Thinking of Chapter 7

[Anonymous]

Hi all
Here's my deal. I have 3 jugments,  and 5 Collections accounts. the totel of debit is 10k for jugments  and 5k in CA so a totel of 15k. my income is 0. Its been hard to hold a job with the jugments taking just about all of my money. I have not had a job in a year I stay at home a take care of the kids girlfrind work for the income for the house. I would like to get marred with my girlfrind I been with for 10 years and have 3 kids just want to fix my  money side before hand.
so any thoughts and advice would be grat thanks the last 5 years have been abite hard like to start anew.

 also to add I have 3 accounts on the Chexsystems thing will thay be removed whan I file. thanks

[SoulMaster]

If you consider a HORRIBLE settlement amount of 30%, what you're saying is that you're thinking about doing a BK for about $5000 in debt, which makes no sense.  If you get better settlements (say 10-15%), then you're considering BK for $2250, which makes even less sense. (If you hire an attorney, they'll charge you between $999 and $1750 to file anyway).

Trust me, you don't want to file BK unless you absolutley have to.  Also, as far as ChexSystems goes, the answer is a decided "No", though they might report as closed.  I've been fighting that battle (getting Citi marked closed) since my BK7 discharge 13.5 months ago.

Your income might be zero now, but if you stick your pride in a sock drawer for a little while and go find a Walmart/Pizza Delivery/McDonald's type job @ ~ $10/hour, you'll be pulling in $1200/mo (40hrs/week), more if you get 2 of them.  Now if you could manage to set aside $200/mo of that, you'd be suprised at how fast the year goes by and you're out of debt.  Start calling now to settle if you have the $ to hire an attorney for a BK anyway, smallest balances first.  Oh, and if you can manage to find a job @ Starbucks, you get full benefits somewhere around 20 hours/week.

Anyhow, with some hard work and patience, you'll get this mess cleared up in one tenth the time the BK will stay on your CRs.

Good luck to you,

-SM

[Anonymous]

thanks for the info I did not know of the settolment thing you can do with the jugments. will go that rout also the Chexsystems are already 2 years old so its sounds like I can get this stuff fix in 2 to 3 years ensted of 10 thanks agen