Bankruptcy Chapter 7 | Reasons Why Declaring Bankruptcy May Be A Very Bad Idea

[@achavez78]

Great content Mr. Skiba. Your video editing on point. Supporting the channel from Yuma, Arizona!

[@TheMaybelline19]

Thank you for the information! As someone who previously filed lawsuits from both sides, the info Mr. Skiba provides is gold.

[@nmc1859]

I have 40k cc debt, 100k student loan, a 6k car, a 140k house paying a .mortgage on, and this is all. I only make 20k a year I was laid off right before Corona hit the US + never got unemployment or any assistance

[@Mano_on_Point]

What about if my wife added me on the deed but I’m not on the Mortgage loan: 1 can remove myself without it being considered fraudulent? & 2 Would it even affect me if I file chapter 7 since we are since I’m not on the loan? Note: equity on the home is roughly $100K & the Homestead exemption here in South Carolina is about 67K

[@RStagarts]

We are seriously thinking of it even got the paperwork from or lawyer. But my wife and daughter are not so sure, we don't have a lot, we both have a 10 year old car, no boats, no home etc but my girls are worried about someone coming in a taking their stuff, like clothes, my daughters pc she got on a education grant, my wife has a bunch of music cds and movies.

[@Consumer_Warrior]

The concerns are understandable, but no one is going to take your household items. Every state has exemptions that protect most general items. For example, in Arizona where I practice household furniture items are protected up to $15,000. I would recommend talking to your lawyer about your concerns. In over 95% of chapter 7 bankruptcy people do not lose anything.

[@jjwestcoast4654]

Can you recommend anyone in the SO-CAL area?

[@taylorx2]

Please do a live stream mr Skiba, I need to ask you a question.. I was sent $50k debt collection from a collector on behalf of all state, I called them an asked them to mail proof of the debt to the address they have on file but I'm not sure the best thing to do as I don't have 50k to pay it so idk if I should declare chapter 7 or just let them try to go after me.