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Not sure if I should file

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    #1

    Not sure if I should file

    Hi, I am not sure if I should file for bk or try and pay off my debts. I have a little over $9000 in debt (repossessed car, credit cars, student loans). I have no job right now and I am living with my fiancee and taking care of our daughter. We were having a hard time making ends meet while paying for childcare, so now I just stay home. He pays all our living expenses, but all my old debts have not been payed on for the last 2 years because we are barely affording to live. I also have not accrued anymore debt in the last 2 years.
    I am trying to figure out my options, I know I can slowly pay off my debt over time, or file for bankruptcy. So I guess my question is if I should even file without $10,000 in debt? I have read that you should at least have $15,000 to $20,000. I know it's ultimately my decision, but I would love to have some experienced people's input. Thank you for reading and any responses!
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    #2
    Your student loans aren't going to be discharged in a bankruptcy, so I'm sure that whittles down the number a bit. Since you are not working and I would guess don't have medical insurance, I would hold off and not file bankruptcy. (If you don't have medical insurance and something happens you could be hit with a huge medical bill. Then, if you've already filed for bankruptcy you will be stuck.) Good luck to you.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      Totally agree, filing now wouldn't be the best financial decision you could make. You don't sound like you have anything that a collector could go after....basically you are collection/judgement proof at this point. Hang in there, do what you can to pay back your debts when you can, but don't jump into the frying pan just yet.
      Filed pro se, made it through the 341, discharged, Closed!!!

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        #4
        I agree with the others. Depending on how much of that is student loan debt, BK may not get rid of that much debt at all. Also, consider what it would cost for an attorney, and you'd probably be better off using the attorney fees to make settlements on the smaller debt.

        Attorney fees vary greatly depending on area and "quality" of the attorney, but for reference, we paid our attorney just over $3000 for a Chapter 7. That would make a big dent in your debt load.

        Good luck!

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          #5
          Thank you for your replies... it is nice to hear it from others.

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