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Debts and filing bankruptcy...

Posted: Jun 28, 2011

I am finally to the point of having to consider bankruptcy, mainly for medical bills. There's quite a bit, having had two surgeries in the recent past in one year with no insurance. I am trying to decide if I should move from the rental home I am in first or move after I file. I am not sure whether you can rent at an apartment complex with a bankruptcy or whether I should try to find another rental home? Or should I just not file until I move? We need a bigger place, but I need the finances straightened out too. Just not sure how this will affect moving, etc.? TIA

;

It will affect everything for 10 LONG years. We filed back in 2002... - ndmt68

[ In Reply To ..]
with the advice of a lawyer, but had we let our home be foreclosed on and our debts be officially charged off or sent to collections, it would be over now as those things only remain 7 years.

Especially with medical bills, I would exhaust every resource other than bankruptcy. Work out a payment plan, and if they want too much, find out if there is a foundation that will help you (this is new to our hospital). Ask if they will charge off your debt as most hospitals sell accounts to collection agencies for only 10%.

Really, if you can help it, you don't want a bankruptcy. I know it is exhausting dealing with the stress of it, but believe me, it is more exhausting for the next 10 years hearing that tone while they say, "I see you have a bankruptcy." That is ALL they see.

People told us if you let them know why (like too many medical bills or in our case a failed business) they will look at it differently. That is completely false, more so in this new economic climate than ever.

Please consider other options before you get there.

I respectfully disagree.... - sm

[ In Reply To ..]
I filed bankruptcy, Chapter 7, in 2004. Since then, I have owned two houses, had two car loans and a few credit cards and have built up my credit to a credit score of 760. The first house I owned was a year after I filed banko; however, my interest rate was high and I would not recommend that. My second house I bought just two years ago and my interest rate as of now is 5%. I applied for credit cards after I filed for banko, and yes, some of them had high interest rates but I was charging things like gas and paying it off right away just to rebuild my credit. When my credit was pulled by a creditor, I told them I filed banko for medical reasons and most of them were understanding. Filing banko was the only option I had. I was swimming in credit card debt from having no insurance and having huge medical bills and then paying my bills with my credit cards and it was a never ending cycle. I find it very hard to get back on your feet when you are swimming in debt, especially in this economy. My friend had a lot of debt and instead of filing banko she went to one of the debt consolidation places. This was 6 years ago and she still has a huge monthly payment that she cannot pay. So, now she is filing banko. If she would have done it 6 years ago, it would almost be off her record. I recommend finding a new place to live before you file banko. Or, you can file banko now and while in the process of doing it find a new place. A lot of apartment complexes or people who rent out places are very understanding now days with the horrible economy. I know how stressful this is I wish you the best.

Debts - Big time help

[ In Reply To ..]
check out creditinfocenter.com

just recently filed ours - jj

[ In Reply To ..]
I don't know about your question of filing before or after, but we have filed bankrupcy chapter 7 (just went before the trustee on June 16) due to a failed business. We were trying to "do the right thing" and pay those bills off--for six years and just got so far underwater we couldn't see the surface. My husband landed a new job and we are in the process of moving. When looking at apartments and the cost of deposits on the apartments and utilities are the highest allowed which really hit the pocketbook hard!! We finally found a landlord of a 4 br house that after we explained our situation of why we had to file, he was totally understanding and willing to help us out by allowing us to rent his place without any extra money down. Paying the utilities deposits hurt because we had to pay their maximum amount. Best of luck to you!! I hope our bankruptcy was a turn in the right direction for us as I hope it will be for you also.

Bankruptcy was the best thing I ever did - mt

[ In Reply To ..]
I was able to get rid of the debt and start fresh. I also have been able to get credit again without much problem. The interest rate was high, but that is the price you pay to build yourself back up and totally worth the peace of mind of not having collectors call or worrying about lawsuits, etc. As for looking for a new place, file first and then file bankruptcy. A lot of apt complexes want you a year out of bankruptcy before they will rent to you. Get your new place and then file. You will be able to start getting credit rebuilt pretty quick because the credit companies and banks know you can't file again for at least ten years, so they are pretty much guaranteed that you will pay them back. Good luck to you. Know you are not alone in your situation. :)

How much were you under before filing? - sm

[ In Reply To ..]
I'm just curious what everyone's debt was before they filed. I have 10K in credit cards, 15 in school and want to file for those two things. I am wondering if that is enough? I am currently in school, but do not have to pay them back until I receive my BA degree which is pretty far off. My husband is also in debt, around 15k as well. Do we file separately? Do they include school loans? (I heard they did not as it was federal). How much were you all in debt before you filed? Thanks for any answers.

I was around 25k in debt - sm

[ In Reply To ..]
Because you are married you and your husband would have to file together. Your combined debt is 25k, which is a lot. The only way you can file bankruptcy on student loans is if you can show extreme hardships, and this is almost impossible to do. My debt was around the same amount of yours and there was no way I would have ever paid it off with the interest rates on my credit cards.

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