New Here!

[Jhankins]

Hi. I am new here. My husband and I are considering filing for bankruptcy. We are not sure where to start (I plan on contacting an attorney tomorrow). We are unsure if this is the way to go. We have 2 small boys and I am a full time student. He works full time for a retail store. Things we going good till life happened. Pretty much every card or bill we have is in collections and as been for over a year. It has been really hard making ends meet. So we pay what it most important.

We are looking for information on the pros and cons of filing a Chapter 7 BK. From what I have read on the internet it would be easier for us to rebuild our credit after a BK than to just try and pay off all the collection accounts. We don't have the money to pay them even a small payment right now and I am not sure when we will be able to do that. So I feel like we are sinking further and further in debt with no way out. I am so stressed over this. I hope to find some answer here and with an attorney.

[Drazil65]

Hi and welcome. You come to a great place to start. First, start reading everything here you can, as many of the stickies at the top of each section and as many of the threads and others experiences, a wealth of info here. Make appointments with as many attorneys as you can for interviews. Write your questions down, interview them for everything from fees to their running of the office. Things like will you deal with the attorney directly or does he do everything through his paralegal/office staff. Look for reviews online of each attorney. Keep interviewing until you are very comfortable and get what you want in an attorney, this can make or break your process and is one of the most decisions regarding this process. Write down your goals for filing, depending on if you have any judgments against you or if anyone is about to sue you, decide your target date for filing. We made the decision to file last June and our goal was to file by the end of the year, we filed on December 13th (discharged and closed March 21st). For some it takes that much planning for various reasons.

Also, do a search for Google Voice (GV), research it then get it on your phone (its free to do), one of the best things you will do for your sanity! Ask alot of questions here, you will get great stuff here. We have all been there or are still going through it so you are not alone! You will feel so much better as you take control again of your future.

[TheBajan]

Welcome!! Drazil has given you great advice! This is one of the best forums I've ever been a part of. Read the stickies and as much of the posts that you can. There is a ton of good info and everyone here is very encouraging. There is a wealth of collective knowledge here to draw from that will help you form questions to ask various attorneys as you go through the interviewing process.

You will grow a list of pro's and con's as you learn more from this site. All of us have known that "sinking further and further in debt with no way out" feeling. Take a deep breath... this really is just a season in your life. It will pass! I can't tell you if BK is the right decision for you but from the little information you have given, it certainly sounds like a reasonable option. You are not alone.

Cheers....
The Bajan

[Jhankins]

Thank you. I have been looking around here at all the information. I have put a call in to a few attorneys in my area. I am hoping to find a good one. We are worried it is going to be expensive to have an attorney. I am hoping they let me make payments. Wish me luck today.

[btbeme]

Thank you. I have been looking around here at all the information. I have put a call in to a few attorneys in my area. I am hoping to find a good one. We are worried it is going to be expensive to have an attorney. I am hoping they let me make payments. Wish me luck today.

Tell us a bit more about your situation - income, assets, etc - so we can help put you at ease with some specific advice.

Regarding how to pay for an attorney - it is an irony that it is expensive to file BK using an attorney; however, in more simple filings it is perfectly practical to file "pro se" so long as you do it correctly. Most people find it much easier to pay an atty after ending debt payments to creditors who will be written off in the BK. Sometimes people sell assets (especially non-exempt assets) that would be at risk in a BK and use that money for an attorney. You can get monetary gifts from friends and relatives specifically to pay for an attorney. And most attorneys will allow you to pay over time (but paid in full before you file). There are some specific do's and don'ts involved in this, so please ask if you need to.

Welcome to the forums - we can help! Start by reading some of the stickies at the top of this forum so you can get a grasp of some of the process and language. You will also find a lot of people who - believe it or not - felt the same way you do!

[BilboBaggins]

I filed BK7 in February, had my discharge 5/25 and have a 620 credit score 5/29. If you have a lot of valuable property you can sell it to pay your bills and you don't need to BK. If you have bills and nothing else, BK seems to be a no brainer.