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The Watercooler
Ch. 7 Bankruptcy...Anyone else have to do it?
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<blockquote data-quote="donna723" data-source="post: 405435" data-attributes="member: 1883"><p>I think they've changed some of the rules for it and have made it much harder now to file Chapter 7 where all your debts are just wiped out. Mine was Chapter 13 where you repay much of the money you owed, through the bankruptcy court. They took a big chunk of money out of my paychecks for five years until it was all paid off. The money goes through the bankruptcy court and they distribute it to the creditors. I had a piece of property that I sold - the proceeds went towards the debt, which paid it down enough that they the reduced the amount taken from my paychecks. You usually repay a smaller amount to the creditors than what you actually owed if the creditors agree to it, and you pay little or no interest and you don't pay all those silly fees on the credit card debt. While you're paying it off, you are not allowed to incur any other debts unless it is approved by the bankruptcy court, which is a pain. You are also not allowed to make any major purchases (like a car or even appliances) without their approval. During this time my car was totalled when a deer ran out in front of my car. They KEPT the check from my insurance company, the money I needed to buy another car, until they got darned good and ready to approve it! It was a loooong five years and has been paid off for about three years now and I owe no one! And it feels reeeeally good!</p></blockquote><p></p>
[QUOTE="donna723, post: 405435, member: 1883"] I think they've changed some of the rules for it and have made it much harder now to file Chapter 7 where all your debts are just wiped out. Mine was Chapter 13 where you repay much of the money you owed, through the bankruptcy court. They took a big chunk of money out of my paychecks for five years until it was all paid off. The money goes through the bankruptcy court and they distribute it to the creditors. I had a piece of property that I sold - the proceeds went towards the debt, which paid it down enough that they the reduced the amount taken from my paychecks. You usually repay a smaller amount to the creditors than what you actually owed if the creditors agree to it, and you pay little or no interest and you don't pay all those silly fees on the credit card debt. While you're paying it off, you are not allowed to incur any other debts unless it is approved by the bankruptcy court, which is a pain. You are also not allowed to make any major purchases (like a car or even appliances) without their approval. During this time my car was totalled when a deer ran out in front of my car. They KEPT the check from my insurance company, the money I needed to buy another car, until they got darned good and ready to approve it! It was a loooong five years and has been paid off for about three years now and I owe no one! And it feels reeeeally good! [/QUOTE]
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Ch. 7 Bankruptcy...Anyone else have to do it?
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