QUESTION
Should I file for bankruptcy if I am unable to live on my salary after paying my loans?
Asked on Jan 10th, 2014 on Bankruptcy - New Jersey
More details to this question:
I was in a bad situation (homeless) and I have two judgments and there are two loans through loan companies (not bank, like payday loans) that are on credit report. The total all together is more than I can handle and then be able to live on my pay. I've been on my job for a while. I need a fresh start. Should I file bankruptcy?
12 ANSWERS
I think you answered your own question. The Bankruptcy Code was enacted to help the honest debtor get a fresh start. There is life after bankruptcy. I know, since I have successfully filed THOUSANDS of bankruptcies for persons just like you. The Bankruptcy Code has it origins from the Bible.
Answered on Jan 16th, 2014 at 7:46 PM
Consumer Bankruptcy Attorney serving Charlotte, NC
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J. Baron Groshon
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It would not be wise for an attorney to advise you to file bankruptcy based only on the limited information that was provided. If you are unable to pay your debts on time, then you may wish to call and make and appointment to meet with a bankruptcy attorney so that the bankruptcy attorney can obtain all of the information that he or she needs from you in order to properly evaluate your bankruptcy options and advise you accordingly.
Answered on Jan 16th, 2014 at 6:52 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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Please understand that we cannot provide legal advice over the internet. Whether to file bankruptcy and when is a question that would involve providing legal advice. There are various facts to consider in determining whether to file and when. You'll want to confidentially discuss your financial situation. The attorney will want to know your "current monthly income", the types and values of all of your assets, types and amounts of debts, recent activity between you and the creditors, age of the defaulted debt, size of your household, your reasonable and necessary living expenses. Answers to these and other questions go toward determining what you hope to accomplish through the bankruptcy and whether this is feasible.
Answered on Jan 15th, 2014 at 4:18 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Probably, but you should schedule a free consultation to discuss your entire situation.
Answered on Jan 15th, 2014 at 4:12 PM
Deborah F. Bowinski
It sounds as though bankruptcy may be a good option for you. You should schedule a consultation with a local bankruptcy attorney to review your situation. Most should offer at least a brief free consult.
Answered on Jan 15th, 2014 at 3:01 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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You should definitely consult with a bankruptcy lawyer.
Answered on Jan 15th, 2014 at 3:00 AM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Might be a good option.However there are costs involved in bankruptcy that might, in and of themselves, be prohibitive on your income. You should see an Atty who deals with bankruptcy.
Answered on Jan 15th, 2014 at 3:00 AM
2 Awards
It sounds like you are a prime candidate for bankruptcy.
Answered on Jan 15th, 2014 at 2:59 AM
You definitely sound like a candidate for bankruptcy, because it is likely that the creditor(s) who obtained the judgments will be able to garnish your wages now that you are working. The only way to stop a garnishment is to file bankruptcy.
Answered on Jan 13th, 2014 at 11:26 PM
Advocacy Attorney serving Boca Raton, FL
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Steven H. Meyer, P.A.
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I'm sorry to hear about your situation. It sounds as if you might be a good candidate to file bankruptcy. You really should consult right away with an attorney in your area. Make sure to find an attorney who has experience in handling bankruptcy cases. Most lawyers do not. Our office has handled many bankruptcy cases.
Answered on Jan 13th, 2014 at 11:26 PM
If you have little hope of paying off old debt with your current job, bankruptcy is a good solution. Your income and assets as well as your total debt need to be examined by an experienced bankruptcy attorney.
Answered on Jan 13th, 2014 at 11:25 PM
Child Abuse Attorney serving Parsippany, NJ
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Arthur David Malkin
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You probably would be a candidate for Chapter 7 which would enable you to discharge your debts and keep some of your assets. You should contact an attorney regarding bankruptcy.
Answered on Jan 13th, 2014 at 11:24 PM