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Will filling Bankruptcy be the best option for someone like me?
Anonymous6 views5 answers
My job just informed me that, we did not get the grant and the program that I work for has ended as of June 30th 2015. I can't return to Grad School in August because I can't afford it. I have 40k in student loan debt, 28k in hospital debt, only 4k in credit card debt, 18k owed for my car, 8k owed for daughters car as a co-signer, 4k owed for a loan that I co-signed for a family member that I'm paying now, Dental bill is 8hundred dollars that I'm making small payments on, Out of pocket owed for school now is 1,500/ I pay 50 dollars a month, I only make 38k a year and that's ending in 10 days. My monthly living expenses(Rent/Utilities,Food,Cell phone, Gas to and from work, Car Insurance for both vehicles, monthly expense caring for both 85 year old parents= is nearly 2000 a month.
Depending on what assets you own bankruptcy may be a great option for you to eliminate your debt now that you are facing unemployment. You should see a local experienced bankruptcy attorney in person for a free consultation to discuss your situation in more detail. You should be able to get ride of all of your debt except the student loans in a Ch. 7 bankruptcy.
You can probably go some time before you need to make a decision. To a large degree, your ability to qualify for bankruptcy depends on your earnings during the previous 6 months. So to the extent your income recently changed, this change won't be reflected by the earnings in the past. Another concern with proceeding now is whether you anticipate getting into additional debt, as once you file, all future debts must be paid. Suggest you prepare a budget with the new income numbers & see if you can survived. I will try to post links later today with more information about timing filing bankruptcy when I get to my office. Hope this perspective helps.
Be aware that you may not NEED a bankruptcy if you are temporarily collection-proof. To fully understand your options and make the best decision, consult with a flesh-and-blood experienced bankruptcy attorney who can gather the rest of the important information critical to the decision. Take care to meet in person with the attorney, not unlicensed staff, and beware of any lawfirm that seems to be promoting the bankruptcy solution without careful consideration of non-bankruptcy options.
Best wishes for an outcome you can accept and please remember to designate a best answer.
Juan Antonio Perez Jr.Bankruptcy AttorneyIndianapolis, IN ·
Bankruptcy can certainly be an option for you. There are several factors to consider, including assets, timing of when to file, and the likelihood that you might continue to incur more debts (medical or otherwise) while you are unemployed.
The best way to get the full picture is to sit down for a consultation with a local bankruptcy attorney.
