r/Bankruptcy

Hello I’m considering Chapter 7 due to personal debts. Will this affect my business? I have two employees and 100 or so clients in a service based job

Thank you

Hello I’m considering Chapter 7 due to personal debts. Will this affect my business? I have two employees and 100 or so clients in a service based job

Thank you

Hello I’m considering Chapter 7 due to personal debts. Will this affect my business? I have two employees and 100 or so clients in a service based job

Thank you

I might be able to get money from a family member to help with my debt.

I already gave a $500,. (for retainer fee) to the bankruptcy attorney.He did not cash it yet. his total will be $2000.

I did sign an agreement.

If I was able to get the money to help with the debt.

Would I be able to cancel the bankruptcy? which has not officially been filed yet. i believe that can't happen until i give him all $2000.

Hey everyone,

I’m in the process of filing Chapter 13 and honestly struggling to put together a realistic budget. Looking for some perspective from people who’ve actually lived this.

We’re a family of 5 (kids are 11, 9, and 3) plus two dogs. Both of us are teachers—one paid bi-weekly, the other semi-monthly—which already makes cash flow a little tricky to map out. Combined gross income is about $127k.

Here’s where things get stressful:

~$29k in mortgage arrears (servicer wouldn’t work with us at all)

~$30k in unsecured debt

I did a good faith effort on the intake questionnaire, but I keep realizing I left things out that are very real expenses:

Kids’ extracurriculars

Entertainment / occasional eating out

Vet care

House maintenance

Vehicle registration + maintenance

Misc stuff that just comes up with 3 kids

Every time I think I have a handle on the budget, something else pops up. It’s making me question whether what I submitted is even remotely sustainable.

My attorney keeps saying we’ll be able to live a “modest but manageable” life on the plan, but I’m having a hard time seeing it on paper. Right now it feels like we’re either:

Underestimating expenses and setting ourselves up to fail, or

Going to be stretched so thin that there’s zero margin for real life

For those of you in Chapter 13 with kids:

What does your actual monthly budget look like?

Did you include things like entertainment, activities, pet care, etc.?

How tight is it really once the plan starts?

Did you have to adjust after filing?

I’m trying to be realistic, not perfect—but also don’t want to end up in a plan we can’t sustain for 3–5 years.

Appreciate any insight.

About to file Chapter 13, got a meeting with my lawyer this Thursday.

They sent me my credit report and I can see most of my debts, but I’ve got a couple questions (I’ll ask my lawyer too, just wanted some input first).

First — the amounts on the report are different from what collectors have been sending me. Is that normal?

Second — not all my debts are showing up. I have a rough idea of who I owe (mostly payday loans), but a lot of them were sold to collections, even some non-payday ones.

Do I list the original creditor, or the collection agency/law firm?

Anyone been through this?

Should I finance a new car now? Im going to file chapter 7 five months from now. I currently have a car that I will surrender during bankruptcy it’s financed as well and 10k under water and current on payments. I will probably stop paying for it two months from now. Could that pose a problem ? Can I get a new car now and stop paying on my current financed one?

My wife and I are just barely starting with bankruptcy. I came into our marriage with $200k in credit card debt, and over the last four years, with medical costs, increased taxes, and the cost of living going crazy high, our debt ballooned from $200k to $400k. When we did our budget, we were basically living about $3k above our means, all because of minimums. We tried consolidations, but you can't get a loan big enough. We feel like we are drowning, just drowning slowly.

I'm classified as a high earner, making ~$300,000. But with deductions for health, taxes, 401k, 401k Loan, and all the other stuff that comes out of my income, my take-home is low, comparatively speaking. I should also add our mortgage is ~$4600.00/month, which is more than my biweekly take-home pay currently. After childcare and other necessary items, even without credit cards, we aren't left with much disposable income. To be fair, our budget isn't that crazy; it's just that the costs of everything have gone up, childcare especially.

We're trying to reduce subscriptions, change phone service to something cheaper, we are now getting a substantial amount of our groceries from a Co-Op we volunteer for, and we're not "ambient shopping" on Amazon anymore and eating at home more. I know we will make it through this and survive, but I really don't want Chapter 13. I'd much rather get Chapter 7 and be done with this and get a fresh start to do things right this time.

I'm curious what happened to others that may have been in a similar situation? I'm willing to clarify any information as well. I'm just scared as hell not knowing what's going to happen, and I feel like crap knowing that I'm primarily responsible for us even being in this situation.

I let go of everything…my dad passed a year ago and I fell into a deep depression. He was diagnosed and gone within 2 months and I couldn’t handle it. I stopped paying my cards, my car payment, everything. I was able to get on FMLA and keep my job but the days I missed were all unpaid.

I kept struggling to keep my car payments on time but they came close to repo-ing it twice. This final time, last week, I was on the phone with my work getting laid off and missed a call from my car loan company. They charged my account off.

Anyways. I have to get the car sold or refinanced. I found a dealer to buy it and pay it off but will that affect my chances of being able to file?

I also need a vehicle but with no job at the moment AND horrible credit I doubt I’ll be able to get a loan.

