Need advice about whether to file ch 7 bankruptcy

[distressed]

Hi All,
I am considering filing ch 7 bankruptcy but I need advice on whether I should file now or wait. I have been reading this board and it is great, though a bit overwhelming the first time reading.
Anyways, here is my situation:
I have been unemployed for over 2.5 years now. I have about $45k in CC debt, my home was forclosed in 2009. I am currently living with my parents. I have a car that is still under loan (about 3k left to be paid). I have virtually no income, I drained my 401k already (had to withdraw with the huge penalty in taxes).
Anyways, the car I have is a honda 2006 accord, i bought it when I had a job, my parents are making the current monthly payments on it, even though I told them it would be better to just try to sell it.
All my cc have been closed since early 2009 and are being circulated to debt collection agencies.
My questions is if I file now, will I need to surrender my car? Also any advice on the ch7 would be great too. thanks

[Clabbergirl]

Why are you considering waiting?

[SunshineGal]

I would wait. You don't have any wages or money in the bank for the creditors to garnish, and your car still has a lien on it. You are what they call "collection proof". On the flip side, once you file you can't file again for 8 years, so what happens if you slip on the ice and break a bone, or get sick and need to go to the ER? IMO, you will have plenty of time to file once you land back on your feet.

[distressed]

ok thanks, you bring up a good point. I guess I wanted to file for ch 7 so that I can have a clean start again without having to constantly deal with debt collection agencies,etc
but I will wait to file until i'm able to get a job.

[tcreegan]

Hi distressed,

I agree with SunshineGal, you seem pretty 'collection proof' I would hold the BK card until I was about to get some income or assests that needed protection.

To help deal w/ the collection folks, do a search for the Fair Debt Collections Practices Act (FDCPA) and see what they can/cannot do and what you can do to make them comply.

Hope things start looking up for you, need to get you back in action to help save the economy

Tom in Colo