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Is filing BK right for me!!!

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    #1

    Question Is filing BK right for me!!!

    First let me tell you about my situation I have around 15K in credit card debt and it is literally crushing me. I also know in the grand scheme of things 15k isnt that much debt. The interest rates that I am being charged are least I say ridiculous. If I could get out from under this debt that I have I would have the money to finsh the schooling I need to get a decent job. I am 27 and like many others I was laid off in the 2nd quarter of 2009 from a job that I loved and had for over 7 years. I moved out of my condo and back in with my parents, sold about everything I had just to make payments and I have come to the end of my rope. I have exhausted my UI benefits and wish I had the option to ask my parents for help but that is not the case. It has been seemingly harder for me to find employment since Im disabled. I am legally blind and recieve Social Security each month (which is how I plan on paying for my chapter 13 monthly payments). My credit is already shot so getting a loan is out of the question. I believe BK is my only way out, or maybe there is another route? Would like to hear from you guys. Thanks for your time.

    Ryan
    Last edited by Tyrant785; 10-29-2010, 11:29 AM.
    Tags: chapter 13, ssi
    #2
    Hey Ryan,

    Welcome to the forum. Whether filing BK is right for you or not depends entirely upon your situation, not your amount of debt. I do agree that 15K is a low amount compared to others, however the effect it is having on you certainly is not minimal. Couple things off the bat here. I believe social security income is exempt and thus you would not be able to fund a 13, but would have to file a 7. Second, if you are talking primarily credit card debt, why try for a 13? With no income but UI and SSI since late 09, I am pretty sure you're under state median for KS, making a 7 the right choice for you.

    Please provide some more details and I'm sure more people will chime in, but, your bottom line question, is it right for you, it depends on what effect the debt is having on you.
    Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
    AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

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      #3
      I would have to agree with ccsjoe that you sound like a better candidate for a chapter 7 rather than a chapter 13. Is there some reason you want to file a chap 13? Are you trying to protect some assets? Please give us some more details.
      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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        #4
        Chapter 7 ! Dump it and get yourself some breathing room in your life.

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          #5
          Thanks for the quick response!! Soo basically your telling me that I cant pay for a bankruptcy with ssi (which is my only source of income)? Is there a way around that? Lets say I did decide to file chapter 7 would I have to return debted items? That was my main reason for wanting to file ch 13 so I could pay off my creditors and keep my items. A close friend of mine just finished paying off his ch 13 he had roughly 27K in debt and was able to make monthly payments, keep everything and pay off his creditors in 3 years. I recieve around $700 a month is ssi as long as the payments were under $400 monthly I could make them no problem. But I guess that wouldn't matter if ssi is exempt. I have an appointment with an Atty on the 9th of nov so hopefully I can work something out.

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            #6
            Please don't file for a Chapter 13 unless you are trying to save something (a house or condo or car, or another asset.) A chapter 7 would be the best for you if you don't have any assets that you can't exempt (and it surely doesn't sound like you do)

            Also, contact your states commission for the Blind. A tip: I do know that the IRS is hiring and they conduct training for blind/seeing disabled people out of the Lions World School in Arkansas. Please contact your state commission for the blind for information. I've heard it is a wonderful program. 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.

            Comment

              #7
              Ryan,

              I can't answer your question unless I know what you're trying to keep. Maybe this will help. Credit card debt is unsecured debt. They will not demand you return anything. In addition, you state has exemptions that you can use to retain personal assets.

              We really would need more information otherwise I feel we all are just shooting in the dark while attempting to help you.
              Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
              AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

              Comment

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