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Any thoughts or experience with bankruptcy. I am sinking in debt. I have an appointment with bankruptcy lawyer next week but I want as much information as possible. do would love some personal experiences if people don't mind personal such personal experiences.
Costs the same whether you are married or not, so if you are still married, take advantage of it (if you can get your husband to agree to pay half of it it is better. I actually got married because of this reason (in hindsight, that was probably a mistake), but we had a ton of bills in both of our names. We could pick what we want to file bankruptcy on. Don't know if it is that way everywhere. Like we got to keep paying on the car and wahser and dryer and stuff. It really was worth the money, if you owe a lot.
I've filed bankruptcy twice. Once when married and the other time I was forced to after divorce. You fill out 20 pages of forms asking for your bank info, bills owed, job information, do you own property, do you have a business, what is the worth of your clothes/jewelry etc., do you have a car/boat/motorcycle etc. When I filed married that was back in the 90s and the cost was $600. I filed on my own after divorce in 2011 an it cost me $1800. Basically what you're doing is wiping out any debts owed and if you have anything of value according to them should you tell them they can take it from you. It doesn't matter if what you have was a gift or not, what matters is the monetary value. After a few months you'll go to bankruptcy court, they ask you your name, address, what your occupation is and ask if you're filing bankruptcy due to inability to pay your debts, you say yes and it's over. It's that simple and takes five minutes literally. Where I live it is state mandated you have to take two online classes (the info for these should be provided to you by your attorney) "teaching" you about spending accordingly and you receive a certificate stating you took and finished the classes. One class HAS to be done before you file and the other one after court. The classes are self led and take a total of 3 hours and $60. I like how you're filing bankruptcy but you have to pay for classes. LOL What a joke. After court you wait a few more months to have your case discharged meaning your debts have been cleared. You'll be notified by mail. Bankruptcy also means you have no credit plus bad credit and that stays with you for 7-10 years. Not to worry though, you can rebuild your credit almost immediately IF one of the credit card companies accepts you. Credit card companies and car dealerships will inundate you with massive mailings once you're filed. Personally I never tried to get a major credit card, paying my bills was not the issue for me. I did just a couple weeks ago acquire a store credit card offered to me from them, the limit is $150 which is fine and easy to maintain to rebuild my credit. I had to file on my own after divorce because of my ex and we had been divorced for five years, living in different states. I hope this helps to relieve any worries you have and I wish you well. It sounds scarier than it really is, you'll be fine!
Thank you so much for the information. It does relieve me a little. My divorce attorney recommended it and he seems to think its a good idea, but my dad thinks its a mistake. Right now things are twenty times as stressful because of money. I want to keep the house after the divorce so I think it's the only way.
When I was married we were able to keep our house because we asked to reaffirm the mortgage. I would guess that would have to be done as part of your divorce settlement. Bankruptcy isn't ideal, but sometimes it's the best way. Don't worry about there being a stigma associated with going bankrupt, these days just about every other person has been through the process. I empathize with you and your situation, but this too will pass. I was married for twenty years, no college degree and am living MY life now. The road will be bumpy at times, but you'll be better for making the journey. All the best to you!
