Bankruptcy chapter 7?

Question

What can you tell me about it? I am thinking of filing. I don't own anything in my name so would this be a good idea? 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

Most people will tell you not to file but it depends on your situation. If there is absolutely no way that you can repay these debts, even with making small monthly payments then bankruptcy is a good option for you. And chapter 7 will give you a fresh start. When you talk to an attorney they will help advise you of whats best for you. Good luck!

Answer 2

Before you file or decide to file, I would suggest you make time to meet with a credit counselor.  

Here's a link.  http://www.nfcc.org/

Do this BEFORE you decide to file.  You may have other options, and a bankruptcy does not look good on your credit report.  Also, the laws differ by state, and you need to know what the law is where you live.

Good luck.

Answer 3

Cat...your best bet is to consult with a bankruptcy attorney in your area, they will want to look at your last 6 months of pay stubs, assets, list of debts and last 4 years of taxes. After reviewing this they will be able to tell you what you qualify for. You can review these websites to familiarize yourself with the types of bankruptcy filings. www.totalbankruptcy.com   www.usbankruptcy.gov   www.bcsalliance.com     These will give you some information pertaining to bk....Most attorney's will see you on a first free consult, gather your paperwork together and see one so they can tell you what you qualify for. Good Luck!