Help!

[Jacey]

After carefully planning to file Chapter 7 in January based on advice from our attorney, I have discovered that in fact Arkansas Bankruptcies are published very prominently in the Arkansas statewide newspaper. My lawyer assured me that this was not the case when I spoke to him the first time, so I have paid $1500 and prepared diligently. Now I'm almost 60 days overdue on my unsecured credit payments, getting collection calls daily, and I'm so angry that I got this incorrect information from my attorney. I think I'm going to raid my IRA now and not file, because I live in the most judgmental pocket of holier-than-thou people imaginable and I can't stand to have them discuss me and my business for months. My question is, now that I'm 60 days out and have screwed my great credit over, if I tell my creditors that I'm considering bankruptcy will they offer a settlement? Or will I have to risk more and accrue more late charges before they offer anything like that? I'm desperate and upset. I guess this teaches me a big lesson, like don't accept a lawyer's word without checking things out for yourself. Of course I can't get my $1500 back because they're prepared to file.

[scorpion35]

if you are not going to file i would wait till the 5th month and try to settle most of your accounts for 10% of the balances on each card.get it in writing


this is what found

WILL MY BANKRUPTCY BE PUBLISHED IN THE PAPER?

Your bankruptcy filing is a public record kept at the bankruptcy courthouse. Newspapers may obtain the filing and publish it; however, there is no requirement that it be published.

found this in a bk lawyers website

[keepinitreal]

Jacey, have you actually hunted down this newspaper and looked through it? Did you find the bankruptcy listings? Can you go through the listings in a few minutes or does it take longer?

If most people are like you, then your experience hunting down the bankruptcy listings will be very much like theirs. Don't cancel your bankruptcy plans until you've done this and still want to cancel.

There's a good chance that you'll find it takes a lot of effort to read everyone's name who has filed and you'll decide it's not likely anyone will see your name without going through a lot of trouble.

[Jacey]

It's not hard...I got three calls today when my father-in-law's was posted, so the vultures are waiting for news to discuss. Scorpion, If I wait 5 months, won't I get a lawsuit or garnished before then?

[Nicollette]

Bk's are public record, and here where I'm at, they publish the Ch 7s, and 13s in the Sunday Columbus Dispatch under the vital statistc column.

[scorpion35]

It's not hard...I got three calls today when my father-in-law's was posted, so the vultures are waiting for news to discuss. Scorpion, If I wait 5 months, won't I get a lawsuit or garnished before then?

i got sued on the 6th month after i stopped paying.u have another 2-3 months

[chrisdfw]

Getting sued for non-payment is also a public record.

Do you really care what people who are that disgusting think? I barely care what anyone thinks, let along people who have nothing better to do than harrass people.

[free2breathe]

I would not let the idle gossip of small minded people keep me from making a sound business decision. That is the whole ball of wax here. Can you honestly afford to push forward and pay your creditors? Will you allow people who have nothing better to do than talk ill of others rob you of your retirement planning, which is exempt? Think this all through very carefully. When the gossip about someone else trumps the gossip about you, it will fade away. Before you know it, one of the biggest gossips may find themselves in the same position, drowning in debt and having to throw up the white flag of bankruptcy.

Keep your head held high, don't let them bring you down into their mucky mud puddles

[frogger]

You will only be talked about until the next person comes along. Don't worry about it and don't raid your 401K for funds. You should only be concerned about those loose lips at the point that they start paying your bills.

[HHM]

Reality check, that is the dumbest reason not to file BK. Get over yourself already.

As for settlement, yes, you will get settlements, the real question is whether you can afford it. Settlement is the WORST way of dealing with debt. It is not cost effective (read, more expensive than BK), it damages your credit just as much (sometimes worse). Let's say you have $50K in debt, where are you going to come up with $14-22K to settle? (and no, they don't except payment plans).

As I say in other post...fear and shame are SELF inflicted wounds.

[Jacey]

From my IRA, and it isn't the dumbest thing to want to protect your reputation in a small town. I would have never considered BK if I had known it was going in the state-wide paper. That was the first question I asked my lawyer, and the first (of many) incorrect answers. Thanks for your help?

[chicagoannie]

From my IRA, and it isn't the dumbest thing to want to protect your reputation in a small town. I would have never considered BK if I had known it was going in the state-wide paper. That was the first question I asked my lawyer, and the first (of many) incorrect answers. Thanks for your help?

HHM is succint...and correct....and is IS help. Your reputation in your small town is not going to keep you afloat when you retire. So many here have cashed in their retirement money, myself included, and ended up filing BK a year, or two, or three later. And 'ya can't get that money back! Plus, if you lose your job and have to take a position paying less, or maybe not offering 401K...as many are doing in these touch economic times, it can be very difficult/impossible to build that nest egg up again.

[keepinitreal]

HHM is succint...and correct....and is IS help. Your reputation in your small town is not going to keep you afloat when you retire. So many here have cashed in their retirement money, myself included, and ended up filing BK a year, or two, or three later. And 'ya can't get that money back! Plus, if you lose your job and have to take a position paying less, or maybe not offering 401K...as many are doing in these touch economic times, it can be very difficult/impossible to build that nest egg up again.

My wife and I both pulled out our 401k money. It just prolonged the inevitable. We then filed bankruptcy.

[ssmdem]

Seriously -- listen to what the others are saying. The "friends" who have something to say sure aren't going to be willing to help you pay your bills or take care of you in retirement when you have no funds. They AREN'T your friends. I live in a small town too. We're losing our home, as well as a rental property that is right in the middle of a neighborhood FULL of people we know. It's going to be no big secret here when the HUD signs pop up on both of our properties. I quite frankly don't care what anybody else thinks. If they want to jump in and help me out, then they're certainly entitled to their opinion. If all they can do is gossip, don't need 'em. Please don't let your pride get in the way of doing what is best for your family.

[bcohen]

Seriously, do not touch your retirement money. Not only will you need that money in the future, but it is 100% protected from creditors--even if you file bankruptcy, or they get a judgement against you.

I am assuming that the people you are worried about "finding out" are not family members, because if they were then most likely they'd already know your present situation anyways. Personally, I only care about what my wife thinks, and to a lesser extent what my brothers, sisters, and parents think. If the nosy neighbors or other men at work want to jeer at me then "whatever", they can go f*** themselves. I wouldn't even waste my time to respond.

You should understand that bankruptcy is a business decision, and should be based solely on the economic costs of either 1) trying to pay off debts that you have no realistic chance of paying while still maintaining any standard of living or 2) paying for a bankruptcy attorney, court costs, etc. If the debts are dragging you down so much, then filing for bankruptcy makes sense regardless of what the nosy neighbors think!