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Re: Bankruptcy FAQs

Valued Member

Re: Bankruptcy FAQs

AWESOME!! I will be sure to update everyone on the process, timing and I know the BIG question of how much of a bump I'd get when that happens.

Current Score: EQUIFAX 706
Current Score: EXPERIAN 712
Current Score: TRANS UNION 722
BK in 10/2005

Message 41 of 76
New Member

Re: Bankruptcy FAQs

"But the rule that you can’t charge within 90 days of filing isn’t written in stone there are 12 factors that the judge will use to determine if it is fraudulent."


What are the 12 factors??

Message 42 of 76
Valued Member

Re: Bankruptcy FAQs

I don't know what those 12 factors are.  


If the creditor/creditors in the bankruptcy felt you didn't keep up your end of the bargain then maybe they may play a factor in how you obtain future credit.


As I see it, one such creditor is doing this to me as we speak. GM BANK for instance, has many entities in the credit world, or has taken over many of the faltering companies. I say this because every retailer has had or is affliated with them.  Just the other day Pay Pal offered to give me a chance to have a credit card. But GM rejected it.  I'm not going to apply for anything else because of this.


Other things, such as how you went bankrupted and why?   In my case - why did I go on a short vacation before I decided to go bankrupted?  It looked like I planned it all and left them holding the bag? 

When really that wasn't the case...I had a death in the family - Yet I struggled to work with the BOA bank ..nothing worked. It was my last resort.


I am however, going to defend myself and hold my head up and not between my legs against people who want to make life hard on me.  This is causing me not to get employment and also to find a place to live.

Message 43 of 76
New Member

Re: Bankruptcy FAQs

If you file what happens to credit cards that you don't have a balance on? Will they stay open? Can you rebuild your credit with them after BK?
Message 44 of 76
Valued Member

Re: Bankruptcy FAQs

When you go for Bankruptcy, all your credit is listed, whether paid or not.  

Whether the company wishes to keep you or not is "up" to them really.


Usually a few will let you maintain your status with them to help you rebuild credit, but not always.  It depends on the retailer and/or credit card company.


Message 45 of 76
New Member

Re: Bankruptcy FAQs

I received notice that one of my delinquent credit cards is suing me, with a court date set for the beginning of Sept.  I have contacted Legal Aid to help me file bankruptcy, but they are usually backed up and I'm concerned if they don't get paperwork started before then.  Also, I'm very ill and may not be able to go to court.  If I don't go to court, they automatically get a judgment against me.  Can anyone enlighten me on how bad this will be if I can't go to court?  Is there anything else I can do in the meantime?  I'm on disability and have no funds to work with.

Message 46 of 76
Valued Member

Re: Bankruptcy FAQs

In Reply to Katie 22001


I'm glad that you are able to start out fresh and obtain a loan. It's different in each state and with each individual case. What was done to me may not be done to another; and that is all I am referring to.  If you're working that is a big plus. 

Don't get me wrong here...I appreciate the fact that you allowed me to see another side and how you can rise up from the so call bankruptcy flames like a phoenix. 


Smiley Wink I wish you good luck.

Message 47 of 76
Valued Member

Re: Bankruptcy FAQs

I can feel you're predicament  and all that you're going through at the moment.  I won't say I'm the wise owl here who knows all...because I am not and to suggest something, may just not fit you and your case.


Yet It appears you may have to file bankruptcy. You don't have much of a choice, it seems your backed up to a wall. The attorney's can help you,  at least get these people off your back in the meantime. Also, they may be able to work with you on a payment schedule or something. It doesn't hurt to ask.  Call and find out.


Meantime, if your that ill and unable to deal with the stress of communication with the creditors or lawyers, you may want to ask a relative that you can trust, to be the spokesperson for you.  ( It's just a suggestion.)




Message 48 of 76
New Member

Re: Bankruptcy FAQs

Hi Maggie,


Thanks for the input.  Unfortunately, my only close relative is going through her second series of chemo, so there is no one that can help at this point (she has major problems of her own).  I will contact our local senior organization to see if anyone there can assist me, but I don't hold out much hope based on past experience.


I'm under enormous stress (which is exascerbating my condition) because this is just one of many financial dominoes that continue to fall.


I will have to file for chapter 7 bankruptcy, since there is no way I can pay anything back (unless I hit the lottery ?).  I wish I could do the paperwork myself, but that is impossible.  I have to hope that Legal Aid will come through on this.


Has anyone else ever had Legal Aid help with their bankruptcy?  I also have to try to get the financial counseling that's required prior to filing.


It just never ends.

Message 49 of 76
New Visitor

Re: Bankruptcy FAQs

I disagree. Bankruptcy can save your financial future if you are in over your head (like most Americans). I filed bankruptcy a few years ago and it saved me. I am doing much better now and my credit score has increased quite a bit. It does NOT stay with you forever by the way.

Message 50 of 76