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Re: bk
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Posted by Why Chat (209.240.222.130) on July 07, 2002 at 20:29:26:
In Reply to: bk posted by pearl on July 07, 2002 at 20:02:48:
You sit down with the BK lawyer, figure out all your debts,figure out how much you can easily pay over a 3 year period, VERY seldom 5. Then the accounts are figured on a % basis,interest is stopped. For instance if you owe, 50,000. you may only be obligatedto pay back $30,000. Plus if the creditors are notified,but don't show up.they don't get ANYTHING.
The good part about ch 13, is that it ges off your credit report faster than ch 7, the bad part is, you DO have to pay back at least 40% of what you owe, and if you have a problem fulfilling the obligation,then you are not only back where you started, BUT the BK is on your record TOO.Unless you have a GOOD job, GOOD health, and LOTS of assets you need to protect, ch 7 is probably better for you.
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