how often bankruptcy
Bankruptcy???
I live on long island , ny and am wondering what does it take to qualify for claiming bankruptcy?I have no problems w/ credit cards it is all way overdue hospital bills w/no hope of pymnt plans it is way past that point, but i owe sooooo much.they currently for the past couple of years garnish my NYS tax return not my salary yet i think bec ause i change jobs often.am i eleiglbe?i just had twins and i can’t even open a bank account i want to start over for my girls and start to be responsible w/my finances. what can i do?
Bankruptcy is an option for you. Medical bills are dischargable, in fact, most of my clients have feel that their bankruptcy is spurred by medical bills.
There are two types of personal bankruptcies. A chapter 7 is the one that most people are familiar with, it’s where the Trustee looks at your debts and your assets and sees what assets can be claimed to pay your creditors. A good attorney will be able to assess if any assets will be ceased. Under the current law, you are eligible to get a Chapter 7 Discharge ever 8 years.
The other personal bankruptcy is a Chapter 13. A Chapter 13 is where you make payments to a Chapter 13 Trustee for 36 to 60 months. This payment pays a portion of the unsecured debt (the credit cards and medical debts), and it will pay off any secured debt that you have, like a car or arrearages on your mortgage.
From what you’ve written, I would suggest a Chapter 7 Bankruptcy. But you should go talk to an attorney. Most bankruptcy attorney’s offer a free initial consultation. It won’t hurt to go talk to one.
