I called a boyfriend of mine who has been through bankruptcy once upon a time without legal representation. I was fired up to spend the day researching the process in my state. To my utter delight there is step by step instructions, free legal help, and the best part to consider:
If you do not have any assets (valuable property that is not exempt such as a second car, second house, newer electronics) you are judgment proof. This means that even if a creditor gets a judgment against you for the amount you owe, they have nothing they can take from you to satisfy that judgment. Therefore, you can just ignore the creditors and not pay. If you choose to do this you can send stop annoying phone call letter to the collection agencies that should help reduce the number of harassing phone calls you receive. However, creditors can still call between 8:00am and 9:00pm but only to notify you they are seeking other remedies. This is not a good option for someone who is temporarily unemployed or will soon be inheriting any valuable asset, because once you start receiving pay or assets the creditor will then be able to enforce the judgment they have against you by garnishing your pay or taking your newly acquired assets. These debts will still be reported on your credit report for up to seven years. The fact that you filed for bankruptcy cannot remain on your credit report for more than ten years.
Needless to say, according to all resources even the fees for the filing and classes can be waived if a family of 4 like we are makes below $33,074. We have made below that amount as a family my entire marriage. So the likely hood of that changing in the next 5-10 years is, well, let me check my magic 8 ball... : "outlook likely"
I guess the whole "we have nothing to lose" phrase is more true than we ever expected. I have all my paperwork and ducks in a row to proceed with bankruptcy filing Monday. Luckily I will hit a once a month bankruptcy pow wow at the Main Salt Lake Library where lawyers will be there to counsel me for free and check my paperwork. Half of me is thinking don't bother with the bankruptcy. It would feel much like it has for the last 90 days. Phone calls, "we don't have anything", negotiations, the end.
At the admonishment of David who commented yesterday I asked my Chiro King what he wants to be when he grows up. Essentially, what's next? He said he really likes the nutrition aspect and has a passion and niche with it. Good, we'll stay the corse for now. I agree Standard Process has been such an impressive company to be associated with. Companies like it are hard to find. So far, there has NEVER been a patient with nutritional deficiencies who hasn't benefited from ingesting their whole food nutrition. From seed to supplement and only dispensed through healthcare licensed professionals it is nutrition that even I depend on. As much as I eat, without it, I am truly starving to death!
Today, instead of hating chiropractic profession flaws, I hate lawyers! I doubt we'll EVER get our $1500 back. I could use that for groceries!
OH BOY! You MUST check this out and act if you are still buried unjustly under student loans!
We may be able to get rid of the student loans for good. The snow ball of debt vs income potential has gotten so big that we may see real reform to stop the madness!!!