My spouse and I started a small business and, at the same time, were faced with huge medical bills.  We decided to close the business and filed personal bankruptcy to get rid of the debt.  My spouse is in the financial field in upper management.  I also have a professional background.  We had to file before the October deadline to qualify.  Is the bankruptcy going to prevent our careers from moving forward.  My spouse is already gainfully employed, but is interested in moving up within the company.
210674
Some companie's do consider your credit before they hire you. but don't let this keep you from advancing. There are many comanies that are willing to offer you opportunities.
594453
Each case is different. But most bankruptcy courts are extremely backlogged now. Did you file before or after the bankruptcy reform law went into effect in October of 2005? If you filed before, along with the millions of other people who rushed to file, you can expect delays. If you filed after, your case is likely much more complicated than your friend who probably filed prior to the reforms went into effect.\n\nMost of all - remember that each case is different - different Trustees, different circumstances. Don't compare your case with a friend's and expect them to be exactly the same.
399356
I don't understand the first answer given. I am a bankruptcy paralegal, and ALL credit card debts, including civil judgments, must be included in your petition and schedules. Maybe it is different in different parts of the country, but where I am from you are required to list all debts, lawsuits, judgments, etc. I have put a stop to many lawsuits and judgments in my day through the bankruptcy code. My best advice is to contact a bankruptcy attorney and set up a free consultation. Good luck.
330717
You may be applying to ridiculously professional firms or something. They shouldn't discriminate because you had to file bankruptcy...\n\nTry leaving your bankruptcy vague on your resume. If the rest of your resume is good, they'll call you in for an interview and usually ask for you to explain some vague points like "Was forced to file bankruptcy in 2005".\n\nThink through the reason you became bankrupt and make sure you know why so you don't sound like a liar when you're explaining it to an employer. Seem a touch ashamed of it.\n\n...Or if you still can't find a job, get a crap job working at Burger King or something. Unskilled and Blue Collar jobs don't care about credit.\n\nTo be honest, you shouldn't care about credit that much and neither should employers. Good luck with selling out.
410241
No one should have to file for bankruptcy with debt settlement available to them.  If your primary concern is being able to pay off your unsecured accounts and lower your monthly payments that can be achieved both at http://www.fdnsolutions.com and http://www.1800debtsettlement.com\n\nA debt settlement company can show you the way to being debt free in a matter of 2-3 years without the negative consequences of bankruptcy.
509550
That, frankly, sucks.  Best of luck, whatever choice you make.\n\nThis question is basically unanswerable without a lot more information.  To answer it as it stands: follow your gut.  I know that doesn't help.\n\nThe info that would help:\nYour age\n" profession\n" status - married w/ dependents & need security? Single & more prepared to take risks? How important is security?\nThe type of business you want to start - what is the average start-up failure rate in that field?\n\nHaving said the above, if you've been in the same field and are about to get arsed with the above frequency, maybe your current profession is not the answer either way, and perhaps another 'career' may be a valid third choice.\n\nReally, v. good luck.  You seem to keep getting rehired, so I can tell you're doing something right.
595536
The new rules for chapter 7 bankruptcy effect approximately 3% of the population.\n\n#1 You will now have to attend a counseling session before filing\n#2 You will have to attend a financial management course after you file\n#3 You will also need to provide more documents to your attorney to file for bankruptcy.\n\nThe previous answer is totally invalid. I hope you know that. There is no debt to pay back after chapter 7. And in less than two years I raised my scores into the mid 600's. It's business as usuall and I am able to qualify for a home mortgage, a car or most credit cards if I choose.\n\nThere are scores of attorneys out there who love doing bankruptcies because it's gravy work for them. You should find someone suitable for about $500. Filing fees should still be under $300. I actually filed my own bankruptcy with the help of a legal aid office for $550, lock,stock & barrell.\n\nIf you do hire an attorney, He needs to sit down with you for an hour and fill out the paper work with you. That his job. He knows how to fill in the blanks. The reason I say this, an attorney I sought out handed me the papers to fill out and sent me home.\nI had so many questions I was stymied. I sought out another attorney. He asked me to bring all account information to his office. We sat down and he filled out the paperwork as he was asking the questions.
