Bankruptcy

from someone who has been there, A week of reading is not a huge ordeal compared to the trauma of BK. Read all you can to minimize the impact. I kept my checking acct and debit card when I filed.

The more you know going into BK the better off you will be, Do your homework.

 

Ebbi -

Here's what I know from our recent experience.
1) Chapter 7 vs 13 is determined by how much "extra" money you have after paying for all essentials, based on the expenses you list in your petition and the laws of your state. If you have more than say, $100 (just a rough guess) the trustee will recommend a chapter 13 plan. (at least that's what our laywer told us.)

2) We were able to keep our bank account and debit card. I think a lot depends on if you have any loans with the bank your account is with. There is usually a clause in the fine print that states that they can freeze/take any funds you have on deposit with them if you default on any loan or credit you have with them. If you do have any credit with your bank, you probably will want to open a checking account at another institution before you file.

3) I'm dealing with this one now. It will depend on your credit scores post-bankruptcy and on how much interst you are willing to pay. There are lenders out there that will finance right out of bankruptcy, but at fairly high interest rates and higher fees and down payment requirements. It seems that the general rule is that 2 years post-bankruptcy with good credit during that 2 years, you stand a pretty good chance of getting the same rates as someone who has not filed. (I've only read this, not actually experienced it. Our br discharged in April of this year.)

If you haven't already, contact an attorney who specializes in bankruptcty and make an appointment for a no-cost consultation. They will be able to answer all of your questions and will know the specifics of your state and district. Good luck.