I’ve heard that chapter 7 is a "liquidation of assets" and chapter 13 is a "reorganization of debt".

I don’t own anything except a computer, two old TVs. Can they take that?

Have lots of debt. Would like to file chapter 7. Can I or will they make me file chapter 13? What are the QUALIFICATIONS or REQUIREMENTS?

I have no income, between 20-25k in debt, and no assets other than my car that is falling apart. I feel that it will take me forever to pay off the debt once i start working again. Is filing chapter 7 bankruptcy right for me?

I cannot find work and I have over 20K in credit card debt. What will happen to the cars I own if I file for chapter 7 bankruptcy? They are my only assets. I will be filing in the state of California. I am single and a non home owner.
I have had my 73 bronco for sell for almost a year now. No one is buying. What would that mean?

I am getting a divorce. The mortgage on my house is in my name only. The title is actually in both names. My soon to be Ex-Husband still lives here, he is refusing to pay the house payment. He wants them to foreclose on me. I want to sell the house and use the equity to pay off some debt. The total equity after selling the house would be about ,000. We have a total of other assets of ,000. The total assets we have are 0,000. The total debt owed is ,000. The equity and debt are supposed to be split 50/50, so 50% of the total equity left would be ,000. If I file bankruptcy would I be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? My soon to be Ex-Husband would not be filing for bankruptcy. How would all this affect him?

can you loose your home or any assets

I am looking into filing personal bankruptcy but I have a problem. My wife and I are self employed and own an LLC we make very little from this LLC and it has 2 small assets that might not be worth anything maybe less than 0. We only gross 00-2500 a month. Without my wife and I the company is worthless. Our customers would not be serviceable without us. We get all our income from the business. I want to know if we file personal bankruptcy would that mean we can’t do business anymore? Would we have to change our name? Are there any online references that explain this process and how it would go down?

A friend of mine lived in Orlando, Florida, lost her job, was pregnant, moved back to NY and left the apartment to her then husband. The ex, made a few payments late, causing an eviction. He vacated the apartment with a notice. The eviction is under iclerk of court, but not in her credit report because she then filed for bankruptcy and was discharged from all debt in February of 08, however the amount that was owed never made it to the credit report. She has then established credit and has a score of 630, which is fair for someone who recently had bankruptcy. She has no assets, no mortgage, no car payment, just 2 credit cards which have no balances, since she makes her full payments in less than a month. She has started fresh in her life, things happened and people make mistakes, in this case, leaving the apartment to her ex husband, was a bad one. Is there any chance she can get an apartment?

If a person had a summary judgment against them for a credit card debt, could it be wiped out through a chapter 7 bankruptcy, or would he still somehow be required to pay it, even if he had no job, no money in his bank account, and no major assets (car, house, etc)?

My mother filed for Ch 13 several years ago and has passed away in November. NOw that things have started to settle I am tending to all her loose ends. Will I have to continue to pay this debt?

She did not own any houses, or have much assets.

I have been in debt for quite some time five years. I am working full time. I have no assets. But I also cannot afford an attorney since I am living in a hotel and have 2 child support obligations. I have seen many online prep services but I do not know if they would work or not. I also will be having most of these debts off my credit report in about 3-5 years. I am wondering should I just wait it out and let those debts fall of my report and then try to build my credit back up with secured cards or just file for bankruptcy and have hopes in it getting discharged.

I made a huge mistake- Due to being low on business, I took a job at cost. Then the suppliers took 5 months to bill me, and there were several thousand dollars of costs that I forgot to account for. I have already sent the final bill to the client, and due to the fact I didn’t make any money off the deal, I didn’t do due diligence so the deal ended poorly (very unhappy with us), and now they won’t pay the difference since I already told them they had the final bill.

I don’t have the several thousand needed to pay the suppliers in my accounts, and don’t have enough assets to make things work. All I can do is declare bankruptcy right? How do I do that anyway? I looked it up online and all I can find is big business or individuals. this is a small corporation of only a few people.
lol I can’t afford a lawyer- I have no money anymore. No personal money or business money. Lost it all this year- got nothing.

I guess I just need to wait to be taken to court over it?