498498
Yes, you can.  Anyone can file individually, and Chapter 13 bankruptcy only remains on the credit file for 7 years IF discharged (completed): it is referred to as a Wage Earner Plan, because the creditors receive a portion of the payments due to them.\nIf you prefer not to file bankruptcy, debt consolidation may be an option as well.
647865
either way you will need a bankruptcy attorney. the purpose of the corporation is to protect your personal assests no matter how big you are. if you used any personal property to gaurantee anything you can lose it. anything you personally agree to cover is a binding contact. but there are new laws now that make it harder to file.
338906
My wife is a bank manager. You can't buy a home with a conventional loan in a year or two if you file bankruptcy. Fight against it for as long as you can. I believe it stays on your record for seven years. Look for help from family and friends or private or public agencies who provide financial advice( They will work with your creditors in establishing a payment schedule.) Bankruptcy is your last resort. The government has made it much more difficult to do so in recent years.
72408
Ask your bankruptcy lawyer, they will know.  It won't hurt to try.
476079
if they wont work out a forebearance agreement,then contact a bankruptcy lawyer, call HUD now!!!! you nedd to prepare to move in case.....good luck
580569
Actually the person above is incorrect. Residency requirements were affected under the new laws. Bankruptcy laws exist at both the state and federal level, and some states' laws are more favorable than both other states' and federal law. Under the old law it was very simple to find the state that offered the most favorable bankruptcy laws and file in that state. The new law is designed to prevent debtors from "jurisdiction shopping", such as moving to a new state and immediately filing bankruptcy.\n\nUnder the new laws, if you're living in a state for less than two years that has more-favorable provisions than the one you previously lived in, you can't use the more-favorable provisions. So establishing residency of at least a 2 year period is key. \n\nYou can go to the following link to better understand some of the changes under the new bankruptcy law: http://www.bankrate.com/brm/news/credit-management/20050928a1.asp
466675
I wish Debt Guru would tone down his answers.  It's bad enough they are self serving, but they are very deceptive.\n\nOK, true.  A bankruptcy stays on your "public record" forever.  But most lenders don't look at your "public record" (which is actually the bankruptcy court records).  Most will look at your credit report, and the BK listing is removed after 10 years.  \n\nJust thought I'd point that out again.\n\nAnd debt settlement only works if the creditor agrees to work with these companies.  They are NOT required to do so, and in many cases these companies do more harm then good.  Most are fronts for lenders trying to sell consolidation loans!  Don't believe me, take a look at the FTC website at http://www.ftc.gov\n\nOK, so what's my opinion?  Can't give you one with such limited information.  \n\nFirst take a look at the link below, as it describes what the bankruptcy laws are going to do for you.  \n\nAsk yourself this question.....\n\nIf you were to sit down and create a very strict budget (no more Starbucks, no eating out, no movies...) and put all of your "disposable" income into paying off this debt, can you do it in 5 years?\n\nFor example, lets say after you have made your budget you can afford only $200 a month, and you owe $20,000 in debts.  In this case, assuming the creditors are nice enough to wave late fees and interest (yeah, right), it's going to take about 9 years.  In that time, your credit report is ruined due to all the late payment and collection notices.  \n\nIn reality, all of your creditors are NOT going to wait more then 2 years for their money. You will be hammered with lawsuits, collection agents, and still have bad credit for several years.\n\nOr....when you file for bankruptcy you will still be put on a very strict budget.  But your bills will be paid off completely in 3-5 years. In most cases you will only be paying back a portion of the debt.\n\nTrue, your credit is trashed for 10 years.  But at least you can start your life over without all the debt and harrassment that goes along with it.\n\nGood luck.  BK is a hard decision to make.
