The Truth About Bankruptcy

[makeiteasyable]

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[SecondStart]

I am sure people can file bankruptcy for themselves but there are so many Attorney's out there and the price is relatively inexpensive.

[josephfoster30]

I filed a Chp 7 myself for free.

[CheeseburgerParade23]

Ok, but what if you're on the fence? how many years of struggling is too many when faced with the downsides of bankruptcy?

[SecondStart]

@CheeseburgerParade23 what you think is a downside may not be. If you had filed when you started struggling your credit would already be fixed.

[commanderjude]

there's always money in the banana stand.

[RichardACheck]

Agreed, bankruptcy is a tool provided to Amercians.

[sanantoniotexlawyers]

Sometimes things happen and there is no way out. 

[SecondStart]

Mscmatt, you could not be more mistaken. I think people should be able to file bankruptcy once a year. Could you imagine how people would really go for it with great ideas. Do you know why the model T was the first mass production car? The reason why was because A through S failed. Go look how many times Henry Ford had to file for bankruptcy. I don't know about you but If my Heirs end up owning a professional football team I doubt they will consider me the scum of the earth. good luck

[mscmatt]

I think people should only be able to file for bankruptcy one time in their lives. I'm seeing too many people abusing bankruptcy laws so they can live extravagant lives without having to pay up... This has to STOP because it's pulling the rest of society down with them. People need to learn that it's not OK to spend more than they make on a regular basis. This is destroying us all. People who file for bankruptcy more than once are the scum of society!

[consumerdebtradio]

@mscmatt People are not abusing the bankruptcy system for the most part. However, keep in mind that in 2005, Congress did pass a bill to help eliminate any abuse that may be out there.

[PatzerKing]

Bankruptcy attorneys it seems to me provide an important service; but, how do they make a living?

[SecondStart]

@PatzerKing They charge upfront for their services when somebody is filing a chapter 7 and overtime when the party is filing a chapter 13. I know that many and most who file do not have a lot of money but the cost to file is much less than anybody's debt/

[stayjit1]

I shake my head when I hear of Americans going bankrupt because of medical bills. Get National Health Care you dolts, like every other country in the developed world. Have you not figured out the insurance companies are taking you for a ride ?

[SecondStart]

@stayjit1 it really is insane when you think of the countries that have National Health Care.

[raidergus]

@stayjit1 Unfortunately we are stuck with our current system.

[Achaeos6]

@407buddy

Well I'm trying to step out of the system entirely.  Live in the woods and have few possessions of any value, Trying to live off the land more. I hate the damned government they have us all effectly enslaved no matter where we work.

I have some credit card debt & student loan debt. I've never been able to get on top of these and now it is impossible because I was fired.

Is it time to file bankrupcy or sit tight? Creditors call sometimes but they generally don't affect my life.

[SecondStart]

@Achaeos6 You will not be able to get rid of student loans. As far as the credit card debt it will never go away unless you do something about it.

[imikewillrockyou]

@Achaeos6 The current Bankruptcy laws strip you down to the $300 and a broken down car. So why file? If you are that broke and don't have a job you don't have anything to lose anyway. That's how I see it anyone (I'm not an attorney). And you are correct the system is rigged to protect the banksters and the elite of this country. And guess what? You and I are not included.

The entire banking system is ponzi scheme. Watch this: watch?v=vVkFb26u9g8

[TheLifeImprovement]

This video is pretty interesting, does that make me a nerd? We might be able to work together. I help people who have file bankruptcies get a cash settlement

[deanglo90]

@407buddy What does this comment mean?

[Integritydebthelp]

The statements made on this video are 100% true in our experience in the UK and what I here it is true in the US as for the UK. There is a stigma but nobody can describe what is is or where it came from. integrity-debt-solutions.co.uk­/itv-central-news/

[EternallyRecurring]

Bankruptcy can be stressful, but it's no more stressful than wondering if you're going to make each and every payment on time without incurring fees and higher interest rates, wondering if you'll EVER pay off your debt. Chances are most people's bankruptcy will reach the 10 year mark before they would've payed off their original debt. Just look at your statements, new laws require them to inform you how long it will take to pay off your debt making the minimum payment. One card said 18 years.

