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Thread: chapter 7

  1. #1
    cooksbrut is offline Associate Member
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    chapter 7

    has anyone filed for this?friends say it was easy as hell... i have let everything build up for about two years now.. looking at 25000 in credit debt... thinking its time i finally drop it all.... did you know that if you go chapter 7 and not 13 you can even get a mortgage one dat after it gets clear which only takes about 4 months... god you have to love the US... I figure that I am young enough that I can do it. by the time I am 30 it will be like it never even happened.... was looking for past FIRST HAND knowledge... they say i can keep the new car and my place just get rid of everything else...keep my car for another 2yrs at worse case, its a 2002 anyway....

  2. #2
    TheMudMan's Avatar
    TheMudMan is offline Retired~ AR-Hall of Famer
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    This is what pisses my the F*** off. Don't use credit cards then you wouldn't need to do this. Either wait to buy something when you have the $$$$ or don't buy it. This is the reason rates are so high and everything cost so much.

  3. #3
    tryingtogetbig's Avatar
    tryingtogetbig is offline Whiney Member
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    chapter 13 is most likely what you'll file...yes you'll still be able to get loans, etc. Chapter 13 you do pay back the debt but at 0% interest, etc. For someone that gets overwhelmed it is good way out. You won't be able to file again for a certain number of years. I had a friend that HAD to do it when he lost his IT job, etc. Still bought a car a year later, etc. Just had to pay really high interest rates.

  4. #4
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    I agree with Mud. But since you asked . . . my wife's friend did Chapter 7. She was engaged to this loser guy who persuaded her to buy all kinds of shit for them/him and put it on her credit cards. Anyway, same result. She is glad she did it, but I believe she said it takes 7 years to disappear from your credit report.

  5. #5
    TheMudMan's Avatar
    TheMudMan is offline Retired~ AR-Hall of Famer
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    Quote Originally Posted by tryingtogetbig
    chapter 13 is most likely what you'll file...yes you'll still be able to get loans, etc. Chapter 13 you do pay back the debt but at 0% interest, etc. For someone that gets overwhelmed it is good way out. You won't be able to file again for a certain number of years. I had a friend that HAD to do it when he lost his IT job, etc. Still bought a car a year later, etc. Just had to pay really high interest rates.
    There are times programs like this are good (layoff, divorce, spouce dies....)..... I'm not saying everyone that files chapter 7 or 13 are trying to screw the system.

  6. #6
    cooksbrut is offline Associate Member
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    i originally co-signed for a "friend" for an apartment left me with 4000 in damage... i didn't to pay it.. so i racked up the rest of what I could, Could have prolly payed it but figured screw it. actually mudman no... there are plenty of low interest credit cards if you have good credit... your thinking is correct on insaurance fraud not here.. but I am glad that I got to piss you off smile

  7. #7
    BUYLONGTERM's Avatar
    BUYLONGTERM is offline Anabolic Member
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    To be honest, it's better to show chapter 7 on credit than it is to show horrible credit. I unfort. had to do it. I lost 700,000.00 in the stock market, then a divorce right after that. I had no problem getting a loan for a car, an apartment, etc...I even have credit cards at the same rate everyone else pays. I tried not to file, but I had no choice.

  8. #8
    Farmer's Avatar
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    Quote Originally Posted by buylongterm
    To be honest, it's better to show chapter 7 on credit than it is to show horrible credit. I unfort. had to do it. I lost 700,000.00 in the stock market, then a divorce right after that. I had no problem getting a loan for a car, an apartment, etc...I even have credit cards at the same rate everyone else pays. I tried not to file, but I had no choice.
    Just curious..does your screen name have anything to do with your involvement in the stock market?? If not where'd ya get it??

    Peace

    Farmer

  9. #9
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    Quote Originally Posted by Farmer
    Just curious..does your screen name have anything to do with your involvement in the stock market?? If not where'd ya get it??

    Peace

    Farmer

    It did, till I lost everything!!! But, I will be back!!!!

  10. #10
    Farmer's Avatar
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    Quote Originally Posted by buylongterm
    It did, till I lost everything!!! But, I will be back!!!!
    Right on bro, thats the spirit!

    Peace

    Farmer

    Don't forget about me..even though I've never really done anything for you...

  11. #11
    956Vette is offline AR-Elite Hall of Famer
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    Live below your means people!!!

  12. #12
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    bigol'legs is offline Quadzilla
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    Im having trouble saving the 800 to even claim chapter 7.. most of my debt has come from hospital bills because of health reasons and no insurance.. but I do have 2 credit cards at 3k each that I maxed out at 18

  13. #13
    BigMike J's Avatar
    BigMike J is offline Anabolic Member
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    I live well above my means, i think it's more mismanagement then anything that gets people into trouble.

  14. #14
    BigMike J's Avatar
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    i guess if i don't start making more money i this house of cards will eventually fall down on me.

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    BigMike J's Avatar
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