Re: Huge CC Debt - Advise Needed
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Posted by Samantha (207.221.162.7) on September 26, 2003 at 10:11:27:
In Reply to: Huge CC Debt - Advise Needed posted by Hopeless in TX on September 26, 2003 at 09:43:24:
Hello there. Nothing is hopeless! First of all, it would help if you mentioned what your yearly net income is. Unless you make 100k a year, it will probably be impossible for you to get out of debt anytime soon. In Texas, there usually isn't a concern about filing when you own a house. Texas has an unlimited $$ for homestead. Also, each person of driving age is allowed one vehicle. Now, if you are lucky enough to own stocks or have a large savings or extra real estate, then you'd have to be concerned about losing it. You shouldn't transfer any property within a year of filing. It's best not to use your credit cards within 60-90 days of filing. There are various rules you must keep in mind. Check out this Bankruptcy Timeline. http://www.doney.net/timeline.htm Other than that, your main concern is showing that you CANNOT pay your credit cards. You have to make a budget of your monthly expenses and this must be equal to or just below or above your take home pay. If not, then you will probably have to file Chapter 13 and make payments. Also, you must make a list of all your personal property at 'garage sale' value. If both husband and wife are filing, you can have up to 60k of stuff. The best thing to do is consult a lawyer. You can easily do this over the phone. I know its kind of scary at first, but the lawyers file hundred of cases and they will not judge you. Bankruptcy is much easier than you think. But keep in mind, you credit will be toast and this can affect your life. Lots of things are tied up with credit scores. Also, do a Google.com search on bankruptcy. There's a lot to learn. Good Luck!!!
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