is that the right thing to do or should he file chapter 7 which one is better to do right now he is doin chapter 13 but he can change his mine someone please help us please
If he hasn't already done this, he should talk to one of the FREE, non-profit organizations that do credit counseling. They will know what the options are and what his best choice would be. There are many counseling services that take fees for this service, but the free ones are reportedly very good.
Both trash your credit. Regardless of what you file for it is what the court approves that matters.
He should follow the advise of his attorney.
Neither! Why is he doing this? Most times people can work their way through it without having to file bankruptcy!
And don't do a CONsolidation loan! Normally, that wrecks your credit as well.
If he files ch 13 he will still be paying monthly payments. It is kinda like a consolidation. If he does 7 he pays a one time fee and don't have to worry as much! I filed ch 13 when I was just 20 yrs old. I know that was horrible. I was in college and not living at home. I got several credit cards and a new car. Then I had to cut down on work because of classes. I ended up getting so far behind I had no other option. If I could have done it over I would have filed 7! I had to pay monthly payments for 5 years! It was a horrible burden! Best of luck!
You keep asking the same question over and over. It is going to be an attorney that can answer this. He has to have an attorney do the filing anyway, he may as well make some appointments and find one that will let him start making payments that can build up, like a layaway attorney, and pay the fees.
When someone is so far in debt they can never recover they need to file bankruptcy...that is why it exists. It is why the laws and the government allow people to have this option. It is needed and it is just something that has to be done for them by an attorney.
Call Dave Ramsey's show. There are cases where bankruptcy may be the only answer (in fact, Dave had to file for bankruptcy himself 20 something yrs ago, so he's been there). However, the majority of the time people jump to this answer way too quickly because they are so emotionally overwhelmed and worn down from their debt. In reality, it is still possible to work out of it the majority of the time, they just need someone to show them that there is hope and help them see the light at the end of the tunnel. Worse case scenario, he talks to Dave and he confirms that bankruptcy is the only way, then he can give him advice on the best route to go.
We had to file chapter 13 bankruptcy after a failed business about 10 years ago. It was not easy, but it also was not the end of the world.
He needs to consult with either a credit counseling agency or a bankruptcy attorney. They will be able to explain the options and make recommendations.
Having had filed bankruptcy several years ago, and knowing so much more about finances now, I would STRONGLY encourage you both to educate yourselves on the options you have outside of bankruptcy. If you are not familiar with Dave Ramsey, get to know his financial freedom and debt elimination strategies NOW. To check him out immediately, go to www.daveramsey.com Click on "Tools" and "How to Get Out of Debt" His book, Financial Peace, will help you understand that bankruptcy is very RARELY the best way out of your financial nightmare. I call it that, because that is what it seems like, but once you understand that you can get your credit card companies, banks, etc. to stop calling so you can focus on getting your money straight, rather than focus on avoiding the phone calls, you will be able to get everything straight. If you're not a reader, his website can teach you the tools you need, too. Also, remember that bankruptcy attorneys are doing their job. They will tell you this is your only option. Debt Consolidations and Consumer Credit Counseling is not an option either. You and your boyfriend need to do this together without putting you financial future in someone else's hands, who is making their living off of your financial troubles. WWW.DAVERAMSEY.COM I hope this helps and will be praying for you and your boyfriend. Good luck in this journey toward financial freedom!!!
