Tips To Fixing Your Credit

Tips To Fixing Your Credit

Is Chapter 7 bankruptcy for me?

i am 24 years old and got screwed over on a car loan 2 years ago, i pay 494.96 a month on a nissan sentra Spec-V (2006) I make minimum wage and tips, but this year has been awful. Credit Cards are up to 6500$ mostly on fixing my nissan and feeding my family. I have looked for a part time job and nothing is available, tried to sale the car and pay the deficiancy but dont qualify for any loan. I have been consulted by a lawyer and he says i qualify but was wondering if there is any other way out? Thank you for your time and answers

Dear Luis,

Chapter 7 liquidation is a legitimate solution for your situation. You have a Constitutional right to protect yourself and your family by so filing.

But your right to file Chapter 7 is limited by the fact that for a period of seven years after filing and receiving debt relief,, you are ineligible to file a second time. Use your bankruptcy right judiciously.

As a rule, I do not believe individuals genuinely need to file Chapter 7 until they owe over $100,000 or more than (4) years income.

Instead, I recommend the run, duck, hide and ignore method to make it difficult for creditors and their collectors to actually find assets upon which to try to levy. WHEREEVER, A RIGHT TO LEVY EXISTS, YOU HAVE A RIGHT TO CHALLENGE THE LEVY (usually a Writ of Attachment) and have your State or Federal exemptions defeat or place a major impediment to the levy.

Yes, this requires a certain expenditure of time and expertise. You need go to a larger, ala Barnes & Noble, popular bookstore and buy a how to book on defending yourself from judgements.

If your debts are not particularly large or your assets believed insubstantial, the likelihood exists you will see that many collection companies unwilling to invest the time and energy to collect from you.

You may need to change telephone numbers or let all calls go to an answering machine. Be courteous to any debt collectors as they reflect courtesy to you. TELL ALL OF THEM THAT YOU ARE NOT PAYING NOW OR EVER. INVITE THEM TO SUE. LET THEM KNOW YOU INTEND TO FOLLOW A CROSS-COMPLAINT IF THEY SHOULD SUE. YOU MIGHT EVEN ADVISE THAT YOU HAVE IRS PROBLEMS AND ARE SOLELY CONCENTRATING ON THAT ISSUE UNTIL THAT IS RESOLVED AND YOUR IRS ATTORNEY FILES YOU INTO CHAPTER 7 BANKRUPTCY. Be firm friendly and DO NOT PROVIDE DETAILS. Say thank you and hang-up. Provide no one information of your bank accounts or your employment. You might further inform people that you are self-employed.

In short time with little reward, your creditors will give-up. If you can save up small chunks of money, you can go to individual debtors and seek to settle any debts for 15% to 25% of the debt, without interest or late payment fees.

Your needs are to support your family. Your second obligation is to try to repay your just debts. These are not mutually exclusive obligations. It requires skill and perseverance to effectively balance these goals...Best Wishes

 

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