Does any one know if you file bankruptcy and you are married do you both have to file? I am in forclosure right now and have a sale date the bank i have been trying to get the bank to modify my loan and have asked them to postpone the sale date. I was told they would not do it untill 10 days before the date. that does not give me much time to do anything.
You both do not have to file. However if one of you don’t file, the creditors of your joint debts will go after the one who didn’t file in order for them to get paid. It is usually cheaper to file a joint bankruptcy than to file 2 separate individual bankruptcies; so you should consider it. However, you should discuss this with an attorney as they may be able to offer advice to help your particular situation. But it would be best if you both file because if not they se going to your spouse pay your debt.
My co worker has two pay day loans she is struggling with. She has offered to pay them 100 dollars monthly and they are refusing to work with her. They told her she would have to do arbitration to request a different payment arrangment. I feel really awful for her, her husband abandoned her with 2 kids, no education and she’s living on just above minimum wage. I know the pay day loan was a bad choice, but I know she felt she had no where else to turn. She doesn’t want to default, but needs a workable payment arrangment. Does anyone know what this arbitration process is, and will it help her? What about consolidating the loands, they are with the same place?
I am new to this blog. Arbitration is a much more workable solution than going to court, however in this case, the Arbitration officials or organization is selected by the lending company. I would suggest that your friend pay $100.00 on her account until it is paid off. Send the payments by mail, certified, return receipt, along with a letter explaining her situation and proposing the new repayment plan. Hope this helps.
The deck is stacked against anyone who is foolish enough to pay off their debts. File bankruptcy and your credit score will return faster with less cost and hassle than if you negotiate a deal. Sad but true. I would never call say that paying off one’s debts is foolish, it is the right thing to do if one can. There are occasions where a lender forces a person into bankruptcy court because the lender (or collection agency) won’t work with the individual. I have settled several debts through negotiation and have paid off all my debts over the past 4 years and watched my credit score climb rather quickly. HOWEVER, I do not intend to use the credit score to ever borrow money again except maybe on another house once I sell my current one. But only when I know I have 6 months expenses in savings and have at least an additional 20% down. One would be very wise to read Dave Ramsey’s books about money and put them into practice.