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Old 08-15-2011, 08:18 PM   #1 (permalink)
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need some advice

Well im in a tough situation, I have a lot of debt and am not bringing in the income to pay everything and can barely buy essentials for my child and myself.
Im thinking of declaring bk and having my credit cards, my vehicle and a personal loan discharged if possible.

I really dont know where to begin and im reading more about all this.

My monthly income is on and off usually with about $2100 a month.
whereas my debt is almost $2700. And now im getting ready to add another $500 a month to bills with school loans and all.

I want to declair BK on everything except 1 personal loan because my father is a co-signer and i do not want to ruin his credit while i try to fix mine. Any help?
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Old 10-05-2012, 01:02 PM   #2 (permalink)
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If you are really underwater you can go into bankruptcy and for an individual like yourself there are two types Chapter 7 or Chapter 13 and they have different ramifications. Here are two brief articles explaining bankruptcy http://www.legalmatch.com/law-librar...dvantages.html

http://www.legalmatch.com/law-librar...ankruptcy.html

Now it sounds like most of debts you mentioned should be dischargeable there are certain debts which are not such as student loans, child support, DUI debts, but credit card debt is generally dischargeable. However, if the majority of your debt is through student loans then going through the bankruptcy process is pointless.

Furthermore, if your total debt is only 2,700 then you probably don't need to declare bankruptcy. Life can pick up you may be able to negotiate something with your debtors particularly credit card companies or something, because they would rather get paid something than simply have you declare bankruptcy.

That is just some anonymous internet poster advice I would consult an attorney in your area to get more feedback particularly since bankruptcy is one of the most complicated areas of the law.
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Old 12-28-2012, 02:38 AM   #3 (permalink)
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I dont think that you need to file for it at this stage, you are doing really well, you have just $2700 debt, what you can do is get the debt money from your friends and family so that you can be out of debt and find a good steady job where you are permanent. Hope my advice helps you to recover from it.

Last edited by admin; 12-28-2012 at 09:48 AM.
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Old 01-02-2013, 07:41 PM   #4 (permalink)
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As both posters suggested a 2,700 debt is not worth filing bankruptcy for. Furthermore, if you declare bankruptcy your Dad will still be liable for the loan the point of a cosigner is to take on liablity if the debts cannot be paid.

Furthermore, you cannot declare bankruptcy on some items not others it is all or nothing and once it is there it does not go away anytime soon. There is a good chance you could pick up a second job to make up the debt. Simply put $2,700 is not worth bankruptcy.

Here are some articles explaining bankruptcy in more detail.

http://www.legalmatch.com/law-librar...ankruptcy.html

http://www.legalmatch.com/law-librar...ng-a-loan.html
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