Bankruptcy? Should I file chapter 7?

Question

What can you tell me about it? I am thinking of filing. I have alot of debt that I can't pay due to a tragedy in my life. Please help if you can. Thanks!

Answer 1

If you can't pay it then you can't pay it, simple as that. People will tell you not to file bankruptcy but I have been in a situation like yours. I got divorced and had 3 kids and low income. I could barely pay for my basic needs and so there was no way I could pay anything on my other debts. So I had to file chapter 7 and I am so glad I did. I have a new start now and my credit was bad anyway before I filed so it's actually better now, it's been 2 years since I filed and I can get credit almost anywhere. Do whats best for you.

Answer 2

I'd say you should get advice from an Lawyer and find out for sure cause I'm not sure.. best of luck just the same..

Answer 3

take it from someone who has filed chapter 7....DON'T.  If at all possible try talking to your debtors and working out a repayment plan.

Most of them will be happy to work something out.  You have to remember that chapter 7 will be on your credit history for the next 10 years.   It will show up on Background checks, etc.

Answer 4

contact a debt consolidation firm.  They will contact your creditors and make arrangements for reduced payments.  You will make one monthly payment to the firm and they will distribute your funds accordingly.  You will be surprised how quickly you can pay down your debt.

In the interim DON'T incur additional debt.  you will surely drown.