I owe about 10,000 in credit card debt with no assets. can i file for bankruptcy? I simply cant make ends met?

Question

I was on disablility, while working so i had additonal income. Now SSI says I am working too much, and they have stopped all my benefits. But with the income I make I can't seem to make ends met. I have no assets, no car, home, ect.. can i file for bankruptcy? Thanks for the help

Answer 1

I don't know about bankrupcy but maybe if you contacted a debt relief counsler or a consolidator they can get the payments and interest rates down so that you don't have your credit ruined by a bankrupcy.

Answer 2

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RE I owe about 10,000 in credit card debt with no assets. can i file for bankruptcy? I simply cant make ends met?

I was on disablility, while working so i had additonal income. Now SSI says I am working too much, and they have stopped all my benefits. But with the income I make I can't seem ...show more

Answer 3

Yes, you can file for bankruptcy. Your SSI can't be touched in a bankruptcy settlement. You don't really have anything to lose in your case. You could also go into debt management and settle for a about 50 cents on the dollar. Either way your credit rating will suffer greatly-but that's moot if you don't have the income to service debt in the first place.

Answer 4

Every state has a "means" test to see if you qualify to file for Chapter 7 bankruptcy...the type that discharges most debt including credit card debt....Being on SSI as your only income would almost certainly mean that you qualify.

$10K isn't a catastrophic amount of debt....If your accounts are seriously past due you can attempt settlements at the 50% range...so that could drop your debt down quite a lot. If you do this, get all terms IN WRITING FIRST prior to paying....

I think that Chapter 7 should only be reserved for a true financial emergency. I'm not sure if your situation qualifies for one.....If you do file, just remember that you can't file again for around six to seven years....so if you get into worse financial trouble in a couple of years after filing, you'll be in really bad shape.

I'd recommend calling your local Red Cross for a referral to the local Consumer Credit Counseling Service.

Answer 5

One consideration. When Dubya took the helm, one of the first things he did was push for Bankruptcy Laws revision. There is no close the books and move on. No, you will enter into an agreement to let the court supervise your closing those debts, and they require paying $100 / month for 5 years. The law is called something like "The Bankruptcy Abuse Prevention Act". Makes me think that somebody must of have bilked Dubya's daddy out of some money and so the boy wanted to avenge his daddy.

If you care, you can call the credit card vultures and tell them you want to surrender the card and sign a promissory note. That way they stop the late fees and interest. Otherwise, you can wait until the card companies sue you and the court will garnish your wages and/or benefits unless you live in Texas or Florida.

Answer 6

any debt consolidation company will leave a black mark on your credit rating. For all intents and purposes, it will be considered a bankrupcy.
I doubt that you need to file bankrupcy.
Can you get a second job?
Can you work with the CC co's about working out a payment plan?
Can you create a budget and live within it?
No need to wreck your credit over 10K.

check out this web site. I am not affiliated with it at all. It just maybe helpful for you.
http://www.daveramsey.com/

Answer 7

Try a debt reduction program, they usually get rid of the accrued interest, you still pay the basic debt back and you're debt free in 24-30 months, for a pretty low payment.

Answer 8

I don't see why not. You should consult a bankruptcy attorney. I wish people would stop claiming you don't get a discharge. You DO still get a discharge. Bankruptcy still does what it is supposed to do, it just requires more paperwork.

Answer 9

My Company can settle your debt and save you 60% call 888-5-Debt-Pro

Answer 10

Bankruptcy is not different than stealing. You need to call your credit card company explain you are having trouble making the payments and they will work with you by either lowering your interest rate, lowering your payment or both.