Anybody ever gone through it? What is there to it? About how much did you pay. All the good stuff I could look up online but would rather hear from people I know who won't spew BS from their mouth and will give straight honest answers. Thanks fellas!
Chapter 7
- Thread starter jbadjones
- Start date
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gbundersea
Just my 2¢
You might want to talk to Danielle (armed_loaner here on BSC) about the ramifications of a Chapter 7 bankruptcy, and if there's a better alternative. She'll be glad to give you some free, expert advice. Bankruptcies can haunt you for a long time. We know of one lender who, if a person has EVER been late on any bill at any time after a bankruptcy, will NEVER finance a home for them. Ever.
It may be that a bankruptcy is indeed your best option, but it's not something to do without careful consideration.
It may be that a bankruptcy is indeed your best option, but it's not something to do without careful consideration.
Going through it now.
Your last years income must below the state avg to file Chapter 7. It is calculated by taking your last 6 month's income and doubling it. This can cause problems in that it will prevent you from filing a 7 and force you into an 11.
Cost: Mine is $1,000 +expenses (very few). You will have to pay AT LEAST the court costs and fees up front. This is some $300 or so. In my case, I have to pay the balance of the $1,000 before he will file it with the court.
You can't reaffirm on any items unless you have enough income to pay all your bills and the note on that item as well. The creditor does NOT have to grant you this although, depending on the item(s), they usually do. To reaffirm an account, you MUST be paid up to date on that account 1st!
That's the high points. Check around to find you a good lawyer. Go by word of mouth, NOT the TV ads!
Hope this helps.
Your last years income must below the state avg to file Chapter 7. It is calculated by taking your last 6 month's income and doubling it. This can cause problems in that it will prevent you from filing a 7 and force you into an 11.
Cost: Mine is $1,000 +expenses (very few). You will have to pay AT LEAST the court costs and fees up front. This is some $300 or so. In my case, I have to pay the balance of the $1,000 before he will file it with the court.
You can't reaffirm on any items unless you have enough income to pay all your bills and the note on that item as well. The creditor does NOT have to grant you this although, depending on the item(s), they usually do. To reaffirm an account, you MUST be paid up to date on that account 1st!
That's the high points. Check around to find you a good lawyer. Go by word of mouth, NOT the TV ads!
Hope this helps.
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