It’s more involved than just a judgment, but I have to start somewhere. My boyfriend’s daughter was a minor child back in1997. Come to find out LAST YEAR, she was involved in an accident in the State of Washington. According to the State of Washington, if you are the parent of a minor and there is a judgment, it falls on the parent; he had left the state by that time, so he was never aware of the judgment, and did not become aware of it till last year. At that time, his driver’s license was up for renewal (State of California), and finds out that his license was revoked in the State of Washington. California, not "online" at the time, but "online" now, is going to honor that, so his license is now revoked. He calls the Washington Motor Vehicle Department, who tell him they can’t do anything to help him. The woman says (NOT in any professional legal capacity) that maybe bankruptcy might help him. He’s driving without a license, and that worries me (no insurance coverage if an accident). I don’t know if bankruptcy will actually do anything for him, and I don’t know where to start (CA or WA).
Thanks for the Chapter 7; wasn’t sure, but thought that was what would be appropriate.

THE remaining issue would be if, in fact, bankruptcy would discharge the judgment. It is for ,000. Accident occurred 1997, right after b/f left state (divorce). Daughter never told him it occurred. Judgment was obtained just prior to statue of limitations expiration (2000); b/f NEVER knew it even existed till last year. He’s permanently disabled (been on SS since 2004), has no assets that are attachable, in short, untouchable from the judgment point of view. Attorney for plaintiff wouldn’t even talk to him reasonably, even after he told him the complete set of circumstances. B/f essentially saying "chuck you farley," but I’d prefer to make it right. Particularly since, in the event of an accident and he’s driving, my insurance wouldn’t cover him (prior knowledge). And I’m disabled, too, so it’s pretty bleak. NOt necessarily hopeless, though.

Thanks for any insight.

I’ve read a bit of things about chapter 7, but one thing isn’t clear. Under the new laws, I do qualify for it. I’m in Missouri. It says I can keep the car up to the value of 3k. My car is work 7k. I obviously cannot afford nor would I qualify to get a new car and I have no money (which is why the bankruptcy). I live alone and can’t go without a car. What will happen in this case? I have no other assets other than that.

I have a home in which I have an offer to sell as a short sale. I am still way over my head with CC debt. Can I file for the Bankruptcy which eleminates all debt if I don’t have any assets (a house)?

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

I’m getting legal aid to file bankruptcy and I was wondering how long it will take for the whole thing to be finalized after everything is submitted … it will be Chapter 7 because I’m not working (I’m a full-time student) and I have no assets.

I need to know if I should file bankruptcy. I have read online that IF you do not have ANY valuable assets, and limited pay, meaning NOTHING by law that a creditor can take from you that there is no need to file bankruptcy? Amount owed is all credit cards (about ,000 maybe a little more) and also a home morgage that I would be happy to include. Is it better to just let them charge off the cards or to file bankruptcy? I have NO valuable assets at all and also get a SMALL amount of help from the state. I will answer any questions… I need TRUE advice on this PLEASE!
i also forgot to mention… these debts are already about 1 to 1 1/2 years old… some are already charged off… and others still contact me. It has gotten out of hand. Some credit card debts that had a 0 limit are now at over 00. Thanks all for answers!

I ran out of cash meeting uninsured broken arm surgury, then started using credit cards. Did the low rate transfers and all that stuff. Now back to work, but could not make payments last few months. Hounded by their phone calls all the time. Have not answered their calls. But I am now working again and can start making payments. I am ready to contact the credit card companys. Before I do, I would welcome any advise (or benefactors, Ha,Ha). Totally, by rough calculations I owe about ,000.
As an after thought, I am aware there were changes in the bankruptcy laws but do not know the specifics. Is bankruptcy a good option. Basically I have zero assets, no real property.

In closing, who is a reputable debt consolidation company, is bankruptcy a viable alternative, or is their an an alternative I do not know of? Thank you for your advise.

P.S.
Spend for a non-slip pad for your bathtub. Money well spent !

I currently live in a rented house, and am drowning in debt…..
A long story, but I have just been rejected for an IVA and have no alternative but to go bankrupt.
The debt is in excess of £20K.
I live with my partner, so am hoping a lot of things will count as joint assets, but I am a wreck at the moment wondering what, if anything, will be taken to pay my creditors.
I have a car, worth about £600, a stereo,a good cd collection, a computer, tools (i used to have an exhibition company, but I don’t put much value on the tools), and all the usual things in a house, including a sauna (which perhaps is not).
Nothing individually is worth more than £1000.
Can anyone enlighten me, or is it once again time to consider taking the cowards way out?
Thank You for your answers.
Edit.
That link is an amazing video – Many Thanks for the eye openers…..
Whilst I still have tears in my eyes, I understand more than ever about corruption and malpractice.

I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.

I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.

Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).

I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.

Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?

I have never been in such a poor financial condition in my life.

Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?