Any advice would be so appreciated. Mostly I would like to know if selling my car right now will affect my chances of being able to file.

In Missouri per post rules.

I filed in February and just had my 341 meeting today. I was told if all goes well to expect my discharge notice within 1-2 months. I am part of a union with work and we are currently in contract negotiations. We were just told of an expected ratification vote in May and none of us were expecting it that soon. I told my attorney about it when I initially consulted with them, but it seemed like months away at that time. If this contract passes we would be entitled to a percentage of retro pay for the past few years of working under an expired contract. This back pay would come to us as a “signing bonus” in September. My question is, if I receive my discharge notice before the contract vote takes place, would I be entitled to keep the signing bonus or would it be seized for my case?

Just printed everything for the wrong district

I have read many forums saying that no news is good news during this period, but what else if anything is expected during this window of waiting?

Should we expect any updates, any sites to check the status of your case? I have really bad anxiety and as much as I want to forget about it and let time take its course, but this entire chapter 7 situation is always on the back of my mind.

Hi all,

I began the process of chapter 7 bankruptcy about 2 months ago. I still have to get documents to the attorney, and I'm struggling a little bit because I had a seizure out of nowhere and a whole bunch of other medical stuff popped up along with a breakup and now moving states.

Is it still a good idea to file for chapter 7 when I'm going to need to get my own apartment in the near future? I know that some apartments will check your credit score, and I'm terrified that I won't qualify for any.

I also am in the process of moving states from MI to IL, with my parents, and then in a couple more months, I will be moving to WI. I had moved from WI to MI to follow my partner. Now that we're broken up, I'm moving back home. currently in Illinois with my parents, I can't drive for 6 months because of the seizure, so I won't be moving to Wisconsin until after I can drive. I started this bankruptcy in one state and I will have to finish it in another. Is that allowed? Also, since currently I'm staying with my parents, I don't have rent or electricity bills or Internet so I don't know if I still qualify.

I'm 28, I have about 25k in debt. I think if I don't file, it's going to be hard for me to afford rent by myself. I just don't know what to do. Any advice would be greatly appreciated.

Bankruptcy on 70k in debt

Im 30 and my wife is 30. We have 4 kids and one foster. I work full time and she stays at home with the kids. Over the last 2 years it seems I may have put us in a never ending cycle of taking loans to pay loans and never actually paying anything down. Also because I have a repo on my credit for 20k still owed and 14k in credit card debt from 2019 when I lost my job. The loans I can get are honestly stupid but I was just starting to see improvement in my credit. From 520 to 645 and didn't want to default again on anything. I thought I had a handle on things. Put my 11k tax return for the last 2 years on my debt but cant seem to get out of the cycle with the internet rates on them. I have 21k in a repo. $35k in credit card and personal loan debt. 10k lean against a car i own. Also about 15k in medical debt.

I have 12 credit cards between me and my wife and 7 personal loan/pay day loans. Also mabey 13 different affirm accounts/upgrade. Im Currently current on everything but im at a point were i either take another massive loan out possible against my home of file bankruptcy. I also booked a cruise like 2 years ago and I plan to still go on it because its none refundable. $70 a month. Nothing crazy and I took a upgrade account out recently for another $800. I can pay that back next week from some side work that I did. Its not what's drowning me. Its the crazy lines of credit that are. Ive worked a budget up with my wife and if all debts disappeared in a chapter 7 I know we could get back to a normal routine. I own my home in Florida and are car is worth like 2.5k at max. I would let the other go back unless I could get a better apr rate. Current is 36.4%. credit lines are 200%. 3.5k cost me $630 a month. Thats just one. What are some problems i could possibly face or battles? Im talking with a bankruptcy attorney on Wednesday more than likely I guess I'll stop paying all debts starting this month for atleast 90 days from what I see. Mabey change my phone number so I dont get all these calls. Life took a little sharp turn a year ago. My job took my company car away so I had to drive to work in my personal car. The motor blew a few later and I got a cargo van with a loan for 2k and another loan for 1k for parts to fix it myself. Also had to start paying for gas and being 45 minutes from work came to about $200 a month extra. Then because of some back contractor work on my home i had to get a lawyer and cant use my ac system. Had to buy 5 windows units for my home. One for each of the kids and living room. Me and my wife go without. That was 1.2k Affirm loan. My power bill went from $120 to $300-450. I also have had to get space heaters for my home for the winter. So between the loans for the car, the ac, gas and power along with everything else going on it started to spiral out of control and I cant get ahead. Not to mention haveing to get 4 kids new clothes for school. Even going to resale events and thrift stores are expensive. With have no extra money I took another loan out. and another. Never tried to fraud the system and I was happy because I September this year all my credit cards for 2019 would fall off my credit. Is bankruptcy the best option or just stop paying everything and let the companies do what they want or bankruptcy for a fresh start. I make 65k a year. idk if that matters. Or debt settlement company.

