NSF CHECKS & BANKRUPTCY

Hi Tabitha

Past NSF checks are eligible to be entered as debt in bankruptcy. But, beware of the bank or the recipient of the check claiming Fraud.

Regards
Roxette

yeah...what else is new!

Please be aware that bankrupting an NSF check can result in problems getting a new checking account for up to five years.

Regards
Roxette

Yes, I'm aware of that factor...I've been stupid with money for years now and I'm hoping by filing bankruptcy I will be able to get a absolute fresh start...I'm not worried about the whole checking account thing...i do have one now...I'm just concerned with the NSF's....
I appreciate your advice!

Tabitha,

I would reaffirm those NSF's in your bankruptcy and pay them. Also, check with your BK attorney. NSF rules and Bankruptcy may differ from state to state.

I'm filing chapter 7 so I don't think I can reaffirm any debt....I don't really know a lot about bankruptcy so I'm sorta learning as I go...

You can reaffirm any debt you want in Chapter 7. I just went through it myself.

So how do I reaffirm these checks, what does that do?
I really appreciate your advice!

Hi Tabitha

Reaffirmation of debt in bankruptcy needs a serious approach and all the options should be clearly understood with the help of your attorney.

One most important factor that requires attention is that after signing the Reaffirmation Agreement, if you stop paying on your debt, a deficiency judgment can be obtained.

If you change or wish to terminate or resend this agreement, you will have 60 days to file a recission agreement after a Chapter 7 reaffirmation is fully executed and filed with the Bankruptcy Clerk's office.

I believe that you should consult your attorney if you are thinking of reaffirmation.

Regards
Roxette

Thank you...

I don't believe however that I will be reaffirming any of my debt, I need as clean a slate as I can get, and I think just letting it all go is my best bet.

i want to get rid of all of my bills

Hi

A bit of planning and a proper budgeting is the best approach to solve all the debt related problems.

I hope that you will be highly benefited from the counseling offered by the expert.

Regards
Roxette

I filed chapter 7 in 1997. I was told at the time it would be off my credit report in 7 years under the law at the time. Now its 2005 and its still on my reports. The Credit bureau's all say it will remain till 2007.

When I filed, like you I deperatly wanted a fresh start. In truth I got nothing of the sort. I still can't get meaningfull credit with out paying outrageous interest or other fees. When I am still declined, often I am told it is based on "old infomration", i.e. the bankruptcy. If I had it all to do over again, I probably wouldn't do it at all.

Only you can make the decision what is best for you . But be carefull. Your attorney will tell you they will be throwing credit cards at you within six months (at least mine did). 8 years later all I have is a $400 secured card from Capital One, and no hopes of anything better any time soon. Maybe once it drops off and I can say no to that quetion without the truth being verified, and then I will be able to get something more reasonable. If you choose to go through with your filing, good luck!!!! Above all else be certain you learn the lessons you need to learn.

Thank you for yourposting lc.wilson. A lot of us here in the community have thought about filing at one time or another. I too have heard so many different things about what happens after you file. Thankfully I never did. I wish you the best in acheiving your credit goals.!!!

I had to file in 2001 in my divorce since my ex was filing.I received alot of small unsecured credit card offers 6 months after.Now Im worse off then before i filed.I pray each night that my electric and water are still going since I can only pay a small part of the bills.I had to resort to payday loans just to buy food and clothes for my children.Now I get paid and its all gone to payday loan renewals and rent.There is nothing left.I only have 4500 dollars in credit card and payday loans which may seem like small potatos to some but because of interest it just keeps building higher and higher.I pay over 550 a month to payday loans for renewal fees. If I could get a 2000 loan to pay them off I would be fine since the payment would be much less.But because I filed Bk I cant get a loan.They dont care that I have not defauted on any of the payday loans in the 9 months that Ive had them.So be careful before you file,there may be other options like consolidation,I havnt gone that route yet because you must default the payday loans first and Im not ready for the harassing calls at work.Good luck to you in whatever you decide.

I am sorry to hear about that twokidtwocat. i can understand where you are coming from. I call my home phone from work everyday just to make sure it hasnt been cut off. i have been able to pay my water and electric that are willing to work with me. But I owe to payday loans and checking accounts. Hopefully this will all get sorted out. I cant even get a second job to help with anything because i have three kids to support and it would cost more to pay a babysitter. Twokidtwocat I believe that we will be able to get out of this.

I know I must be positive and i really do try.I just fill bad because my kids must go without.I try to always pay my phone bill and the 9.00 for internet because my kids need it for school.My computer is very old and on its last legs,but its all I have.Most of their friends have new computers with burners and all the lastest software.They laugh when they see what we have,but its better than nothing.I also believe we will get out of this,but sometimes it just gets to me.I will try harder to be greatful for the things I do have.Thanks for your response.

I completely understand how you feel. I need the computer and internet for school and i need the phone for my kids as well. I try so hard to be grateful, but i understand it is hard when you dont have the money to pay things. It is a struggle.

Hi twokidtwocat,

I understand your situation. It is very important for your children to be familiar with latest technologies. Computer industry is changing so rapidly that it's really tough to cope with the latest updates. Moreover, tuition fees are also increasing day by day.

You can apply for a federal grant for students. Grants are generally need-based and, unlike federal loans, you don't need to pay back the grant.

Watch the Student debt consolidation section of this forum for more information.

Regards,
Bryan