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Posts Tagged ‘chapter 7’

www.millermillerlaw.com 414-277-7742 Attorney Jamie Miller, of the Milwaukee WI law firm Miller & Miller Law, LLC, talks about what bankruptcy is and how you can use bankruptcy laws to create a new start for yourself financially.

Long story.
Like a lot of people I graduated college very naive but positive. I was laid off from a decent paying job and after that did temp work before deciding I wanted to work in the education field. Sadly, the charter school I worked for let all non full time employees go so now I am back to being on unemployment.
Each time I was laid off (the temp jobs didn’t last more than 6 months since those were temp only) I had to wait 4 weeks before I saw one penny of unemployment. I had little money in the bank so I did a very stupid thing, I used my credit card for rent, food, and sometimes gas (and one time a vet bill). I tried to go to a debt consultation place my credit card company referred me to and the girl told me that my problem was not budgeting it was lack of income. I told her I would work 70 hours if I could but it was hard to find work. She told me that a chapter 7 would be my best option to give me a "fresh start" and she told me I could look at repairing my credit after that and when I was working a steady job.
Any way, I am very depressed. The Unemployment Office told me that if I can get accepted into a program for my teaching certificate for a year and a half they will arrange for me to have my tuition waived and grant me an extension. It would be a year and a half of scrimping (I live with my boyfriend so he told me he can handle the rent while I am in school, the logic to him is that when I am teaching, I will have a better income and perhaps he can go to vo-tech while I work). I also plan to volunteer as a tutor if I do this, I always volunteered while on unemployment, it just felt wrong not to give back.
Sorry this was long, so I don’t know what to do, I have tried working with my credit card companies but they don’t want to budge on my min and one has gone to collections. I feel so depressed because my father always taught me to be good with my money but I wasn’t buying designer clothes, or anything luxury like. I was trying to keep a roof over my head and food on the table (which was peanut butter and pasta mostly I once even went 10 days without eating). I also worked hard so I could have a decent career and maybe own a home, and a decent car (all though taking the bus is good for the planet! ) not so I could file for bankruptcy and have to have my boyfriend make sure I am not homeless.
What else are my options? Has any one else had to file? Were you able to get your credit back? I have not told anyone in family and I wish I could talk to my boyfriend’s dad because he is an attorney but he made a remark the other day about how people ruin their credit about being irresponsible and filing. I also can’t tell my older sister, she was smart and became an engineer so she has always had a good paying job (which she did work her ass off to get) and even though she cares about me, I know she will be upset, and she is getting married soon and I am her maid of honor so I don’t her to think I can’t afford to be one.
What should I do? Please try to be too harsh, I am actually crying as I write this.

Tired of Debt? Tired of living pay check to pay check? Tired of annoying collection agency’s calling you throughout the day? Tired of worrying if your vehicle will be outside the next morning? Sick of feeling like you are unable to get caught back up on your bills? We can HELP YOU… Handle your Debt, Protect your wages and Obtain a fresh start! schwartz-law.org

www.bankruptcyhelp4u.com 888-682-5251 Chapter 7 helps eliminate debts such as credit card debt and medical bill debt while keeping assets. PR Smith Law Group in Tampa, Florida helps clients obtain debt relief though this bankruptcy option.

1: With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False

5: Accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False

8: In exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False

9: "Dead Man Walking" was an example of companies scamming citizens out of their social security benefits.
True
False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False

With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False

5: Accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False

8: In exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False

9: "Dead Man Walking" was an example of companies scamming citizens out of their social security benefits.
True
False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False

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