QUESTION
With the amount of debt I have, would bankruptcy be my best option?
Asked on Oct 12th, 2016 on Bankruptcy - Colorado
More details to this question:
Over the years, I've racked up somewhere around $40,000- $50,000 in debt. The debts range from loans to hospital bills. I currently have a judgment against me for around $20,000 and am having my checks garnished.
8 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, I sounds like bankruptcy is your best option.
Answered on Nov 04th, 2016 at 6:13 PM
2 Awards
It depends on how much money you make. You should meet with a reputable bankruptcy attorney to discuss your options.
Answered on Nov 01st, 2016 at 6:26 PM
1 Award
Yes, you should definitely file a bankruptcy. That is a lot of debt. You would need income in the $100,000 range to ever be able to get it paid off. The garnishment will stop the moment you file the case.
Answered on Nov 01st, 2016 at 6:26 PM
Knowing the amount of debt you have is not a determining factor of whether bankruptcy is your best option. Certainly, bankruptcy is an option for you to investigate. If, for example, filing bankruptcy would cost you an inheritance or other valuable property, or if you are for one of many reasons, ineligible for bankruptcy, you also ought to ask about other options. An ethical bankruptcy attorney ought to explain your options and not tell you which to chose.
Answered on Nov 01st, 2016 at 6:25 PM
If your assets can be exempted and your income is not too high, a Chapter 7 bankruptcy will stop the garnishment and erase your debt.
Answered on Nov 01st, 2016 at 6:25 PM
Bankruptcy is a quick way to stop garnishments, but if your income is over the limit for a chapter 7, bankruptcy is not always the least expensive solution. You need to consult with an experienced attorney to determine your best course of action.
Answered on Nov 01st, 2016 at 6:25 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
In a nutshell, the answer is yes.
Answered on Nov 01st, 2016 at 6:23 PM
I would need to ask a minimum of 40 to 50 questions to give you the guidance you need. It would be real simple to just say "Chapter 7", but that may not be the right answer, depending on your circumstances. Any lawyer worth their salt will charge you a small fee for an office meeting. Resist the free consultation, since you want get all the attention most clients are looking for. Good luck!
Answered on Nov 01st, 2016 at 6:22 PM