To file chapter 7 now or later?
A. S asked:
With the economy in a interesting state, I’m trying to figure out if filing now would be a smarter decision than filing in January 2009. I’ve tried my other options of loans and non-profit debt relief organizations, and I haven’t open any more accounts or use current accounts since May 2008. I’m strictly cash and debit card. The debt relief organization was great, but my income is just too low to accomodate living with necessities AND paying the monthly consolidated debt. I’ve made sure to pay school loans first which are consolidated. Anyway, I’m not excited to file bankruptcy but want to know would now be the best??
With the economy in a interesting state, I’m trying to figure out if filing now would be a smarter decision than filing in January 2009. I’ve tried my other options of loans and non-profit debt relief organizations, and I haven’t open any more accounts or use current accounts since May 2008. I’m strictly cash and debit card. The debt relief organization was great, but my income is just too low to accomodate living with necessities AND paying the monthly consolidated debt. I’ve made sure to pay school loans first which are consolidated. Anyway, I’m not excited to file bankruptcy but want to know would now be the best??
Please don’t share other options, I am filing bankruptcy. I just want to know if now or later would be best?
Ann
July 21st, 2009 at 4:44 am
Gertrude
If you can’t make your consolidation payments how do you plan to pay your BK lawyer fees? You’re not bankrupt, you need a better paying job.
July 22nd, 2009 at 1:03 am
Margaret
yes, you can opt for bankruptcy now
Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.