Comments on: Bankruptcy May not be the Right Answer for you http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you/ Helping you make smart bankruptcy decisions Fri, 23 Sep 2011 08:10:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Lesley http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you/comment-page-1/#comment-1938 Lesley Sat, 04 Jul 2009 06:25:59 +0000 http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you#comment-1938 In reality the debts that don't go away haven't changed from the new laws. The change is that if you file a chapter 13 and have a car loan on a car less than 910 days, you can't "cram down" the car (essentially only pay the value plus interest rather than the actual loan amount) and there are less debts that the chapter 13 "super discharge" apply to (all of which are debts that are NOT dischargeable in a chapter 7 and never have been). A new type of debt that isn't dischargeable is debts subject to property division in divorce. Child support and maintenance were already nondischargeable but now, so are property settlements (like dividing up the credit card debt). If you are planning to get a divorce, a bankruptcy is often a good way for both of the soon to be exes to get a fresh start (a joint filing is a good way to save money on fees too even if you hate each other's guts). If you had a major emergency that resulted in massive medical bills, that is a common reason to file, as well as massive credit card debt (but then, don't let yourself get to that point again and don't get more credit cards afterward. You are required to get credit counselling prior to filing and a debtor education course after filing but before you can get a discharge, but those are with approved providers by the US trustee and don't require multiple sessions. Also, you need to look at how much debt you have, is it enough to warrant filing? look at the cost of filing and see if you are actually saving money by filing. Chapter 13 bankruptcy is also an excellent way to save your house, if you were unemployed but now able to catch up, it will be more affordable than most loan modification plans that mortgage companies provide people without a bankruptcy.<br><b>References : </b><br> In reality the debts that don’t go away haven’t changed from the new laws. The change is that if you file a chapter 13 and have a car loan on a car less than 910 days, you can’t "cram down" the car (essentially only pay the value plus interest rather than the actual loan amount) and there are less debts that the chapter 13 "super discharge" apply to (all of which are debts that are NOT dischargeable in a chapter 7 and never have been).

A new type of debt that isn’t dischargeable is debts subject to property division in divorce. Child support and maintenance were already nondischargeable but now, so are property settlements (like dividing up the credit card debt). If you are planning to get a divorce, a bankruptcy is often a good way for both of the soon to be exes to get a fresh start (a joint filing is a good way to save money on fees too even if you hate each other’s guts).

If you had a major emergency that resulted in massive medical bills, that is a common reason to file, as well as massive credit card debt (but then, don’t let yourself get to that point again and don’t get more credit cards afterward.

You are required to get credit counselling prior to filing and a debtor education course after filing but before you can get a discharge, but those are with approved providers by the US trustee and don’t require multiple sessions.

Also, you need to look at how much debt you have, is it enough to warrant filing? look at the cost of filing and see if you are actually saving money by filing.

Chapter 13 bankruptcy is also an excellent way to save your house, if you were unemployed but now able to catch up, it will be more affordable than most loan modification plans that mortgage companies provide people without a bankruptcy.
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]]> By: Gary http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you/comment-page-1/#comment-1937 Gary Sat, 04 Jul 2009 06:23:59 +0000 http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you#comment-1937 Many people over extend themselves and think that this is such an easy solution. Bankruptcy laws and been revamped and some debts do not go away.<br><b>References : </b><br> Many people over extend themselves and think that this is such an easy solution. Bankruptcy laws and been revamped and some debts do not go away.
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]]> By: vaar69 http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you/comment-page-1/#comment-1936 vaar69 Sat, 04 Jul 2009 06:21:59 +0000 http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you#comment-1936 Only as a last resort...please try credit counseling first..they would be the best source for infor on filing.<br><b>References : </b><br> Only as a last resort…please try credit counseling first..they would be the best source for infor on filing.
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]]> By: Jenga! http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you/comment-page-1/#comment-1935 Jenga! Sat, 04 Jul 2009 01:19:09 +0000 http://www.smartbankruptcyguide.com/bankruptcy-laws/bankruptcy-may-not-be-the-right-answer-for-you#comment-1935 <b>When is declaring bankruptcy the right answer to financial difficulties?</b><br> When is declaring bankruptcy the right answer to financial difficulties?

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