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Filing personal bankruptcy

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princess20222022
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Filing personal bankruptcy

Postby princess20222022 » Fri, 17 Sep 2010 11:25 am

I am seeking an advise on filing personal bankruptcy. Blaming myself for unable to control my credit spending and currently end up with high amount of outstanding with 5 different banks. I am really really depressed right now. What should I do??

Now I really feel very very tight and all my entire salary is spend on paying credit card bills and still insufficient to pay for all. I have 3 kids and my husband salary is insufficient for housing bills. Furthermore he does't know about my situation....Seeking advise based on your knowledge and experience. Kindly share with me. Thank you
Aidah

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Plavt
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Postby Plavt » Fri, 17 Sep 2010 1:46 pm

Could try here for a start;

http://www.debtfreelife.biz/

Note: I have no idea how much use they are, hopefully one of the locals will respond.

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Mad Scientist
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Postby Mad Scientist » Fri, 17 Sep 2010 6:17 pm

OP, You need to read this. Unlike company bankruptcy Chap 11. Personal bankruptcy is under Chap7 or Chap 13.
If you held a HDB house and under mortgage thru the Commercial Bank not HDB, your HDB house will be sold if the creditors file due to default in payment as one of the resort to recover their monies. Only house mortgage held under HDB is not allowed to be under foreclosure. If you own a private property your asset will be sold.However you have to understand under mortgage guideline, the right of ownership of the house is to the bank. This will lead to a domino effect on all your assets.
You could go to Budgeting Services to help you out and request stay of execution/injunction from the creditors or your lawyer to reorganise your debt before you start defaulting on your debt under Chap 13.

Individuals can file for personal bankruptcy as a last ditch effort when their credit reaches the limit. This helps them clear out a few debts by selling their assets and starting a whole new life without creditors beating at their door. The gives them an opportunity to start afresh without credit worries since creditors have no more right to press collection charges.

Presently, individuals can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 involves liquidating all the assets to pay off the creditors. Chapter 13 involves registering a plan to pay of the creditors from the monthly wages of the debtor within a specified amount of time. However, new laws passed by the President in 2005 might make the options for filing the case under Chapter 7 a bit more narrow and might force most individuals to file a bankruptcy case under Chapter 13 instead.

Chapter 13 requires the individuals to provide proof of income, as the whole law is based on the individual's steady income. If the debtor fails to pay the monthly credit amount, the case might be dismissed from the court and will require the individual to file for bankruptcy all over again.

When an individual files for bankruptcy, it does provide him with a fresh start, but the credit bureaus keep records of the bankruptcy details and this might affect the debtor's credit rating for the next 10 years. However, some banks currently offer a new kind of credit card that requires some initial security payment that will help build up the credit rating so that things are almost normal by two to three years.

The new law also requires the individual to take up credit counseling at least six months before filing for bankruptcyFree Articles, which means the individual has to go through a licensed lawyer to file the case.
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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ksl
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Postby ksl » Fri, 17 Sep 2010 11:08 pm

Good Reply form MS,

Though I would advise you against it just now, do your best to re-arrange a loan and keep paying monthly, if possible seek help form a community organisation, they may be able to sort the problems out for you, so that you can manage the debt more easy. You certainly need a councilor as i wouldn't wish your problems of stress on anyone, especially if your spouse is not aware of it. So seek some professional help and hang in there!

pikerr
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Re: Filing personal bankruptcy

Postby pikerr » Sun, 19 Sep 2010 11:53 am

princess20222022 wrote:I am seeking an advise on filing personal bankruptcy. Blaming myself for unable to control my credit spending and currently end up with high amount of outstanding with 5 different banks. I am really really depressed right now. What should I do??

Now I really feel very very tight and all my entire salary is spend on paying credit card bills and still insufficient to pay for all. I have 3 kids and my husband salary is insufficient for housing bills. Furthermore he does't know about my situation....Seeking advise based on your knowledge and experience. Kindly share with me. Thank you



Have you tried to find CCS ?they are able to assist you if you have a stable income, declare all your debts, monthly expenses and monthly allowance, the rest they will assist you to arrange an installment payment at a comfortable rate

princess20222022
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Postby princess20222022 » Mon, 20 Sep 2010 9:39 am

thanks for the above advise. I will try my best to hold on and try to seek help from certain bodies.

If you have other advise or experience before. please do share with me. Thank u

Another thing what is CCS? could you elaborate more info
Aidah


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