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Bankrupt is it a good idea?
What is the best and cheapest way for filing for bankruptcy in Houston, Texas.Also, will any of my possessions that aren’t paid off be repossessed? Will this clear my credit? Will I be able to rent an apartment if they do a credit check? Any help would be greatly appreciated. Thank you.
The bankruptcy laws have changed since October 17 2005.
If you are considering filing for bankruptcy, it is required that you get credit counseling from a government approved organization, 6 (six) months prior to you filing for protection under bankruptcy.
This credit counseling organization must be approved by the U.S. Trustee Program which is the organization within the U.S. Department of Justice that administers bankruptcy cases.
Whether or not your possessions will be repossessed is up to the courts and the type of asset it is.
As far as bankruptcy ‘clearing your credit’, the answer is ‘no’.
As a matter of fact it will downgrade your credit score. However, after a few months, you probably will be bombarded with credit card offers. That is because creditors will know you have disposable income and also the fact that they realize that you cannot file for Chapter 7 bankruptcy again for a period of 6 years from the date of your filing.
In addition, these credit card offers will not come cheap. Outrageous interest rates will normally be the case.
As for renting an apartment, bankruptcy is a public record so if they run a credit report, which any reputable apartment leasing company would, it will appear. So you cannot hide from it. The decision to rent to you or not is more an internal decision. However, you may be faced with having to place additional deposits equal to the first and last months rent on top of the initial security deposit.
Additional deposits for utilities may be required.
Bankruptcy will cause a major change in your life. Both financially and personally. Consider greatly other options before taking this on.
Depending on the total amount that you owe, your income, the type of creditor, and how old the accounts are you may find that re-negotiating terms or offering settlement offers will give you a better result and a faster climb back into your high credit score. Avoiding all together the stigma of bankruptcy.
Moving out, I need an idea of a budget …?
I’m moving out about 3,000 miles away and sharing a two bedroom apartment with 2 other people. I am not yet 18. My parents are still going to pay for health care, car payments, car insurance, and life insurance since I cannot obtain it myself. My mother is planning on adding me to her credit card and checking account (no, I’m not going to take advantage of my mom), and give me 1,000 to cover rent and other things I will need it for. My job is going to pay 10-12 dollars an hour for 15-20 hours a week. I need to pay for …
One-time expenses (deposits, school sport fees, furnishings)
My Pittbull’s needs
Gas and Matinence
and my roommates will probably contribute $50-$100 …
I want to know if this is enough, am I leaving out any expenses, and is it wrong to ask for my roommates for help …
Thank you very much for your time .
yes 1 roommate is my boyfriend … THANK YOU !
It sounds like you’ve got it covered. But if you want to save some money here’s what I did when in college to save some money:
Utilities- I paid about $5/month for my land line phone- I asked my phone company if they can provide me with a program where I can pay the very minimum, ask your phone company if they have programs you can qualify for.
I did the same thing for my gas and electric so I ended up paying an average of $25-$30/month for gas and electric.
Grooming- Try to cut back on your manicures and pedicure bills by doing them yourself instead of going to the salon.
Groceries- (i know this may sound like freeloading, but it helped me out) do your groceries at home whenever you visit home. Or if you have relatives that live nearby ask them if they have anything that they can give you. What really saved me money was using coupons when I grocery shopped, and buy things that are on sale and non-name brands.
For school text books I saved a lot of money by borrowing some of my books from the reserved section of our school library instead of buying them. Or you can ask your professors if they have an extra copy of the textbook to loan you for the quarter (some of my friends did this). Try to buy your books online or from another student if you can becaue they’re a lot cheaper than the campus bookstore.
As for gas, if you live close to campus, walk or ride your bike. I saved gas and milleage on my car by biking or walking to school, and luckily for me, UC Davis had it’s own school bus catering soley to its students picking them up and taking them to campus. Carpooling can also help save you gas money.
Hope this helps!
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