What Bankruptcy Should I file Chapter 7 or 13 or What?
Aug 31, 2010
in
Chapter 13
I have an Outstanding Auto Loan that is ,000 and 4-5 Credit Cards that went to Collections and the Amount is about 6-9 Thousand between each other.. Please Help I’m Trying to File the Right one But I’m Not Sure what one to do -Thank you very Much
Sacramento, CA
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5 comments
rpg on August 31, 2010 at 8:51 am
This is a very, very VERY basic question. If you are finding yourself confused by this issue, I guarantee you that you do not have enough understanding of the bankruptcy process to file without an attorney.
Make an appointment with a local bankruptcy attorney (the first is usually free) to get a free case evaluation and legal advice from a licensed attorney on the options that are available to you.
TD on August 31, 2010 at 8:51 am
first, talk it over with an attorney, and just so you know, bankruptcy will only cover credit cards, but as for loans, you will have to pay them back, but the bankruptcy will cut you some slack and might lower the rate for the loans, i’ve heard that the difference between the chapter 7 and 13 has to do with it either being a personal or business/corp thing so really, talk to an attorney
zeuz on August 31, 2010 at 8:51 am
Call 866.429.3233
Dark Green Money on August 31, 2010 at 8:51 am
Have you considered not filing either. Sell the car. If your CC are in collections it means you’re not paying them. That means you can’t afford the car. Not type of bankruptcy is going to help with that.
Worst case, stop making the payment. Save what was the payment for 3 mos (that’s how long repo ususally takes) use that cash to buy a replacement in full.
Then use what was the payment to save up cash. Settle each of these debts with single negotiated payments in full.
You could be out of debt in a year.
jheckle on August 31, 2010 at 8:51 am
If you want to liquidated your assets to satisfy debt owed to creditors then you will file chapter 7. If you want to restructure your debt then you’d file chapter 13. You can learn more at the website below.