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Topics - Iwasbroke

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General Board / Question about character and fitness
« on: February 24, 2011, 08:53:55 PM »
I am about to take the leap into law school. But I have a question about the Character and Fitness review I will go through to take the bar exam.

I have been through a bankruptcy about two years ago. I was falling further and further behind and was about 50k in total debt on a salary of less than 20k per year and child support payments for two kids.

I was sued in civil court about 9 years ago. A bank mistakenly placed 30k in an account of mine and over a year it got spent. I assumed it was money left for me from one of my uncles who had recently died and was assured by the bank that this was my money (I asked). Anyway, a year later they tell me they made a mistake. Of course, I got a lawyer and we settled on a plan for me to pay it back $100 a month (you are still responsible even if it is their negligence). After 7 years of payments, and no progress on paying it down because of a 10% interest rate, I filed for Chapter 7 and the debt was discharged (It had reached 40K because of the interest even though I had made timely payments over 7 years). I had to get a new start as the predatory lending interest rates were snowballing.

I have been debt free and on time with my bills ever since, and it's the only real blemish on my record (although no fault of my own). Will this cause me problems?

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