Declaring Bankruptcy

Student loan debt was always non-avoidable. If that is a major part of your debt, forget about it.

Alrighty then... well, what if I transfer all that debt to a loan and then declare bankruptcy?! :) I just got an offer for a loan of $25k.

Damn, though, seriously, college loans is the only reason I would declare bankruptcy.

is it true that you can only file bankruptcy once in a lifetime? or just only so many times - like you have to wait a while before doing it again

Which country? Republic of Ireland? USA?

USA

Here's a place to start.

"Increase the time in which a debtor may have multiple discharges from 6 to 8 years."

this?
I can never understand financialese

discharge = discharge of debts = entering bankruptcy as we lay folk understand it

therefore you've probably caught the bit of legalese that applies to your question

why dies everyoen seem to think you can only declare bankruptcy once in a lifetime? thats BULLSHIT!!

otm

its the Cock brothers spreading lies!!

I think I need to do this. it sucks but I can afford the necessary filing fees. the debt management program was a nice idea but I was alarmed that despite bringing in $600 more than usual this month, I still lost money in my savings.

anybody been through this? does it suck or is it a relatively smooth process?

I haven't, but best wishes for a speedy getting-on-your-feet, Neando.

i feel like this is the one big thing standing in my way of restoring my mental health. thanks Boring!

I don’t have any advice but good luck dude. I hope it helps.

It'll likely put a ding in your credit rating, but that can be built back up (if you even care about that stuff)... but if a clean slate would help your state of mind, I'd at least look into it... you can probably find some document filing/paralegal office rather than hiring an attorney, I think this is more administrative than anything, but what do I know

Dude, you live in Florida; you can probably declare bankruptcy from a kiosk at a 7-Eleven. Good luck with it!

thanks. if I was on the fence, the decision has been made - they banned overtime at work. usually this time of year, OT is how I get caught up (not to mention, needed with how busy we are). they've taken it away immediately meaning the 5 hours I was expecting to get this week are now 0.

fucking pieces of shit.

Consultation booked for tomorrow

Best wishes with it all

Obv I didn't do this last year because of some misguided desire to keep my car but doing it for real this time.

I'm in a much better mental state than I was at this time last year as well

Good luck Neando!

thanks!

so just went to the debt management program to change Friday's deposit to just $100 to give enough to make the payments due this month. lawyer suggested just not giving them another cent, but...one of the creditors will literal re-file a lawsuit the moment they don't get their money, and while said lawsuit would go away when Chapter 7 is officially filed, it's going to be a few days before I can get the money to the lawyers and they are officially representing me and I don't want to be stuck w/ a lawsuit and no idea how to respond to it.

hilarious thing is the agent was like "oh but this will break all of your agreements" to which I responded "I literally just said I'm filing Chapter 7, I do not care".

lmao doing the mandatory credit counseling now. according to it, if I actually paid all my bills, I'd take home a cosy negative $2000 per month!

omg this shit is hilarious, granted I haven't done the IN-PERSON counseling yet, but all of the budgeting advice is basically

"lol u poor, don't do so much fun stuff! listen to music in the park! watch public domain cartoons!"

"see, you have money left over after your fixed expenses, so you're actually in decent shape" (if you pay none of your actual unsecured debt bills and wind up being sued or having your wages garnished, that is

(i'm not poor and wouldn't pretend to be, but I am hella insolvent and have no assets)

so I'm now realizing that I might have to hold off on the actual filing AGAIN because the bonus I got (which I never get) and the settlement mom got for 2k and the GoFundMe she got in May is greatly distorting my income calculation to where I make too much to be approved without the means test. waiting for them to fall outside of the 6 month calculation period would push me to...March of next year (or if I just wait for the GoFundMe, December of this year)...and that's all assuming the mean income stays the same or increases after November and not...the opposite.

i've given up trying to figure out on my own and reached out to my attorney. I'm still going to stop payments to my debt collectors in the mean time and have them on retainer but I'm just so tired of this dragging out. it's so stupid how the government does this. a $2100 settlement check that my mother will get only once and never again actually counts as $4,200 toward our combined household income because they average your income for 6 months and multiply it by 2. meanwhile, all that money is gone, and so is my bonus.

if I'd done this in the summer it'd be over now.

It's filed! officially!

gonna be a while before discharge occurs but the lengthy buildup to the first part is done. now the annoying phone calls stop.

Congratulations!

there’s nothing like following a lengthy buildup with an occurrence of discharge!!

https://media.tenor.com/IhCFKUvN9HsAAAAM/mc-mahon-hey.gif

Good luck though Neando! Sending good thoughts your way.

341 hearing is tomorrow. been told the administrator leading the meeting is a hardass. been told I have nothing to worry about but anxious nonetheless.

my first two months post filing, knock on wood but i'm on my way to being in the 'black' with my personal finances for the first time in years.

these past few months have been a bad litmus test as there was a series of non-recurring expenses (four new tires, a vacation, and Thanksgiving dinner and Christmas dinner/gift expenses) so hopefully it's even easier in January.

Good luck, Neanderthal... hopefully you'll shortly have all this behind you, I imagine it's stressful

yup but i feel like a big weight is gonna lift. mostly cos I won't be able to get creditors to touch me for a while!

I've always heard that post-bankruptcy, they come right back at you... credit card companies etc.

Aren’t the expenses good in terms of debt being discharged/insolvency, or do they only look at assets and liabilities on the filing date?

i'm an asset-free bankruptcy as my car isn't worth enough to seize and I have little else of value. not 100% sure how much of my savings I'll be able to keep but based on the Florida law I read for how much employment-based income can be protected, I think I should be able to keep most. but i'll wait for their input.

What a relief to be getting back in black. Good luck with it all.

in my usual fashion I almost managed to make a routine meeting hairy. I use MS Teams regularly, Zoom rarely, 341 meeting is on Zoom. I get to the computer ten minutes before session, notice somehow Zoom is uninstalled, even though the shortcut still appeared. tried to download, it froze. ok, will use my phone.

I'm not at ALL used to the phone app, it's not really different in layout but there are a few functions that are simplified or slightly different. so they tell me to come on camera and unmute my mic, and the mic button isn't working for me and they seem me frantically clicking like a madman. the trustee finally helps me unmute and then the rest of the meeting goes without a hitch.

time to take the final course!