I have extensive bills?

Question

I recently relocated and divorced and ran up credit card bills to get settled. Doing this alone has caused some financial problems and since I have utilities and cards and food, etc., to contend with alone, I'm now in a fix. I have no children. I'm 55 and own my home. My car is paid off. I just need to file bankruptcy to get rid of the credit cards and concentrate on paying the necessary bills, mortgage and utilities. Would I lose my house by filing? Am I eligible to file? I'm also on a fixed income. I also need to have expensive dental work done. This will add onto my dilemma. Although I have insurance, it only covers up to a certain amount per year. My dental bill will cause me to pay the remainder out of pocket. To me, bankruptcy is the only way to go, at this time.

Answer 1

Sorry about the divorce, but they can play havoc on your life. I know about fixed incomes. Good about your house and car. No you won't lose your home, but you need to consult a bankruptcy attorney to get the best deal. Doing a bankruptcy can be hard nowadays. You need to have good reasons for filing, even on credit cards. Usually on dental work, they only let you pay cash per tooth, so if you have to have alot of work, it could take years to finish it. Perhaps you know a kind dentist that won't make you do that. Good luck to you and be sure you get a GOOD attorney, not a shyster.

Answer 2

You don't say how much you owe or what amount of income you have so it is hard to be specific.  The days of easy bankruptcy are over for most folks.  Suggest you contact a reputable bankruptcy attorney in your area to discuss whether you are a candidate.

Your home shouldn't be in jeopardy since it is paid for and you live there.  Ditto the car.  As long as you don't expect to need any further credit for the next several years, you'll be OK.  There is, however, a certain stigma to going bankrupt.