[SecondStart]

@EternallyRecurring completely true

[gsgurl2468]

i own a very small business, no employee's just me, my husband and i have no children, he was in construction when that crashed he took to driving a semi truck, i have credit card debt, that i will NEVER be able to get out of, the irs says i owe way more than i can pay, should i file for banckruptcy?

[SecondStart]

@gsgurl2468 It sure sounds like it but I would rather you call my office directly. 800-728-3363.

[MissNevada08]

Agreed. Do you know how many millionares and successful businessmen file bankruptcy? A LOT. They consider it a 'business move'. I went through four months of studying financial planning, and I tell all my friends/family that when you are drowning, it is time to consider this option. It is the stigma that keep so many of them from getting to a better financial place. Good video!!

[Rico8458]

bankruptcy is great. all people should file because our nation is bankrupt. no money in the treasury and paper money is worthless. so why pay into a corrupt system. dont pay, file and keep your money honey. screw the banks. that is your tax money they lend you.

[Bob67Joe]

Good post.

[NeedMoreCash01]

@bankruptcyattorney, I removed the advertisement that you pointed out to me at the bottom of my blog. Thanks again for making me aware of this.

[NeedMoreCash01]

Thanks for your response. You are extremely knowledgeable. I agree with you about not using a document preparer. I am NOT a document preparer..

No where on my site do I say to not use a lawyer, the link that I believe you saw was an advertisement on my page, which I will remove today. I thank you for making me aware of this.

[bankruptcyattorney]

I love people who try to rhyme. Its so darn clever. I took the opportunity to look at the individual who provided this information. I believe his name is Duane Johnson. I will warn you that I have sat in bankruptcy court and seen peoples cases turn sideways because they hired a document preparer trying to save a couple bucks.

[cyberbabano1]

cmment

[DROINDS]

Thank you for your video.

Please help. my credit company have rise my minimum payment form 3 to 5% they refuse to help me. I also have a fourplex bough it for 630K but the property value is upside down, now its workth only 480K I have a first for 500k and 2nd for 130K. should I file for chapter 7 or 13.

Thank you

Godbless

[bankruptcyattorney]

Many more factors to consider. How much do you make? Is it your only source of employment? Are there other people who are living with you that are making money? You should want to file a 7. The question is can you? Feel free to call my office 800-728-3363

[bankruptcytips]

This is the first time I've seen someone answer questions directly with viewers on a regular basis on Youtube. I have to say it's refreshing and it's good to see you know your stuff! So many people think it's the end of their lives when it can also be a time to restock and start again.

[bankruptcyattorney]

Thank You.

[robertfschmidt]

How long does a Ch. 7 stay on your credit report?

[bankruptcyattorney]

A chapter 7 will stay on your credit report for as long as the credit reporting agency decides to report it. I could be more than 10 years. However, the real question is how long will it count against your credit score. After 4 years there is not much of an affect at all. After 6 months you will start getting credit cards. You can build your credit back up easily. The 4 years is really how long it would take you to be able to qualify for a mortgage.

[flags6262]

10 years.

[bankruptcyattorney]

Not true

[dwain1310]

good video,

if I have a settlement with payments over time from industrial accident and owe a loan (from my lawyer to pay for my insurance premiums ) are any future income payments due me count against me during bankrupsy??? thanks and great video

[bankruptcyattorney]

I am not exactly sure what you are asking. When you say count against you are you talking about the income threshold to file a chapter 7? If yes then the payments will count against you.

[femmepen]

Your perspective is refreshing, given the gravity of the topic. I am going to keep your words: A fresh start in mind as I move forward and attempt to save our home and rebuild as everything around us crumbled and strains.

I was meant to remain standing, not fall under the weight of seemingly overwhelming odds.

