QUESTION
Is there any way she can get her $15,000 debt cleared if she does not have the income to pay?
Asked on Oct 30th, 2013 on Bankruptcy - Colorado
More details to this question:
I have a 20 year old female friend, who is residing with me. She is currently working 2 jobs but is on her own. She makes only $8 an hour at each one. I cannot afford to help since I have a family of my own. I would appreciate some feedback.
13 ANSWERS
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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Chapter 7 bankruptcy is designed to allow below median income earners to discharge fully most, if not all, debt in exchange for liquidation of their nonexempt assets (which in most cases leaves debtors with everything they currently own).
Answered on Nov 04th, 2013 at 3:58 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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She should definitely consider Chapter 7 Bankruptcy.
Answered on Oct 31st, 2013 at 2:04 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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She should speak with a bankruptcy lawyer to discuss her options. If it is right for her, she could eliminate the debt. This is only general advise, and the attorney would have to review her situation to see if she qualifies.
Answered on Oct 31st, 2013 at 2:03 PM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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Only through bankruptcy or negotiating something with the creditor.
Answered on Oct 31st, 2013 at 12:48 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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Generally, the way to get rid of debt if she can't pay would be to enter into a settlement with the creditor(s) for a reduced amount, or file a bankruptcy (either chapter 7 or chapter 13, depending on a number of factors). Since she is working, there is a risk that (without a settlement of bankruptcy) a creditor could file suit, obtain a judgment and garnish a portion of her wages. Another possibility, if the debt(s) are old enough, and there have been no payments for a long time, collection could be barred by the statute of limitations. She should consult with an experienced bankruptcy attorney to learn more about her options - before making any settlement or making any more payments.
Answered on Oct 31st, 2013 at 12:47 PM
2 Awards
She can file bankruptcy and discharge this debt.
Answered on Oct 31st, 2013 at 12:47 PM
There could be many ways to resolve debt issues. Details matter. Is the debt a student loan? Is it child support, aliomony, or taxes? Is it one debt or an accumulation of several obligations.
Answered on Oct 31st, 2013 at 12:46 PM
3 Awards
Her best and fastest way to clear the debt is to file a bankruptcy. That will discharge the debt and get her a fresh start.
Answered on Oct 31st, 2013 at 12:46 PM
Your friend should see an attorney about filing a Chapter 7 bankruptcy. If her income is as low as you indicate she may qualify for Chapter 7. A Chapter 7 bankruptcy will discharge all of her dischargeable debts.
Answered on Oct 31st, 2013 at 12:45 PM
Deborah F. Bowinski
Most debts are dischargeable in bankruptcy. She should schedule a consultation with a bankruptcy lawyer to see if that is the right solution for her.
Answered on Oct 31st, 2013 at 12:44 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes we have bankruptcy law.
Answered on Oct 31st, 2013 at 12:42 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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It depends on what kind of debt you are asking about. If the debt is ordinary credit cards and medical bills; then yes, it is possible to clear those via bankruptcy if she does not have the ability to pay.
Answered on Oct 31st, 2013 at 12:41 PM
2 Awards
She might want to look into filing a Chapter 7 bankruptcy. I can't tell from what you have said if it would be best for her, but she might want to talk to an attorney to see.
Answered on Oct 31st, 2013 at 12:40 PM