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advise about bankruptcy
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<blockquote data-quote="CrazyinVA" data-source="post: 367229" data-attributes="member: 1157"><p>I declared bankruptcy about 11 years ago, after a 2nd marriage failed and medical bills from Oldest's illnesses were mounting. It was painless, although the lawyer did cost me $700. I was able to "exclude" certain debts from the bankruptcy and keep my car and kept making those payments, but did end up letting go of my house. I couldn't afford the payments, anyway. All medical and credit card debt was wiped clean. That's what Chapter 7 does. Chapter 13 is more of a "re-organization" of debt, and is typically used by businesses, not by individuals, from what I understand. While it killed my credit at first, after a year I was able to get a high interest credit card to have on hand just for emergencies and things like car rentals/hotel reservations, since you typically can't get by with a debit card for those. Here I am 11 years later, finally bought another house, and am still paying cash for most everything. </p><p></p><p>Emotionally, it was an enormous relief. No more collection calls. I was able to get my financial life back together and have a fresh start, clean slate.</p><p></p><p>The U.S. laws on bankruptcy have changed a lot in recent years, however.. so you really do need to see a lawyer to discuss your options. Many will do a free consultation.</p></blockquote><p></p>
[QUOTE="CrazyinVA, post: 367229, member: 1157"] I declared bankruptcy about 11 years ago, after a 2nd marriage failed and medical bills from Oldest's illnesses were mounting. It was painless, although the lawyer did cost me $700. I was able to "exclude" certain debts from the bankruptcy and keep my car and kept making those payments, but did end up letting go of my house. I couldn't afford the payments, anyway. All medical and credit card debt was wiped clean. That's what Chapter 7 does. Chapter 13 is more of a "re-organization" of debt, and is typically used by businesses, not by individuals, from what I understand. While it killed my credit at first, after a year I was able to get a high interest credit card to have on hand just for emergencies and things like car rentals/hotel reservations, since you typically can't get by with a debit card for those. Here I am 11 years later, finally bought another house, and am still paying cash for most everything. Emotionally, it was an enormous relief. No more collection calls. I was able to get my financial life back together and have a fresh start, clean slate. The U.S. laws on bankruptcy have changed a lot in recent years, however.. so you really do need to see a lawyer to discuss your options. Many will do a free consultation. [/QUOTE]
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