Have you ever filed for bankruptcy?
Yes I have back in 2001. Deciding factors, impending divorce and $30,000.00 in credit card debt. Do I regret it? Absolutely not it was the best thing I ever did. I was lucky I had a existing loan with Ford and I reaffirmed on it and let everything else go down in the chapter 7. By having this loan I was able to re-establish my credit very fast and with the help of 2 credit cards used wisely and paid off in full every month in 12-months I was able to buy a new car with no money down and at a 3.9% rate. 12-months later I was able to buy a home again with no money down and a fixed rate of 6.5%. Now 7-years after my BK discharged all of my scores are well over 750 and I have better credit the I had before the BK. I can buy whatever I want at the very best rates even though the BK still shows on my credit reports.
What happens if you file for bankruptcy?
What does it really mean? I have all these debts and i will never be able to pay them off. They're accumulating and I haven't paid them in a year. its not that i dont want to but i only have money for my rent and food and that comes before paying off things like my credit card. What happens if i file for bankruptcy? I know my credit score suffers but what else? My credit score is already really low?
Why did PG&E stock jump after they filed for Chapter 11 Bankruptcy?
As a non-financial guru, here is my take: PGE was in the same position as millionaire family farmers and ranchers. Many millionaire family farmers and ranchers are actually cash poor. Their assets are in land, livestock, crops, and the equipment required to farm and ranch. These non-cash assets are required to produce a revenue stream. Take their land or equipment away and their business will fail. PGE is rich in non- cash assets; land, vehicles , power plants, substations, and other equipment required to do business and bring in revenue. With all PG&E’s potential financial liability associated with lawsuits, creditors could start processes that would take assets required to produce a revenue stream for now and in the future. One must also know the political climate of California. California is a “deep pockets socialist state” that is always looking for a revenue source to finance their socialist agenda —PG&E is an attractive target because everyone gets an electric bill and; therefore, is an easy populist target. Filing bankruptcy protects, at least to some degree, the assets required for PG&E to do business. Remember, PG&E stock is a publicly traded . People like you and I buy stock to protect our financial future. People will not buy stock in a company they know will result in losing their money! After PG&E filed bankruptcy, stockholders began to believe their loses were better protected and stopped selling and began to hold. I believe most of the stock uptick was due to big money investors who saw a bargain in the depressed value of PG&E’s stock.
What to do if creditor harrasses you after filing chapter 7 bankruptcy?
When people file bankruptcy it is because they have been overwhelmed with bill for years because of misfortunes..hospital bills when they couldn't get insured..health problems.. I never had money problems all my life till now..medical is wayyyyy out of control..people have committed suicide over overwhelming debt..bankruptcy is not a just get free card I tried to pay back debts for several years and was unable...Number two answer was a VERY BAD ANSWER..maybe you never ran in to problems..but someday maybe you will..and you won't be so haughty ...and might need a little help or sympathy..don't be so cold...it is not that simple..
Can you file for chapter 7 bankruptcy and still become a CPA?
Yes, in all probability you certainly can still become a CPA (or attorney or other professional) even though you filed for bankruptcy. Bankruptcy laws are intended to help honest debtors who become overwhelmed by oppressive debts get a “fresh start.” And indeed, in most cases, bankruptcy happens to good, honest, hard working people who find themselves in unfortunate circumstances.For instance, they may have suffered from a serious medical issue that caused them to lose their job (or miss work for an extended period of time). Or, they may have had no (or inadequate) medical insurance. Another common situation is someone who starts a business with good intentions, but it fails. Divorce is another situation I encounter frequently that can wreak financial havoc.Bankruptcy should not be viewed as a moral inadequacy that results in a “scarlet letter” for the rest of their lives. Every year millions of Americans take advantage of the Bankruptcy laws and get a true opportunity to wipe the financial slate clean. I think it would be contrary to public policy to deny a CPA candidate a license due to filing a Chapter 7 bankruptcy.
What happens when I file Chapter 7 bankruptcy ??
Sometimes you just have to file.. Don't pay attention to what other people say to you about being responsible and paying all these bills off.. I say, its really hard to be responsible when these blood sucking creditors are charging out lavage interest rates and getting away with it. No wonder people have to file because we get backed in a corner. It won't be the end of the world. As soon as you come out of banko then you will get tons of credit offered to you. Creditors know you won't be able to file again for years and they are more likely to give you a card then when you are debt ridden and over extended. Think about it.. Doesn't that make perfect sense? Go to google.com and type in legalhelpers and click on legalhelperbankruptcy and it will give you a world of information about chptr 7 and 13... Even with the new banko laws you can still file. Good luck..P>S... Spifiman is full of it.... every single question and answer is in legalhelpers..
Chapter-7 bankruptcy?
I did a chapter 7 bk recently and it was the best thing for my situation. It isn't as difficult as people say. The government put this option in place for people like us who need a fresh start. Sure I was scarred and confused about ruining my credit, but at least now I can sleep at night, and purchase food and clothes for my kids and myself. I have written in detail about my chapter 7 and you can read about it in my q&a section of my profile (there are a few of them). Any questions feel free to email me at hansjill228@optonline.net. Oh, and by the way it only took less than 2 months for the entire process to complete. Good luck, things will get better.