At this time in their life, they realize that they cannot work two jobs forever (they are getting older) and ultimately they will end up with nothing.

Here is their question, (Keep in mind, They will have somewhere else to live) Should they file for bankruptcy against the house (they have no other significant debt) or quit paying and foreclose.

Thank you all for your thoughts and ideas.
Truthfully, I dont think they care about credit. They are in a long term relationship with someone else (not married) so they want to move with them (the house is in the others name)

my only question is that a doublewide usually doesn’t retain value- they wouldn’t walk away clean

Ok, this is kind of lengthy so please bare with me. I live in Georgia, I have been married 10 years and I have a 12 year old daughter. Clara and I have been seperate 3 years not legally, I just moved out. 5 years ago Clara and I filed Chapter 13 bankruptcy and everything was included, house, cars, furniture, credit cards, etc. This cost me 0 a week and I still have been paying for all this even though I moved out. It was in both our names but I was the only one working at the time and it comes out of my check. I haven’t been giving Clara any extra cause it’s all I can do to have that out of my check plus pay for my own apartment now. I now want to file for a divorce cause I know we will not get back together, I talked to a lawyer last October about this, I told her I did not want anything, Clara could keep the house, the cars, everything, I just want divorced. I told her about the bankruptcy and she said that was ok, what they would do was look to see how much I had paid
into it that was for my part of the bankruptcy, I may still have to pay some but not all of it. She told me at that time it was going to be 0 normally 00 but she is the wife of my cousins boss so she cut me a deal. I JUST now came up with the money, got it back from my taxes. So I e-mailed her to set up a date we could talk and this is the e-mail I got from her: “Since the last time we talked the law has changed and we increased our fees. It’s now ,250 for uncontested and ,500 for contested plus 0.00 filing fees. Also that I must know whether or not my wife will agree to all matters pertaining to the division of property, child custody and child support. If my wife and I had agreed to all issues it will be uncontested if not contested” I am thinking she has forgotten what my situation was. I am bumfuzzled that the cost went up and their may be an issue of being contested. I thought the courts decided on what amount of child support I gave,
Also I am not going to contest custody because I work a lot and I know Clara is a good mother; we just don’t get along at all. The ONLY time we talk is in regards to our daughter. I don’t want anything expect visitation of course and a divorce….what should I do? Any ideas or suggestion would be so helpful because at this time I don’t know what to do. Also if anyone knows of good lawyers in the Macon, Georgia area that are not outrageously priced, please let me know. Thanks.

We have been married 30 years. 10 years ago he had a brain aneurysm at the age of 47. Docs say he should have died as they had never seen anyone live with this type of aneurysm. They had to inquire around the world to figure out how to operate so he didn’t just lay there and bleed out in his head. They received some ideas and they operated and he recovered quite well to everyone’s surprise. No short term memory though. 5 years ago he had meningitis & a staph infection in his brain. This set him back quite a bit. Over the last 5 years he has deteriorated in that I am back to helping him with personal care and everything else in his life. I am completely responsible for everything in our lives. We had to file bankruptcy after the aneurysm and we lost our home and everything else. I have worked hard these 10 years to get our credit back and to buy another home for us. My mortgage is cheaper than our rent was. He walks unsteadily with a hemi walker but often has to use his wheelchair. He was diagnosed a year ago with a melanoma in his eye and the optic nerves in his other eye are deteriorating so he does not see detail anymore. In the last 5 years my health has suffered greatly. I believe it is the stress of taking care of him. He has short term memory loss but he is still "with it". There is little decrease in brain function so its not like he is out of it and wouldn’t know. I have talked to him about it many times but he gets all teary so I stop. 5 minutes later he doesn’t remember talking about it. I get no help from our children or his family or mine. They all say just ask but when I do there is always a reason why they cannot help. I am not interested in finding a new man or anything like that. I just want to get healthy again and not have my life totally consumed with his care. I have looked into help at home but it would cost me 0.00 a month and we cannot afford it. he receives social security disability as do I. I also receive a pension from my past employment but he was self employed all his working career so he has no pension. Anyone have any ideas that can help me? I pray on this all the time but I never seem to come up with an answer that I am positive about. HELP!