QUESTION
Should I file for bankruptcy if I have one unpaid credit card bill?
Asked on Oct 01st, 2012 on Bankruptcy - South Carolina
More details to this question:
I have one unpaid credit card. It is not debt off and I can’t afford to paid it now. When I got the car, I lost my job and now I am going through some hard times. I just want to get my credit back right.
9 ANSWERS
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Filing bankruptcy is not for everyone. If this is your only debt, consult with a consumer credit counselling agency.
Answered on Oct 02nd, 2012 at 6:07 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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I am confused by your question. Do you have a credit card or a debt from the purchase of a car? My answer will change slightly depending your facts. The bottom line is that the creditor will sue you if you do not pay the debt. Once they obtain a judgment they can garnish wages and/or bank accounts - depending on your state exemption laws. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Oct 02nd, 2012 at 6:07 PM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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Thank you for the interesting question. The answer to your question depends on your entire financial situation. Experienced bankruptcy attorney should be able to advise you in this regard.
Answered on Oct 02nd, 2012 at 6:06 PM
Filing bankruptcy will not improve your credit score. If you can work out a new payment schedule and pay off your credit card debt..THAT will improve your credit score. If you want specific legal advice for your situation, you should call a bankruptcy attorney. As a general rule, however, bankruptcy should be your last resort. That is, you should only file bankruptcy when there is no better option out there.
Answered on Oct 02nd, 2012 at 6:06 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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For one debt, I do not think it would be worth it.
Answered on Oct 02nd, 2012 at 6:04 PM
This is a tough one to answer. There is a lot of information I would need to help you with this decision. How much is owed on the card? What is the posture of the collection effort? Can you make a monthly payment to them? What about the car (or was that a typo and you meant card)?
Answered on Oct 02nd, 2012 at 6:04 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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It depends on whether you qualify not the amount or type of debt.
Answered on Oct 02nd, 2012 at 6:04 PM
Probate and Estate Planning Attorney serving Harrison, MI
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David T. McAndrew, Attorney at Law
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It would benefit you to try and negotiate a reduced payment from the credit company. Unless this credit card exceeds $3,000, you would be better off spending your money on repayment, instead of proceeding through bankruptcy and spending the equivalent funds.
Answered on Oct 02nd, 2012 at 6:03 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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depends on the size of that one bill
Answered on Oct 02nd, 2012 at 6:02 PM