Re: feel like a loser
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Posted by LadynRed
(199.91.33.254) on July 27, 2004 at 14:43:10:
In Reply to: Re: feel like a loser posted by problem on July 27, 2004 at 12:33:05:
Its all about disposable income per month. If, after paying all your normal living expenses, you have less than $100 a month to pay bills, then you would be a candidate for Ch 7 bankruptcy. If you have a lot more than $100 left over, you could end up in a Ch 13 repayment plan for 3-5 years. Monthly expenses do NOT include credit card payments, but DO include mortgages and car payments because they are secured debts, they MUST be paid to keep the property. Use the expense calculator linked below. Even that doesn't cover EVERY allowable expense. After you do that, you should call around and go for 2 or 3 free consultations with BK attorneys. Read about bankruptcy at www.thebankruptcysite.com to get a good handle on the process and what your exemptions are in your state. No reason to feel like a loser, there were 1.6 MILLION personal bankruptcies filed last year alone and this year stands to break even that record number. You are NOT alone. The question to ask yourself is whether or not you can STOP using credit cards and live without them execept for emergencies. Unless you change your credit habits, you'll be stuck again and you can only file for BK every 6 years (for now).
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