I’m 25 with 25k in debt, I’m tired of stressing everyday how I’m going to pay off my debt, chapter 7 or chapter 13? I’m thinking of chapter 7 bc at the end of the month I just don’t have the money to pay another loan

Back story my gf at the time had my credit card (yes life lesson never let them have it) she maxed out my card an yes I know she shouldn’t have had

3 credit cards and 2 personal loan

My husband and I recently went through chapter 13 bankruptcy. We were drowning and went from 70k in debt to (having to pay over 3 years) 30k. I really do not believe we could have kept going otherwise. My kid is graduating this year and looking at colleges. it will be decision time soon. He is looking at needing a loan for around 8k a semester (after fafsa, grants, scholarships etc). That is for room, meal plan, books, etc as he has 100k scholarships to attend a private school.

I have no idea how he will qualify for a private student loan. Im assuming my husband and I wont qualify as cosigners. Im a wreck over this stuff and do not know the first thing about college loans.

Has anyone gone through a situation like this? Do you always need a cosigner? I dont even know who to talk to...the school? my lawyer? a bank??

I currently have about 35k in CC debt. I live in IL, I have a car currently paid off and owe about 160k on my home. Zillow has my home valued at 268k(how accurate this is I’m not sure) based off what I gathered online the exemption limit is 100k per couple(currently married). Does this mean my home equity will be used to pay off my entire debt or only the dollar amount over the 100k exemption amount will be used towards my debt?

So I’m about to be filing chapter 7 and my lawyer suggested abandoning my bank account with Wells Fargo because I do have a personal loan through there as well as an outstanding credit card balance and they will likely wipe and close the account.

A bit about my situation- my mom is very judgey and insane about my finances despite me being almost 30 and living out of state. It occurred to me that while nothing (the loan nor the credit card) have her name attached to it that my bank account does. It was an old teen account that I basically always kept and got turned into just an everyday checking account, but when I request my paper statements it lists her and me. She can see my checking account on her banking app but I cannot see any of hers.

I currently don’t have plans to tell her that I’m filing because I don’t want to deal with her judgement along with everything that’s going on- but should I get her removed from the account before I do? I don’t want them to wipe or pull from my family’s other Wells Fargo accounts. I’m not looking for legal advice I just am worried with what the lawyer told me and finding her name on the account still. Does anyone have experience with it affecting someone else?

I also discovered she has me down as an authorized user on one of her credit cards which is showing up in my credit report but I’ve never touched the card before.

How would any of you suggest navigating asking her to be removed from my account while not touching on the fact that my adult ass is filing for chapter 7 and it’s none of her business?

Details:

Currently in a 13 paying $2070 a month. Single filer but married and wife didn’t file. All debt was my name only.

Since filing wife lost job and income has dropped from 210 to 140k.

House has about 195 owed and is worth about 300 maybe? We have a few things that would need to be fixed to sell (roof, gutters)

We have 2 kids

Based on April 1 changes to bankruptcy it looks like I am above median income by a few thousand.

When doing the means test my wife’s full income was used and we had a disposable income of $2090 from the paperwork I read. Since then we lost about $5800 a month

to losing a job.

I’ve contacted my lawyer a few times but no answer.

Any luck pushing more on this? I’m on a 100% plan and can make the payments but it isn’t easy. Especially with 3rd kid on the way (oops).

When I filed 1 card didn’t file paperwork so I have about 90k in cc debt and 70k in student loans. I’ve paid $16k of my planed 120k.

I'm in a bad spot. I'm married. Two kids. My husband sucks and one of our kids has intense medical needs. I'm his caregiver. I had to leave my career I loved because he has a lot of appointments, and even if those slow down, his medical needs make finding appropriate childcare almost impossible. I have looked really hard. He's 14 months old, and I don't think it will change for at least a few years. I'm getting divorced as soon as I can figure out a plan. I had great credit and almost no debt when we met, but my husband is a reckless spender and has racked up $42k in credit card debt in my name. It wasn't fraud, but it was definitely abuse. Currently he's out of the country for work and will be for quite a while. He's paying our bills while I care for our son, but as soon as I tell him I want a divorce, he will stop. I know this because he's mad I'm caring for our child instead of working and earning money now.

How long do I have to wait to be able to file for bankruptcy? Can I do it while I'm still married? My husband will fight everything in the divorce because he's a narcissist, and I'm expecting it to drag on for a long time.

I have a minivan that is too expensive that is a joint asset but I know he doesn't want. I can't sell it to get something cheaper right now because it's not worth as much as I owe and I don't have the cash for the difference. I need a vehicle to take my son to his appointments. Could I sell the van and have the difference in what I owe wiped away? Can I even get some sort of car loan for a cheaper vehicle during or right after bankruptcy?

A quick consult with a divorce attorney told me that splitting the credit card debt could be hard. We haven't been married long, and he did most of it happened before we were married. I'm expecting to be stuck with the full amount and hoping that won't be the case.

My son will qualify for SSI once I'm divorced, but it will take a while for the process to happen. Between that and child support I'm expecting around $2500 a month in income.

I'm a bit overwhelmed, and bankruptcy scares me. I don't know a lot about it. I don't see another option at this point, though. I appreciate any insight and help you have to offer.

Edit to add: I'm in PA.