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Sad day, sort of....maybe a new beginning?

post #1 of 20
Thread Starter 
Well, today marks the beginning of a new road for us, and the end of a slightly long, hard, rocky road. As of nine this morning, we have an appointment with the Bankruptcy lawyer, and will get this thing set into motion. From what mom and dad did, they saw him, then a few weeks later had a court date, all was signed, sealed and over in just a few months. I never really wanted to be here, but I am, and it's time to make the best of things....at least there should not be any more knocks on my door to have papers served on me....there's been so many of them that sometimes when I go to bed I hear phantom knocks, lol!

Loads of vibes and prayers, my friends......My heart and soul need them!
post #2 of 20
it's not as bad as you think my bf is going through it and is finished in october so I know how it is that everything goes well for you guys and if you need to talk there are a few of people that are going through it as well
post #3 of 20
Lots of
My mom filed bankruptcy a while back and she said it was a huge relief
post #4 of 20
Don´t give up... and don´t feel alone, all TCS will pray for you my friend...

for you keep strong!........
post #5 of 20
It's nothing to be ashamed of. I filed last year in November and was just discharged on August 31.

The hardest part is making the decision, but it is a huge weight off of you after that. I felt elated when I left the bankruptcy trustee's office after my appointment.
post #6 of 20
My Husband filed in 1996 and his credit is good now. It wil get better but it will take time.
post #7 of 20
Lots of for you. Things will be looking up very soon.
post #8 of 20
Hang in there Cindy..........
post #9 of 20
Know how you feel. My ex-husband and I had to file for bankrupcy in the early 1990's. My credit is very good now (after the divorce). I found out he has a judgement against him for over $5,000 (my sister found it) - so his credit is shot.

Some people learn their lessons, others don't. As long as you are in the catagory of not going there again, you'll be fine. Will just take 7-10 yrs to get back in shape. In the meantime do NOT use the credit cards. Cash only.
post #10 of 20
Thread Starter 
Lol, I haven't had a credit card in so many years that it ain't even funny. If they won't accept cash, check or my debit card, I don't buy it....even online, I'll find another site that sells something if they don't do debit cards

This stems from some business stuff sevral years back, we've been tussling with it for over a year now, and I'm just fed up with the whole mess, want it over! Turns out we may not have to bankrupt in the end anyway.......'nuff on that until we talk with the bank's lawyers!
post #11 of 20
I know from a previous post you made earlier this year, that the bankruptcy is a result of a business and back then you were saying that you and your parents were going to lose your personal land.

That didn't sound right to me and I asked you to contact a lawyer and look into that because a personal bankruptcy is completely different than a business one and they can't blend them together and try and take your personal property to pay a business bankruptcy.

Did you ever look into that?
post #12 of 20
Thread Starter 
Quote:
Originally Posted by Natalie_ca View Post
I know from a previous post you made earlier this year, that the bankruptcy is a result of a business and back then you were saying that you and your parents were going to lose your personal land.

That didn't sound right to me and I asked you to contact a lawyer and look into that because a personal bankruptcy is completely different than a business one and they can't blend them together and try and take your personal property to pay a business bankruptcy.

Did you ever look into that?
As our lawyer said (in so many words) yes they can, bascially because all involved in the closeing/forfiture of the store had their names on the legal papers for the loans involved in the stores finances, they can place a lien against our property, even though its paid for (mom and dad didn't, they still had a mortgage on their house with them, so they let it go back to the bank and moved into grandpas house)...and having placed a lien on it, they can have a sherrifs auction and sell it, aside from our mobile home, they told us they weren't interested in it, lol!

Home is no longer a worry for me though, because I have someone who is willing to buy it and let us stay there.......we were just going to go ahead and do the bankruptcy 'cuz it might be cheaper than buying it outright.....nope, if we do it through the court, will be paid over five years with about 8% interest on it. If he can talk to the bank and buy it outright will be better, but only if they will agree that this will settle forever and always the debt behind this matter (debt is $135,000.00, land is $56,000.00) sooo.....we wait and see, may wind up not filing bankruptcy at all......just wait and be patient...and thats sooo hard for me!
post #13 of 20
Wishing you the best I know this will be difficult but you will come through it alright. and all of us are here for you.
post #14 of 20
I wish you the very best of luck. Filing for bankruptcy is a serious decision and one that can affect your credit for some years down the road.

I know Natalie_ca has a plan in place for her bankruptcy, but that is not the norm for most folks. Even our daughter who filed at 18 yrs. old and is now 28 is still having trouble getting credit even though in those 10 years she has never had a credit card, has a car loan that we co-signed for her and she has never defaulted on any payments. So 10 years after the fact she is still shadowed by her poor decision.
post #15 of 20
Here are are some and more and my friend... So hopefully this thing gets resolved peacefully.
post #16 of 20
Quote:
Originally Posted by Yosemite View Post
I know Natalie_ca has a plan in place for her bankruptcy, but that is not the norm for most folks. Even our daughter who filed at 18 yrs. old and is now 28 is still having trouble getting credit even though in those 10 years she has never had a credit card, has a car loan that we co-signed for her and she has never defaulted on any payments. So 10 years after the fact she is still shadowed by her poor decision.
Did she file a second bankruptcy? A second bankruptcy stays on the credit report for 12 years I think. A first only 6 years here and from what I understand, 7 years in the USA.

If there was only 1 bankruptcy, that should have been purged from her credit report years ago and shouldn't even be a factor now because it's like it didn't happen.

She seriously needs to get a copy of her credit report and look at it and if the bankruptcy is still showing, she needs to get it purged. They can't keep it longer than the allowable time.

There is no reason why a first time bankruptcy that was discharged 10 years ago should be affecting her ability to get credit today.
post #17 of 20
Just adding another layer of and best wishes for you!
post #18 of 20
Here's some vibes for better days ahead and much more peace of mind...
post #19 of 20
My son had to file bankruptcy several years ago in spite of not wanting to, and he's glad he did in a lot of ways. He got his credit back in good standing, and recently bought a new car, and if he wants, can also get a loan to buy a house. It's sometimes not as bad as you think it will be. And at least it stops the creditors from harassing you.

I'm not saying that I necessarily recommend filing for it, but sometimes you gotta do what you don't want to in order to survive. Just try and be careful next time..

You'll be okay.
post #20 of 20
Quote:
Originally Posted by Natalie_ca View Post
Did she file a second bankruptcy? A second bankruptcy stays on the credit report for 12 years I think. A first only 6 years here and from what I understand, 7 years in the USA.

If there was only 1 bankruptcy, that should have been purged from her credit report years ago and shouldn't even be a factor now because it's like it didn't happen.

She seriously needs to get a copy of her credit report and look at it and if the bankruptcy is still showing, she needs to get it purged. They can't keep it longer than the allowable time.

There is no reason why a first time bankruptcy that was discharged 10 years ago should be affecting her ability to get credit today.
I checked with her last night to be sure I was correct in what I have reported here and I was wrong - it has been 9 years not 10 since her bankruptcy and there was only one claim. Here in Ontario a bankruptcy is on your record for 10 years - at least the bankruptcy that Jennifer's lawyer claimed for her. She is very much looking forward to it being discharged next year.

I'm not sure where you got the impression the bankruptcy was "discharged" 10 years ago as you state in your last point. It was registered 9 years ago and will not be discharged until next year (10 years) and it does very much indeed affect your credit today.
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