QUESTION
Would filing bankruptcy give me a break and time to seek a new life?
Asked on Feb 22nd, 2017 on Bankruptcy - California
More details to this question:
I am 27 and lost my job in oil and gas last year 2016. I was making $22 an hour and had a good grip on all my debts at that time which amounts almost $18,000. Now, I work from home for $13 an hour and in very tough condition, have a kid and a wife to support. Loans are from credit card and private company. I cannot keep up with payments and have been behind payments for almost couple months now. I do not have strength to fight legal battles.
12 ANSWERS
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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Sorry to hear about the downturn. Bankruptcy is designed for just this type of situation. A Chapter 7 case should wipe out most, if not all, credit card obligations and other unsecured debt. And you can, in most instances, keep your house and cars. Contact a bankruptcy attorney near you for a free consult.
Answered on May 09th, 2017 at 7:24 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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That is the very purpose of bankruptcy: to give you a fresh start in your finances, and often in your emotional life as well. Your facts certainly suggest that bankruptcy would be a good idea. It's best to find a skilled lawyer to advise and represent you: it's almost always a good investment. Good Luck.
Answered on May 09th, 2017 at 7:46 AM
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Your situation is a perfect example of a good reason to file a bankruptcy.
Answered on May 09th, 2017 at 7:46 AM
Unfortunately, you have not provided me with the type of details I need to say whether bankruptcy is an appropriate solution to your financial problems. How much debt and what kind of debts do you have? Are you covering the cost of your ongoing living expenses? Bankruptcy is not a one size fits all solution.
Answered on May 08th, 2017 at 2:27 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Bankruptcy would eliminate those debts and give you a fresh start.
Answered on May 08th, 2017 at 2:26 PM
Yes. Without more information, I can't tell you if it's a Chapter 7 or a Chapter 13. It sounds like a Chapter 7, where most debts are discharged (recent tax liability is not dischargeable, nor are student loans or child support obligations). From the date of filing to the date of closing is approximately 4 months. I hope this helps.
Answered on May 08th, 2017 at 2:26 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Bankruptcy is an option. It ought to be the last option but it may be your only one. In past times consumer credit counseling could help with this type of situation but most of the classic ccc agencies are gone.
Answered on May 08th, 2017 at 2:26 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Short answer is yes, long answer is yes, but call counsel in your state.
Answered on May 08th, 2017 at 10:03 AM
Yes, that is what bankruptcy is designed for so go for it start a new life.
Answered on May 07th, 2017 at 6:25 PM
From what you are saying, you would easily qualify for a Chapter 7 BK which would eliminate your debt. It only takes about 120 days start to finish.
Answered on May 07th, 2017 at 6:24 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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YES.
Answered on May 07th, 2017 at 6:24 PM
You would almost certainly qualify for a chapter 7 bankruptcy which would discharge the debts you describe. Most bankruptcy lawyers offer free consultations and you should definitely talk to one.
Answered on May 07th, 2017 at 6:24 PM