Need a lawyers advise on some financial matters.

O.K.,Here's the deal my other half got knocked back to part time,Then I find out I may be getting layed off and quite frankly I'm now financially fucked.So here is my options and I need to know the best route.
1.)Go to one of those dept free deals where you pay them a set amount every month and they get your interest rates cut on your depts.
2.)file chapter 7....Do I have any say on what I choose to pay and keep?
3.)file chapter 13....same question as 7.
Really could use some good advise thanx for any help!

By the way I have a flawless credit history will this help anything?

I am a pre-law student and work as a runner for a law firm in Louisiana. I know my credentials mean absolutely jack shit but in my opinion you should call the debt consolodation company that cuts your interest rates. They are usually non-profit organizations that will sincerely give you all resources available to get you debt free.

Actually they take a slight (donation)from the money they save you.See thats the shit that gets me I can call the cc companies and get no where but these dept companies can get you zero interest on your balances but you have to pay for the services,This world is one big cluster fuck!

They include a donation in the amount they say you will pay a month but you can take the donation out. It is not mandatory. Unless you are really badly in debt you will never get the bankruptcy.

if im not mistaking chapter 13 allows you do keep 1200 of net value of your car up to 4000 worth of personal items 4200 or less and you can keep your house as long as you pay off the stuff you already owe in back payments plus your mortgage. and with chapter 7 you just start over. check with someone that can give you a better answer but it might be smart to start signing things over to your parents. if you want to keep it i dont know if that will work though but im sure there is a way around it somehow. i wish you luck bro
JLI

Well I don't owe any back payments on anything,actually I'm not behind on anything but if this layoff hits I know I'm gonna fall behind.Maybe I'll try the dept management deal and see what happens.thanx guys!

Bro, what do you do for a living? Why can't you just find a new job? I know that it is hard in todays market but I just went through the same thing back in February of 02. I never once considered bankruptcy. This is no flame bro, but it sounds to me like you have no idea how important good credit can be! If you file bankruptcy you will regret it for a LONG time! Also, no offense, but your approach to the whole thing sounds a bit lazy! As a matter of fact our boss held a meeting yesterday about possible salary cuts, and maybe layoffs. This would be round two for me and the thought of bankruptcy has not even begun to enter my mind. Things will work out for you as long as you put in a truthful 110% effort! I know how scary it can be! I have a family a house and several loan payments that I worry about non-stop. I just do what it takes and let the rest take care of itself! I hope everything works out for you! Good luck!:)

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Originally posted by jammergsxr
Actually they take a slight (donation)from the money they save you.

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Well, I am not in the US so I don't do squat about your financial laws and all, but wouldn't such a "donation" to a non-profit organisation be tax deductible?

Obviously if you're barely surviving you do not care about a tax deduction, but down the line in a few years when you're back on your feet this may be usefull (you can carry forward unused donation deductions I hope?)

Personally I am too proud to file for personal bankruptcy... I've been there, had lean years, bit the bullet, survived.

Just me 2 cents worth (and thats 2 cents Canadian so for what it's worth... :) ).

Red

1st thing is call your creditors! Let them know, and alot of times they'll work with you and even postpone payments for upto 90 days I believe.
Absolutely get ahold of them, and since you have a really good credit history they should work with you.
I've been in the spooked zone, where I was awaiting a lay off, man I had just bought my new home last July 30 and August 8th or so they had layoffs so I had to call all my peops and they were ok and willing to work with me. Alot of times if you just pay the interest that helps.
Man I tell you stay strong! Keep positive and be open to oppurtunities even if it's at less cash.
Chap 13 is the LAST thing you should worry about. Good Luck and God bless you Jammer.
SID

Thanks for your guys help,I,ve been out job hunting and in my area it's getting pretty bad,Believe me chapter 13 is like the very last thing I would consider I created the dept and I have the responsibility of re-paying,wich has never been a prob.Like I said my credit is flawless and I've never been late on anything in my life but it's like a whole ball of shit being dropped all at once and I'm just trying to see the pro's and cons of all my options so I know what to do and I can be ready for whatever the future holds.Believe me I won't go down without one hell of a fight but in case I get my ass kicked I just wanted info. for a backdoor!Peace guys!

Hell, get a signature loan from the bank and payoff your cards...that way you will only have one payment and not several...Just a thought...