Filing for Chapter 7 Bankruptcy

[Anonymous]

Hello everyone, 

I have been in debt for the past 2 years due to my father.. I pulled him out time and time again, however it is just too much for me to handle now.. He left the family, and isn't paying a dollar.. I'm 23 so I'm young enough that I can turn my life around.

I have roughly $27,000 in debt from credit cards, collection accounts (Verizon)

I only make about $19,000 a year.

Just a couple of questions;

Once filed, do I lose every piece of debt that I have? I don't have any Student Loans

How long does it stay on my credit?

When will I start to rebuild and begin getting a car loan or even a small secured card?

I've seen 2 years, I've seen 7, just trying to get answers so I know what I'm going into..

Thanks for ALL your advice!! Looking forward to hearing from some of you.

[Anonymous]

Hello! I filed BK 13 at age 21 due to credit card debt and losing my job. I eventually converted over to a chapter 7. The chapter 7 was pretty smooth. I did have student loans so those did not get discharged in the BK. I bought a car 4 days after my case was discharged, and I have 2 small limit credit cards with Capital 1 and First Premier Bank. I was discharged in January of 2015. I believe Ch 7 is on your credit for 10 years, but as time goes by and you work hard to maintain and rebuild your credit it matters less and less to creditors. Don't be afraid, take this as a learning lesson and an opportunty to start over. You know what went wrong, make the 2nd time around count! 

[Anonymous]

Can you explain what filing and being Discharged, what are the differences?

[Anonymous]

Filing is when you officially go to a lawyer or the DIY way and declare I am bankrupt please stop collection efforts against me. After you file or declare bankrupt you go to the court for the meeting of creditors, it's rare that any creditors show up. They basically determine if you qualify to file bankrupt. Looking at your first post, I don't see any reason you would be denied. It looks like you have a no asset case so things are pretty cut and dry. Then the courts wait for like 60 or 90 days for any creditors to object you filing bk. Rarely ever happens. Then you are granted discharge, which means your debt is wiped out by the courts and creditors can't make you pay them back.

[Anonymous]

Basically I have tons of cards, all maxed out. I can't continue to make all of the payments and still survive.

I just want to restart.

Heres a question;

LegalZoom, they said they will do the filing for me, it costs $2,000.. I'm just trying to get as much information as I can possibly get.. Is that the normal price? or should I go another route?

Thank you!

[Anonymous]

Im in Atlanta, I went through a lawyer for $1400. I pay $140 a month for 10 months. I just had to pay the filing fees upfront I believe under $400.