bankruptcy stop repossession
Chapter 7 Bankruptcy?
I have $40,000 in debt which includes a host of debts and 2 vehicle repossessions. My credit score is under 400 now. I have $637/mo income which doesn’t even cover my food and shelter costs. This income is from my son’s SSI. I have Bipolar Disorder and have yearly major depressive episodes that require me to stop working and sometimes hospitalization. I did manage to start a class for Massage Therapy which will allow me freedom in work hours. I was advised by my psychiatrist not to return to work yet. All things considered, do you think Chapter 7 bankruptcy is a good option for me?
There are ups and downs to bk. The up side is you would be able to get out of the large amount of debt, being on a fixed income would probably never be able to pay that off and your credit score would become lower. If you were to fall behind even further you could face judgment or levies and you don’t want that. The down side is it will stay on your credit report for 7-10 years depending on what your state law’s allow. The misconception about chapter 7 bk is that you wont be able to get any credit in the future. This is an incorrect statement, with the laws that were put in place in October of 2005 makes it impossible for you to file a chapter 7 bk for at least 7 years which means any future creditors will be guaranteed their money most likely through judgments. So be careful. Check with your community or the local bar association allot of larger cities will have clinics set up where you can get free legal advice.
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