Best Day Ever to You.

- Annamai

[dawc129964]

How would you choose a good bankruptcy attorney?

[bankruptcyattorney]

The most important thing is how the office is run. The reality is that doing bankruptcies are very much like doing mortgages. It certainly does not take an extremely high level of intelligence. More important is does the person return my calls. Is there someone to speak to when I call. Do I believe this person is organized. Make sure this person is not talking down to you. The attorney should be trying to make your life easier.

[bankruptcyattorney]

Glad I could help.

[bagpiper2005]

Thank you for your insights.

I have over a quarter of a million in outstanding medical bills. Thanks to the advice you've given, the decision to file bankruptcy became easy.

I'm signing my petition this upcoming Monday. Thank you for telling the truth about bankruptcy.

[Corvettes1984]

It's Bush's fault, he caused all of this!.... According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion.

[CauseAndEffectPost]

So now that Obama has borrowed even more than that, what do you have to say? Bush and Obama are both thieves, liars, and warmongers. Don't be shocked. It's how you become President in a fascist nation like this one has become.

[SecondStart]

Possibly, It depends on how old the taxes are and other factors. You can reach me at. 800-728-3363 to discuss further.

[Manongjojo]

is it true you can write off IRS taxes on chapter 7?

[garyclaytonkocher]

not really, it depends on if there is any equity in your house and what your state expemptions are. look up bankruptcy abuse prevention and consumer protection act

[bankruptcyattorney]

Equity in a house what a novel idea.

[SilverEspada]

WELL SAID BUD!!

[tharealest316]

thanks

[greenghost2006]

sounds like the guy from "Phone Scoop"

[bankruptcyattorney]

Who?

[Susy2240]

I am considering filing chapter 7 bankruptcy with my husband our two cars would be exempt but how likely are we to loose our house? We owe what it is worth. I was told by our lawyer that she was 99.9% sure we wouldn't loose it, but there are not guarantees. We are drowning in credit card debt every month it gets worse and the only reason we don't file is because we don't want to loose our house.

[bankruptcyattorney]

Either you are current on your house or not. If you are current you will keep your house. This means both the first and second mortgage.

[gaae2000]

Thank u very much!!! today I have to see my bk-lawyer. Lost my house which completly lost 48% of its value.

[JOHNNYonTHExpot]

wow ! straight to the point. nice vid

[Cambodiot]

if i owne about $45000 in credit card debt and said i make about $69000 a year before tax and i file a chapter 13. Do i have to pay back everything i owne like people were saying?

[bankruptcyattorney]

It really depends. Probably not everything. You need someone to do a means test regarding your finances. You can reach our office at 800-728-3363 ext 105 ask for katie.

[bankruptcyattorney]

It is possible. I hope there are other deductions.

[JOHNNYonTHExpot]

wow ! straight to the point. nice vid

[pierre23ca]

Amusing. i have been bankrupt twice - third time just around the corner - and I am treated like a leper by financial and actuarial institutions. if you wieh to help me google Pierre Johnson, Venture Catalyst, thousand oaks, California, invest with me or just semd me some petty cash. I know I will strikek it large soon as I have jesus on my side.

[nobodybidness]

Good info. Most BK's are medical in the U.S.

You can re-build your credit RIGHT AFTER bankruptcy like this at creditloader dot com.

[MS85ToyotaCrown]

After I had an accident at work then it took 6 months before we recieved a payout payment bankruptcy was the best think I ever did, Ive now even paid out what I owed.

[chere7up]

There are so many people in America that will never own another home because of the sub prime rates. PLUS many people who werent in the "know" of the bnkrpcty laws. So not only do these fine people lose their homes but they are garnished possibly for the rest of their lives. The banks didnt lose anything. Debt is worth more than an actual loan its @ the defaulted intrest rate plus what other interest is added by state interest. Housing market down, collection dept up. Thats how a monopoly works

[gaae2000]

Actually, banks allow to apply for home loans after 4yrs of dismissal.