52289
I have been in a similar boat as you. My husband has migranes and was refered to a sepcialist/psychologist/CAT scans/ect.... We never dreamed that the insurance company wouldn't cover most of this so we were stuck with over 10k in debt. His credit score was the national lowest. Over a period of 2 years we have been paying one bill at a time. Most of these are collection. We pay the newest ones first because they are considered more "credit" worthy? (if thats the right term) If you pay the bills that are older first it looks like you take on new debt not to re-establish credit but to get by. Credit companies don't like that. So pay the newer ones first. It takes alot! of time and patients.\nIf you were to pay off all of your bills at once it wouldn't change your credit score overnight either. It takes time for it all to be processed. You may even have to provide proof of payment to your credit agency. Trans Union so forth. Use bankruptcy as a last resort. Bankruptcy laws are different but mostly for large companies. Bankruptcy still has a negative effect on your credit for like 10 years or something. So while you can pay little by little over a period of a few years and all the while your credit score will go up and up, filing bankruptcy will cause you to suffer credit wise for the next 10 years!\nOn the up side, after you file bankruptcy I believe its like 6 months and you are eligible for certain types of high intrest credit loans. (car/bank) but not financing on a home or anything costing alot of money. I don't know the law on that too well but I think thats right.\nAs someone said before, you can always talk to a lawyer. Make sure you have all of your bills and a copy of your credit report. A lawyer may be able to suggest a good option other than bankruptcy. \n\nTo rebuild credit means to pay off old debt. In the mean time you go without credit. If you have cards cancel them. Until you get your balances back to a "safe" level do NOT use them. After you cancel your current cards you may find it difficult to get new cards right away. That should tell you something. Stop using them. Ok ok. There will come a point when your credit will start to improve. Keep away from the cards until all the debt you have will fit onto one card (low monthly payments) Use this card to "build" your credit to an even better standing, say 600. Keep it up and your looking at about 20 points every 6 months. So it isn't impossible, but it is hard. You really have to want to avoid bankruptcy and repair your credit the good way. \n\nDon't waste your time with "credit counselors" unless its through your bank. They charge soo much money for their services. You end up paying them more than creditor.
290552
I would love to tell you that everything will be alright. But you are in a very tuff situation. It sounds like the pinnacle of either some hard times or poor choices are catching up to you. The first thing is look to a mortgage loan BROKER, not a bank.. A broker is going to work with a greater number of banks and lenders that will be able to offer you a mortgage if there is one available to you. There are loans out there up to 125% of your homes value that can be utilized in a refinance. However loans that high are often offered only to good credit high FICO score borrowers. IF you have not had a lot of lates since the Bankruptcy you might be in luck, however if you have had lates since.. you are really not in a good position to refinance. Antoher option is somehting called a "Short Sale" this is an option that you may know about from all the mailers you are getting from real estate agents and or investors that saw your home listed in forclosure... It is where you find a seller to your home, and the offer is presented to the lender (your real estate agent can do this) and the lender agrees to "forgive" the loan to whatever amount and sell the home for less than you currently owe.\n\nLet me tell you as someone in finance and mortgages this is one of the best options to you. Whatever the situation and however you got there, you want to walk away in the best situation you can. You bought a home once, and can again but don't let it go all the way to forclosure waiting for something magical to happen because it usually does not.. Sel it using a short sale and walk away from it without a forclosure.. It does not sound like you have any equity to lose and if you walk away without a forclosure on your credit and without the debt of mortgage balance on a home you longer own you will be in a better spot.\nOnce that is done you and your husband can focus on getting back on your feet. Best of luck to you!
344556
I doubt if you will be able to file bankruptcy on line. You can file on your own, but will probably need to talk with an attorney. Bankruptcy laws changed about a year ago. You cannot automatically get a Chapter 7 discharge. There is a means test you must pass before you will be allowed to receive a discharge. You may be required to file Chapter 13 to repay all or part of your debts. That is the new law. There are Consumer Credit Counseling companies that help those with credit problems to work something out and repay their debts without having to file for bankruptcy. They can often work out a reduced settlement out with your creditors. If it has been 10 years and you are working, perhaps it would be best to try and work out a settlement on your debt. Frankly, after 10 years, I am not sure that they could legally collect from you anyway. If you file bankruptcy your credit will suffer for many years. A bankruptcy can stay on your credit for as long as 10 years, depending on the section of the bankruptcy law you use. You really need to talk to a lawyer or credit counseling service.