can i file bankruptcy now ?

Question

hi,

i owe around $15,000 credit card debts , can i file bankruptcy now?
i don't have a house now and already sold out the car longg time ago.

1-what will happen to mine credit card debt after file bankruptcy?
2-how much i need to pay to do this with lawyer?
3-what will happen to mine credit file?


thanks

Answer 1

It's not worth filing bankruptcy for $15,000 of debt. It would be better for you to work an extra part time job to pay it off.

Answer 2

So many people think bankruptcy is a lazy way out of debt, for some it is the only solution. I have delt with good people who had to go bankrupt because of some sort of change in their financial situation. It is hard to judge someone when you have not walked in their shoes. Your creditor will receive a tax break for the debt that is discharged so it is not as if they are getting Nothing. Your credit will take a hit but credit is very subjective so it will rebuild time. The laws are such that only the judge can tell you if you can file 13 or 7. Just know that for the next few years if you buy a car it will cost you somewhere around 15 to 20 % in interest rates because of the bankruptcy. After 10 years the negative credit history will be removed and you will be starting over. There are alternative such as debt settlement. Everything you do except pay your debt 100% Will hit your credit temporarily.
Kourtnie Donihoo
The EDA Group
1 866 605.0753

Answer 3

You can file bankruptcy when you have:
Unemployment: Large medical expenses; Seriously overextended credit; Marital problems, and;
Other large unexpected expenses.

Since your debt is pretty much low it is advisable that you try to get some job and pay the debt. Other wise when you file bankruptcy the lawyer can charge anything from $500 to 1500 and the thing will remain on your credit history for at least 7 years and your credit rating will recieve a good beating. So weigh the pros and cons before filing. It may look like an immediate solution but the repurcussions are big..
For more articles on bankruptcy visit http://www.card-gallery.com

Answer 4

Bankruptcy will be on your credit for 7 years regardless if you file chapter 7 or chapter 13. On chapter 7 all of your debts are dissolved, you don't make any payments. However, there are stipulations on your property, like you can't have a brand new car, etc. On chapter 13 you make payments, usually about 2% of unsecured credit. Lawyers are all different. Usually (in Oklahoma) it is about 500-800 down and the rest is payed with the creditors in Chapter 13, or you have to pay all of it up front in chapter 7. Think it through seriously. It will affect your ability to get a house in the future. Good luck!

Answer 5

Each state is different. If you've used your cards within the last 90 days, you probably can't, but you'll have to talk to your attorney about it.

If you file bankruptcy, you can't discharge the credit card debts anymore. You'll be put on a payment plan to repay the debt.

Each attorney is different. We paid $600.00 to file.

Your credit will go down the toilet.

Answer 6

There is no way I could in good conscience advise you to file bankruptcy. Get on a really tight budget and work an extra job to pay as much as you can against your debts.

Tight budget = No cable, no cell phone (maybe a prepaid phone for emergencies only), dial-up Internet only, and no eating out.

Answer 7

properly, to respond to your preliminary question of regardless of in case you're able to document financial ruin or no longer is surely as much as you finally. i would not suggestion it in case your debt is below 10K as oftentimes a consolidation could get you out of the hollow on that concern and you will rebuild your credit. the subsequent concern because of the fact the regulations have replaced, do you qualify based on the earnings regulations on your spouse and teenagers? threat is, it seems which you do, yet then i don't be attentive to what you're making or what share are on your spouse and teenagers. Secondly, that is gonna fee you a grip to document now as what was $3 hundred-$500 to do a number of years in the past will honestly fee you $1500 or greater. Plus you will additionally could seek for credit counseling till now you progression forward in the technique. As on your reference appropriate to the 7 yrs., that is not unavoidably computerized as they flow on the final date of interest on the account. it somewhat is how the lenders get you and function the skill to escalate that 7 yrs. to an eternity. Now, you could constantly dispute any themes you have on your credit checklist, so don't be afraid to attain this. they could deliver you an handle and touch form of the creditor interior of a lifelike quantity of time or the credit bureau has to eliminate it out of your credit checklist. many human beings don't be attentive to this, even nonetheless that is how maximum of human beings are in a position to have some issues bumped off, because of the fact they fail to analyze the information speedily. it somewhat is oftentimes sturdy for you if it somewhat is so or you will be caught with some issues on the checklist. i desire this helped. sturdy success!