Bankruptcy-O/O's

You need an attorney.

 

Yup, this is the wrong place to get advice regarding bankruptcy!!!! Most attorneys dont charge for the first hour consultation. Just be prepared to do alot of leg work on getting financial info together before meeting with them. They will send you a packet detailing what you need to have with you for the first meeting and you better have all of it with you when you show up.

 

They will sell the truck, probably very cheap, and then sue you for the difference between what's owed, and what the truck brought. But it will probably take a year to do it.
Pile up some cash. so when they knock on your door, you can offer a cash settlement, most times for less than what's owed.

 

File chapter 7
File chapter 7.
File chapter 7
It wipes out all debt. Chapter 13 you will still have to make payments

 

sorry to hear about your hardships. i just filed bankruptcy, cost me 1400 bucks threw a lawyer she was very very helpful and made it very easy. i didnt lose anything either. as far as your question, i will answer it if no one else wants to. wait until they start billing you because there wont be a record of a collection being made right now. maybe rack up a few bucks on some credit cards too lol. seriously give some time, get your ducks in a row, you're gonna need pay stubs/tax forms/proof of income, copies of your mortgage statements if you have a mortgage, you're gonna wanna homestead your house if you have one and it isnt arleady homesteaded. you'll need a copy of your car insurance and what you drive, if you have a loan on a vehicle make sure you exempt it. hope some of this helps at least a little, you will need a lawyer though. this is just a few of the things you're gonna need and what the lawyer is gonna be asking for. if you lived near me i'd recommend the one i used she was great. hope everything works out.

 

oh and like rodknocker said file chapter 7. its a liquidation of assets, you probably dont have anything of value or stocks or anything like that so then they will just get rid of the debt. the bankruptcy court was kind of funny. the hearing officer or whatever said to me "so you lost your job and were using your credit cards to get by?" and i said "well i had 2 loans, one was a personal, the other was a kawasaki credit card i used for a dirtbike since you can only use it at a kawasaki dealership" she looked at me like what the hell did you tell me that for (I know it was dumb as hell) and she said "so you used your credit cards to get by because you lost your job... right?" i straightened up and said "yes i did" lol

 

Bankruptcy at 23? That is not a good path to be on. Although, with today's economy and lay offs and such it doesn't surprise me. I hope you do better in the future OMD, I'll bet you learned a few things for sure.

When dealing with the courts best thing is, "Don't ask, don't tell". Your lawyer pretty much needs to know everything since they are on your side. You don't want something blindsiding your lawyer at any time. Good luck, and as it has been said, just give it time for the process to start. You cannot claim a future loss if you file now.

 

dont feel bad or judge me i'm doing a ok my friend. its these people with families losing their houses and jobs you should feel bad for.

but this is my story. i was 20 years old. i bought my house on a friday, that same day i got a personal loan for 5500 that i figured i would use to put into the house i just bought since it needed a lot of landscaping done and i figured i could pay a landscaping company about 3k to do what i wanted, that would leave me with 2500 bucks to do a few other things to the house. then that same day i went and got a new dirtbike that was 6k. i had wanted a new dirtbike for years and figured i was approved for it, i'm gonna reward myself for working hard and turning my life around. then monday i went into work and got laid off. 2 weeks later crashed said dirtbike and broke my collar bone in 3 places rendering me useless. unemployment paid me enough to pay the mortgage, utilities and barely put food on the table. my bills other then the mortgage were paid here and there, i went back to work part time here and there but nothing substantial and i think my highest paid week was maybe 250 bucks. it was tough. i fell very far behind on payments. i almost lost my house. when i got this job i have now 8 months ago i had to make a decision. start paying back these 2 loans which were now way more then i originally got them when i was 20. i believe i owed 6800 on the dirtbike card, and 6100 on the personal loan. so, it was either start paying these loans back and it would of left me completely broke every month barely being able to do anything, having it affect my credit for well over a decade because i wasnt gonna be able to pay them back on time every month, or file bankruptcy at 23 and wipe the slate clean now and learn a very valuable life lesson. it wasnt an easy decision but i had to face facts. i buried myself with those 2 loans, i couldnt afford them even when i got them but i thought i would of been able to handle it. i lied to myself, i figured i'd just be able to do it. then i got laid off and things got even worse. the passed 3 years have been complete ####### hell. i cant even describe to you how much it has changed me. for better or for worse i have learned a few things. live within your means, appreciate the job you have, and dont go into debt unless you can piss away the money you will spend on the loan. the only time i am thinking about going into debt again is when i wanna get my own rig. and even then i dont think i'll get a truck loan, i'll probably refinance my house, and pay maybe a 2 or 300 dollar a month increase on the mortgage which is nothing since its not even 700 bucks a month right now. so i'm kind of thinking it'll be a lot cheaper to refi the house, get cash, buy a truck and not have a truck payment and instead just have a mortgage payment of a grand a month. thats neither here nor there because things will probably change in 5 months from now but my brain is constantly thinking of the future i cant stop it.


point of my big story was i'm doing great now, the bankruptcy is going to be discharged next month and i can start fresh again at 23. i'm not buried under debt, any bills i have a month i can reduce them in one way or another, i feel like a huge weight has been lifted off my shoulders. and when i'm 30 it wont even matter because it'll be off of my record.