Question I'm 60 - why SHOULDN't I file for bankruptcy?

[loveoldtrux]

Always heard if you file for bankruptcy your "credit" is bad for 7 years. Well, I plan to retire in 6 so why not?

My wife deserted me 1 1/2 years ago and my divorce was just finalized. She left me with 15,000.00 of credit I've been trying to pay down but I can't. I can't even afford to buy shoelaces (the ones I have on now have broken twice and I'm trying to use them till they break a 3rd time). Just found out I owe taxes for last year (already making monthly payments for the year previous (when she left me). The wife is no longer here to help me with the things she said she would.... just up and left to move in with a convicted child molester.

Only way I see my way out of all this mess is filing. I do plan to keep making payments on the house and car (both paid off in 5 years) and would like to keep them.

A month of unpaid bills would give me enough money to pay a lawyer in Rome or Cartersville, I guess....

I have to use a FOUR WATT lamp at night to see in the dark (I don't turn the lights on to drive up the electric bill) and don't use the heater in the winter (usually 38-42 degrees in the house - the cat hates it!!). It's really rough.

Seems to me if I do it, I'll be retired when my credit is "cleared" but by then I won't be out in the world anyway... just watching the grass grow and going to Church on Sunday. Social Security looks good for me since I've been working since '68...

Thanks for any help you can provide,
Starving in GA

[IHateToBeEmo]

If you can't afford shoe laces, you definitely should file Chapter 7 bankruptcy. Get one or more free consultations with bankruptcy attorneys. Good luck!

[JessMN]

I'm not going to tell you what to do, but*I* would file if I were you - just remember your taxes wont be discharged.
And as a response to your first sentence - the BK shows on your credit report for 7-10 years (10 for chapter 7), but that doesn't mean your credit is "bad" that whole time. It is entirely possible to rebuild - I know people with scores in the 700's with a bk on their record. Plus if you already have a car and house, what do you need credit for?

[keepsmiling]

Oh dear, so sorry to hear of all your troubles. ((((hugs))))
Depending on GA exemptions, you may have to think about your house, which is almost paid off. That would be my biggest concern.
Do you have other debt besides the 15k? Are you driving a fancy car? What's your income situation? Have you spoken to any lawyers?

[LadyInTheRed]

Keepsmiling makes a good point about your home. According to http://www.legalconsumer.com/bankrup...T=GA#homestead Georgia has a $10,000 homestead exemption. How much equity do you have in your home?

The vehicile exemption is $3,500. How much equity do you have in your car?