Quote:
Originally Posted by boneprone
In my case I have a shitload of debt. Tons of it from all that gambling I used to do. Yes I didnt always win. And A lot of it from medical bills for my daughter that the insurance company said they would cover but 378k later decided they didnt want to pay.
I make decent money. I CAN pay what they ask but truthfully Id like options.
ITs no doubt cramping my lifestyle.
Ive all but told one credit card company to fuck off. They settled with me for 40% of the balance.
I was figuring to doing that with the others also.
Still I have a massive medical bill here that I cant dodge. The price of a home.
I can pay it but fuck.... Its really making things tough around here, shit you not. Unexpected.
Id have no problem claiming backruptcy on it if its as easy as all this is sounding.
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My friend basically went to a lawyer and that guy had him give him a very detailed list of all his debt and expenses. He then told my friend that he thought chapter 13 was the better choice for him. They filed then he had a meeting with all the creditors and they hashed out who was willing to take how much. Once all that was settled he had to appear in court once just to say to the judge that he agreed with the arrangement. I think the whole thing took him about two months.
One thing to keep in mind and this may have changed since he did it. When he met with the creditors they had the option of taking back their property (like his car) and I think if he had any other assets that were paid for and unsecured they could get those too. He didn't so it didn't matter, but if you own other things of value you may end up having to fight to keep them.