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Filing bankruptcy?? Looking for tips from experience or knowledge.?
What are the advantages and more so what are the disadvantages? I think i'm pretty up to date on the advantages, I hire a lawyer, he notifies companies I owe money, they have to write me off and can't call anymore? Is that about right? As far as disadvantages I know it hurts your credit but so does defaulting on loans and credit cards, I owe about $17,000 right now not counting my 2 car loans, and what happens with those, it won't pay off your cars right? But it won't hurt what you already have set up will it? I try to look stuff up online but can't find any real help because it just pops up a bunch of debt consolodation companies and I already talked to one of those and realized it was only gonna save me about $35 a month and stretch out what I already owe longer! Thanks for the help and ideas:)
my grandmother filed years ago and the lawyer was able to get everything written off and they kept their home and truck so I was under the understanding that maybe there are different levels or branches of bankruptcy? It is very confusing and hard to get a straight answer it seems for my particular situation, I think I may try to call a lawyer today and see if I can figure it out a little better. I went from making $14.00 an hr to $6.75 an hour because of helping a family member and my hubby makes about $500 to $1000 less per week then he was making so that's why we are in such a bad spot now, and there are no good jobs around here right now trust me I have been looking and applying for something better for over 6 months now.
3 Answers
- ygwildLv 41 decade agoFavorite Answer
If you file for bankruptcy
The disadvantage is the receiver will take everything you own (cars, house, TV, Jewellery all assets basically) and sell it, and distribute the funds to those you owe money to.
The only thing they won't take is the things you need to live with and are of no value
In Australia you won't be allowed to earn more than $700(approx) a week gross (before tax) or become a director of a company for either 3 or 5 yrs (Can't rememrber).
If you do earn more than $700/week gross within that time you'll be required by law to start paying off the difference of how much you still owe
Source(s): Cousin filed for bankruptcy - Anonymous7 years ago
At this site you can find solutions from different companies: CREDIT-AND-FINANCE.COM-
RE Filing bankruptcy?? Looking for tips from experience or knowledge.?
What are the advantages and more so what are the disadvantages? I think i'm pretty up to date on the advantages, I hire a lawyer, he notifies companies I owe money, they have to write me off and can't call anymore? Is that about right? As far as disadvantages I know it hurts your credit but so does defaulting on loans and credit cards, I owe about $17,000 right now not counting my 2 car loans, and what happens with those, it won't pay off your cars right? But it won't hurt what you already have set up will it? I try to look stuff up online but can't find any real help because it just pops up a bunch of debt consolodation companies and I already talked to one of those and realized it was only gonna save me about $35 a month and stretch out what I already owe longer! Thanks for the help and ideas:)
