Is it a good idea to file for bankruptcy?

Bankruptcy has serious consequences and should only be filed after careful consideration. If three or more of the following apply, you should meet with a local bankruptcy attorney, who you can find on , to discuss filing bankruptcy: 1. Collections agencies are calling you 2. Credit card debts over $5,000.00 3. More than two unpaid medical bills 4. A foreclosure or other lawsuit is filed against you 5. You are getting threats of a foreclosure or your mortgage company returned payment to you 6. You have been given a notice of sheriff's sale 7. Your car or other property has been repossessed 8. Payments are more than one month behind on more than one bill 9. Your mortgage/rent is late or behind 10. You use cash advances/check cashing services 11. You buy necessary items on credit 12. You are late on payments and are 'Robbing Peter to pay Paul' 13. Your balances are not getting down even though you make payments 14. Facing or threatened with wage attachment or bank garnishment 15. Facing or threatened with utility shut-off 16. You owe income taxes or other taxes

In addition to the fine answers above, I suggest there is nothing to lose in scheduling a free bankruptcy consultation with a lawyer in your area.

The devil is going to be in the details. More information at the link below. Hope this perspective helps!

I assume you meant to add one more 0 to the amount of debt and state that you are more than $25,000.00 in debt. If so, you very well may be a candidate for a chapter 7 or chapter 13 bankruptcy. There are a number of factors that must be considered; some of those are: 1) total amount of unsecured debt such as credit card debt, medical bills, personal loans, old utility bills, etc.; 2) total amount of secured debt such as auto loans, house mortgages and loans that have other items as collateral; 3) for loans made to purchase autos and other personal property in which the collateral are the purchased items, did you purchase the auto more or less than 2.5 years ago or did your purchase other personal property more or less than one year ago; 4) what is the interest rate on you secured loans and would a reduction to around 5.0% help you significantly; 5) for the tax debt is the debt dischargeable in a chapter 7 or chapter 13, and if not, would discharging the penalties in a chapter 13 and stopping the interest from running on the tax be a significant savings; 6) your projected income and expenses and you means test income and expenses, which considers your average income over the past 6 months; 7) what assets do you own that are exempt and what assets that you own that are not exempt; 8) is your income subject to being garnished by a judgment creditor if you decide not to file; and 9) your current credit score, which if it is already extremely low now, your score could be helped by filing and doing the right things to rebuild your credit after entry of the discharge order in your case. The only way you will be able to get your answer is to take advantage of a free initial consultation with an experienced bankruptcy attorney that handles chapter 7 and chapter 13 cases even if you think you need to file under chapter 7. Become educated on all the issues involved and related to your current economic situation, find out the advantages and disadvantages for filing under each chapter and use an attorney that can help you make the right decision for you. Most bankruptcy attorneys will meet with you at no charge for the initial appointment. You can use the "Find a Lawyer" link at the top of this page to search for an attorney.