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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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i need some help i lost my job 2 years ago and stoped paying

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i need some help i lost my job 2 years ago and stoped paying all my bills except my house just recently i came into some money and have talked to all the bill companies and they are willing to settle with me but is my credit to far gone should i just file bankruptsey what should i do

cortrightlaw : Bankruptcy is usually the best option, because all of the creditors probably won't settle with you, and the ones that do will put it on your credit report as paid for less then owed. Additionally you will receive 1099s for the difference between what you owe and what you pay, this becomes considered taxable income.
cortrightlaw : Bankruptcy is a cleaner process that will also help you get a fresh start so you can rebuild your credit.

how long does it take to build credit after a bk

cortrightlaw : It takes about two years to rebuild your credit
cortrightlaw : How much money did you come into as you can only have so much assets when you file bk

i was only concerned about filing bk because one of my loans was a motorcycle that I wrecked and sold off for parts. Would I get in trouble for this or would I be able to put it in the bk.

cortrightlaw : You should not have any issues with that, you can list the debt in your bk, if I was a loan secured by the bike they might ask you were it went.

ok, thank you for all your help, this has really cleared some concerns up. Thank you.

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