My husband worked in construction for 3 years until he had his accident. He fell 30 feet off a ladder and landed head first into the dirt. Thankfully he was okay, and scraped by with just a conncussion. Nevertheless, we were hit with $2500 in medical bills because his employer skipped town and filed bankruptcy 2 days after his accident. Since that day he hasnt been back to construction because he is honestly afraid of heights now. He has worked 3-4 jobs since his accident, but none of them paid as much as his construction job and he have put ourselves 50K into debt trying to keep our heads above water. I feel like I will be taking the cheaters way out if I file but I really dont know what else to do.
Is this a good reason to file?? Or am I just not thinking hard enough on a good way to get out from under this pile of debt?
2007-09-28 06:20:42 · 7 answers · asked by TUBBY 4 in Business & Finance ➔ Credit
Go see a bankruptcy lawyer and see if you qualify.
Or you could go to Consumer Credit Counseling Services (CCS), a legit, non-profit company offering free credit counseling. They can look at your specific finances and advise you on the best way to proceed.
Here's their site: http://www.nfcc.org/
2007-09-28 06:33:22 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Have you looked into the Workers Compensation Laws in your state? If he was employed and if the employer did have valid workers compensation at the time this should have covered his medial bills and possibly some of the lost time from work. Since you said he filed bankruptcy there is a good chance he did not have it, but this is something you need to look at first. Even if he did not have valid WC Insurance there may be other ways to get covered. A consultation with a good Workers Comp Attorney may be able to direct you if this is possible.
The suggestions to also consult a reputable credit counseling organization is the next thing you should do. As a last resort bankruptcy may be an option for you. But it is not based on your amount of debt. It is based on your ability to repay. Depending on your exact situation you may not qualify for a Chapter 7(liquidation) bankruptcy and may be forced into a Chapter 13 which is basically a repayment plan.
If you are thinking of bankruptcy find an attorney to get a consultation. Most will give you a free short consultation and give you your options for your specific situation.
2007-09-28 07:29:27 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
Bankruptcy is part of the social contract. There is no shame filing a bankruptcy case particularly when you are dealing with a catastrophic circumstance. Once you file, you must change your spending habits to adjust to your now seemingly permanently lower income. Or your husband should retrain for a better paying job.
2007-09-30 08:23:37 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html
2007-09-29 02:01:04 · answer #4 · answered by jemmy t 2 · 0⤊ 0⤋
well i would suggest trying a debt consolidation agency. they help you make payments that u can afford monthly. look online, there are tons.
filing bankrupcy would be the easy way out, but it will really screw up ur credit. but if its the only way to survive, and ur ok with bad credit for the next 7-10 years, i would do it.
good luck!
2007-09-28 06:32:21 · answer #5 · answered by jezzekah36 3 · 0⤊ 0⤋
contact those medical bills on there 1 800 numbers and tell them your having problems as some offices write off medical bills for patients due to hardship. others doctor offices will set something up even if you pay them 5.00 a month.
don't file bankruptcy
refinance if you have too and that way you can borrow money from your home. go to the bank and talk to them but don't file for bankruputcy.
2007-09-28 06:32:38 · answer #6 · answered by Anonymous · 0⤊ 2⤋
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2016-10-05 12:04:43 · answer #7 · answered by gonzalescordova 4 · 0⤊ 0⤋