I am interested to know a little about bankruptcy and the laws. I currently do not have a home and no other assets (I never have). However, I have charge-off's and other negative inquires on my credit where I am unable to pay anyone expect my current household bills. I was wondering if I should even consider bankruptcy (chapter 7) since all the debts are old and high and I haven't made payments towards any of it in years. Also, how would it affect me with a new car loan...would I have to surrender the car? Do you have to wait a certain amount of time to file bankruptcy after a divorce is finalized (we didn't have anything together) and how much do chapter 7 typically cost in Ohio? I know bankruptcy is to be the last option and I have no more options - I can't get anything now, so whats a 5-10 year wait...at least I know I can get it then! All answers and positive comments are welcome!
I left a great company about two and a half years after receiving a job offer from a company promising young man . In early 2009 , things seemed perfectly normal and regular checks were issued . A few months later, he started missing payment periods and eventually reduce all salaries with the promise that the balance will be presented in the future . For two years, employees are strung along and worked crazy hours to help the company grow . At this time , each of the six employee is owed a balance of $ 50,000 and $ 100,000. I left the company about 9 months with a balance of about $ 70,000. Last month , the company filed for Chapter 11 bankruptcy . The owner says this was done to protect employees and help them return . Because of how priorities are set , most employees will be lucky to collect back wages for the last 180 days. Since I left six months ago , looks like I'll collect anything . There is an automatic stay in effect making it illegal for any of us to demand payment at this time. My question is this : Did I violate the automatic stay by filing a wage claim with the Department of Industrial Relations California?
I've heard of websites that go through credit counseling debt consolidation or reduction of payments is treated as a Chapter 13 bankruptcy . Apparently , this would make it harder to get a mortgage in the future? Is this true ? It would help if I get answers from someone who has gone through credit counseling .