Recently on our legal forum a user asked, “I lost my job in 2008 and eventually had my home repossessed by the lender. I finally filed for bankruptcy in 2011. I was able to get most of my debts discharged. Now I have a stable job and I have been able to save a little money. I am wondering whether buying a home is possible after bankruptcy, and if so, what steps to do I need to take?”
Recently on our legal forum a user asked, “I have $20,000 in credit card debt, a car loan I cannot pay, and a personal loan of $5,000. The debt collectors have been calling for weeks now. I am wondering whether I can just ignore them? Don’t they have a process to write-off the debt if I cannot pay them?”
Recently on our legal forum a user asked, “I have old debts that I have not paid. Recently debt collectors have started calling me again. I thought I was well past the statute of limitations and I am wondering why I am now receiving calls after all of these years. Can you tell me what I should do to stop the calls and deal with this situation?
Recently on our legal forum a user asked, “I lost my job about six months ago, and I have not been able to find a new one. I live in Texas, and I have owned my home for five years. I am wondering what will happen if I miss too many house payments? How long will it take for the bank to complete a Texas foreclose, and what steps will they have to take?”
Recently on our bankruptcy forum a user asked, “I have a spotty credit history. I have had some issues with my banking practices including frequent over drafts. I also wrote a few hot checks several years ago. Recently I went to open a checking account and was told I didn’t qualify. What gives? Can a bank just decide that you cannot bank there?”
Recently on our bankruptcy forum a user asked, “I have several debts I cannot pay and creditors are hounding me. I know that bankruptcy is not the right choice for everyone. What are some reasons I should consider for NOT filing bankruptcy?”
Before filing Chapter 7 bankruptcy it’s important to understand what it can and cannot do for you. Yes, it may be able to protect you from certain creditors, allow you to eliminate certain debts, give you a fresh financial start, allow you to rebuild your credit, and potentially improve your life, it is not, however, the best choice for everyone.
Recently on our bankruptcy forum a user wrote, “My spouse and I have decided to file Chapter 13 bankruptcy. Given our propensity to overspend and trouble staying on a fixed budget I am worried that we may not be able to complete the plan. Do you have any tips for ensuring that we finish the plan and get a fresh financial start?”
Recently on our bankruptcy forum a user asked, “I met Joe about two years ago. Things have gotten really serious and we are considering getting married. I have seen a few red flags with his spending, and he admitted to me the other night that he has a horrible credit score, over $30,000 in unsecured credit card debt, and already declared bankruptcy two years ago. I am really worried that Joe’s bad spending habits could be a major issue in our marriage. Should I be concerned or does love really conquer all?”
Bloomberg reported earlier this month that Logan’s Roadhouse, the Nashville based steakhouse, was preparing to file for Chapter 11 bankruptcy protection. According to reports, Logan’s, which has two-hundred and fifty restaurants in twenty-six states nationwide, would have to file bankruptcy as early as this month.
Recently on our bankruptcy blog a user asked, “My spouse and I are facing a serious financial crisis. We have an unsecured loan of $59,000, school debts, credit card bills exceeding $20,000, and medical expenses from a cancer scare last year. I have been raised to believe that if you owe money you pay it. My spouse says that there is no way that we can ever repay our debts. Is it ever okay to file bankruptcy?”