QUESTION
Should I file for bankruptcy if I am on SSDI and I have a lot of debt?
Asked on Jun 06th, 2016 on Bankruptcy - California
More details to this question:
While waiting to get approved for SSDI, I built up some debt. I own my home and 1 car.
6 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Whether you should file for bankruptcy depends on if the equity in your home is covered by the homestead exemption in your state.
Answered on Jul 11th, 2016 at 5:43 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes, bankruptcy seems appropriate based upon your debts.
Answered on Jul 06th, 2016 at 5:03 PM
I would like to know how much debt you would be able to eliminate, whether any of your debt is for taxes or student loans, and whether you have any court judgments against you or other property that would be vulnerable to being seized by a creditor with a court judgment. As a general rule, someone without wages that can be garnished or assets that could be lost by an attachment other can chose to file bankruptcy if they wish, but it is not necessary.
Answered on Jul 06th, 2016 at 5:02 PM
2 Awards
If your income and expenses justify filing a chapter 7 then this will eliminate your debt. You will need to run through the means test to determine if you are eligible. If you are in SSDI and have no other income you should qualify. I recommend contacting a reputable attorney to run the numbers for you.
Answered on Jul 06th, 2016 at 5:02 PM
Creditors can't go after your benefits, so unless you plan to work and have income there's no point to BK.
Answered on Jul 06th, 2016 at 5:01 PM
Maybe. Meet with an experienced BK lawyer. I ask about 50 questions when I first meet with a potential client. Trying to answer questions without any information is dangerous, at best.
Answered on Jul 06th, 2016 at 5:01 PM