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My friend and I had a discussion about this. he has some debts and was considering bankruptcy. I heard that the laws had changed considerably. Anyone have some information? Thanks
Gillian G 8:01 pm on November 7, 2009 Permalink |
Bankruptcy is an absolute last resort and is more difficult now that the law has changed. There’s a lot of information on this website – email the link to your friend and tell her to study it carefully. There are alternatives and she should look into all the possibilities.
Good luck!
Alissa 8:01 pm on November 7, 2009 Permalink |
Tell your friend to get a job and payoff her own debt. Why should we suffer with high interest rates because your friend went on a shopping spree
Jennifer F 8:01 pm on November 7, 2009 Permalink |
She’ll need to talk to a lawyer about this. They’re trying to make it harder to file because of abuse of the bankruptcy system. People are filing bankruptcy then turning around and racking up debt again. They’ll want to be sure her debts are a certain amount and there’s absolutely no way she can afford to pay them off before they allow her to file on them.
old school 8:01 pm on November 7, 2009 Permalink |
You are now required to payoff some of your debt. I don’t know what percentage.
David D 8:01 pm on November 7, 2009 Permalink |
Lots of info here.
Studly 8:01 pm on November 7, 2009 Permalink |
I have a dream…that someday people like Allisa will lose a job, run up huge medical bills, or have some other disaster in their lives. Then they will see what it’s like to be in debt and no way out.
They seem to think every bankruptcy case involves people who just overspend and are not responsible. Trust me Allisa, most of them are not!
Read the link below. It goes into the new bankruptcy law rules. Remember, bankruptcy is the very last resort. You need to first try to work out a budget and pay your bills.
If you file bankruptcy, and can’t qualify for a chapter 7, you will be placed on a "plan" where all of your disposable income is taken by the trustee to pay back a portion of your debt. It will be as bad as a budget, but worse because you have no "wiggle room" to play with in case of emergency.
Forget the morning Starbucks. No more movies, entertainment, or dining out.
Good luck