Kentucky Bankruptcy Law

Counsel with Care

I received my discharge in bankruptcy, now what?

Here is a classic video from Saturday Night Live (NBC) (posted by danwho.net) that succinctly answers the question I’ve posed in the title of this post. Caution, if you are still feeling a little sensitive about your financial state, you may feel offended – but it certainly is not offered for that purpose. Also, while the video clip offers sage advise, it over simplifies many peoples’ dilemma. They did not get to the place of needing bankruptcy because of being irresponsible. Most people I talk to, the debt crept up little by little over time for reasonable things but then some unexpected event occurred that made the debt uncontrollable. Regardless, this clip is a funny reminder that bankruptcy does NOT cure financial problems; it only gives a fresh start that allows you to make the necessary lifestyle changes. This is extra important after a bankruptcy because, after filing a Chapter 7, you cannot file a Chapter 13 for four years and you cannot file another Chapter 7 for eight years. With no other relief in the immediate future, you either follow the advise from the clip or sink.

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February 28, 2009 - Posted by | Bankruptcy | , , , ,

7 Comments »

  1. Just passing by.Btw, your website have great content!

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    Comment by Mike | March 1, 2009 | Reply

  2. […] Here is a recap of those reasons: 1) You are potentially liable for injuries that occur on property you still have title to after the Chapter 7 is filed. 2) You will have a hard time getting insurance coverage on an empty house (though there are specialty companies that do this for a high premium). 3) An empty home is an open invitation to high risk behavior that can lead to injury. 4) You are in financial dire straits and living there while not paying the house payment can help you get ahead and find a nice place to move to once the ownership is transferred. Yes, it may feel uncomfortable, but not as uncomfortable as having a post filing debt and not being able to get another discharge for a number of years. […]

    Pingback by Issues with surrendering real estate « Kentucky Bankruptcy Law | October 26, 2010 | Reply

  3. […] a 13 unless you wait four years to file or eight years to get a discharge in another Chapter 7 (see this post for a little more detail on this subject). So, if they reaffirm on that debt in a Chapter 7 and […]

    Pingback by Another reason to consider a Chapter 13 instead of a Chapter 7 « Kentucky Bankruptcy Law | November 1, 2010 | Reply

  4. Before filing chapter 7 or chapter 13 we must analyze our current financial condition and what we can make in future. Without analyzing we must not file bankruptcy as it could effect out reputation which is not good from any prospect.

    Comment by chapter 7 lawyer chicago | December 15, 2011 | Reply

  5. Good Explanation in video of the question asked in title.

    Comment by chicago bankruptcy attorney | January 5, 2012 | Reply

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    Comment by bankruptcy lawyers in chicago | August 15, 2014 | Reply


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