Does anyone know anything about bankruptcy?

[LittlePerson]

I am thinking about having to file for bankruptcy. I have a law office I am going to get in touch with. I talked to a lawyer here at work (and since bankruptcy is not her field) who put me in touch with a friend of hers who gave me the names of a couple lawyers who could answer questions and consult. There is one who does a free initial consultation and has a web site that I am going to read up on that has faqs and their information. What we read sounds helpful.
Have any of you filed for bankruptcy before and would be willing to let me know the process you went through? Share your story? That's what I need right now, is to know what other people had to go through. Thanks.

[misschief]

all i know.. is that i should probably file it :lol:. my parents files bankruptcy a few years back.. but i was young enough that i didn't know the details.

[{Tigress}]

Please, anyone who can help, PM LittlePerson. And LP, if you get a PM, please note it in here so others know you're getting some attention -- no need to say who, so as to keep things confidential. Thank you. :)

[djmixon]

I went through Chapter 7 before the laws changed back in 2000. I went through an ugly divorce, too, but was "nice enough" to not drag my ex through bankruptcy (which meant he was stuck with all the debt - evil b1tch that I am - heh heh heh). . .

It took me about two years to finally decide to go through with it. And, once I did, it was such a relief.

If you are considering it, definitely talk to a lawyer. The state laws and the federal laws are different in some respects and you need to file under the most beneficial set of rules. . .a lawyer can help you with that.

I had to pay the fees up front, but once that was done and all the paperwork was in - listing all your creditors and the approximate amounts owed (always over estimate - but get a credit report for certain!!!!! and list at least all of those), it was pretty much smooth sailing. The calls stopped. . .the mail stopped. . .anyone who called got referred to my attorney.

As for how long it takes to get "over" Ch 7. . .it depends. My credit bounced back right away because of my history and my salary potential. It still shows up and will until 2007-8, but it has not kept me from buying a house in the meantime.

Just don't use this as an excuse for getting yourself back in the same mess. This is a fresh start and you need to take precautions. . .

I believe in paying one's bills. . .and had a lot of spiritual struggle to come to the point of filing. My ex had gotten me in over 100K in debt. . .so think long and hard. . .and do what is right for you.

Blessings,
Donna

[Sylvan]

I had a friend who had filed bankruptcy and it was having a huge detrimental effect on her financial situation for years afterward. She was unable to buy a car for herself, unable to get even the lowest-limit credit cards, had banking problems... She went through a nightmare and as far as I know is still financially dependent on a friend of hers who helped her get the car, etc. Sucks.

[Tzhebee]

LP...check your PM box.

[LittlePerson]

Recieved your PM. Thank you.