Should I declare bankrupcy? What are consequences of judgements?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
Two creditors have filed lawsuits against me, and will soon get judgements against me.
What are the consequences of this for me? What can I expect to happen? Will I be taken to jail? I have no house or car but have some personal belongings (computer, bicycle, books, etc).
I have very bad credit, and though I am trying to get a loan so I can settle with these two creditors, it is not going well. I have no money to settle with these two creditors.
If they do obtain judgements against me (which is likely), what is the best way to protect myself? Will they take the money I get paid from work? If so, how am I expected to pay for rent and food?
Would it be wise todeclare bankrupcy? If so, can I do it without a lawyer? If not, around how much would a lawyer charge for bankrupcy?
Thanks
Should I declare bankrupcy? What are consequences of judgements?I would file tommorow if I was you, once they get a judgement you cant include them in your bankruptsy. I just filed in october and it was over in march. I downloaded the forms from gov.org website and did it myself, I filed it myself and included a form to ask the court for a payment plan for the court costs which were $187.00, to be made in payments. We filed chapter 7, and because we didnt have more than 25% equity in our home we got to keep it. We wernt behind on that bill. So we just keep on paying it like usuall. We got to keep one car for each of us. Both were already paid off. My husband had one judgement that was not allowed to be discharged. And our home equity loan and mortgage was not entered as a discharge, because we are still able to pay for that. We got $69,000 dollars worth of debts discharged (meaning we don't have to pay them)The day you file, you have to pay $50 dollars toward the total if you file the form asking for the payment plan. The forms are kinda hard to understand at first.The packet is about 20 pages. One ask to list all secured debts, which are home loans or car loans. And then you list all your unsecured debts on one page meaning credit cards and hospital bills and the like with all the totals and names and addresses of the debtors, and then a page to list your income and what your personal assets are like jewlery, art work etc. Just work one page at a time, you can do it. But work fast before the judgement, and don't tell them you are doing it. The day you file you and get a number you are protected from them harrassing you, calling you or sueing you. The papers are free to download of the government web page. You have to decide which one to file chapter 7, 11, 13 depending on you particular circumstances. 7 is total and if you own more that 25% equity in a home they can sell the home to satisfy the debtors. 13 is a repayment plan I think. And state to state has different rules. Now you have to have credit counciling to, I think. The second web site has the forms free to download and the rules of the credit counciling and a listing of the individual states that you would live in. I hope this has helped you. Remember the law was set up for you to help you, when you cant pay the bills. Dont let anyone shame you. Its your right to file..
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.