QUESTION
How does my friend take up bankruptcy when on social security disability and don’t have enough money to pay?
Asked on Jul 06th, 2016 on Bankruptcy - Colorado
More details to this question:
He has over $15,000 in debt and has very little to live on.
4 ANSWERS
I am assuming your friend has no assets to speak of. Assuming this is correct, he is "judgment proof", and there is no need for him to file BK.
Answered on Aug 05th, 2016 at 5:48 AM
Not sure if I understand the question, but your friend should be discussing his financial problems with a local bankruptcy attorney. Bankruptcy may be unnecessary if he manages his money properly by keeping his social security income separate from any other sources of income.
Answered on Aug 03rd, 2016 at 6:58 PM
Derek W. Freeman
Your friend should stop making payments on those debts that will be part of the bankruptcy. If his only source of income is Social Security disability, his income is exempt and cannot be garnished by a creditor. Eventually he will save up enough money to pay for an attorney to represent him in a bankruptcy.
Answered on Aug 03rd, 2016 at 11:59 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
If there is nothing to protect, such as equity in a house or a bank account, then he should file a Chapter 7 based upon what was written.
Answered on Aug 03rd, 2016 at 11:59 AM