So i have about 5,000 in credit card debt. I'm on training benefits, an extension of unemployment, and going to school full time. It runs out in a few months. I'm in school full time and can't really work because I have trouble using my hands and looking at computer screens which is why I had to quit my last job. I don't have any assets.
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Hi, filing BK actually costs something: Like several thousand dollars. The best thing you can do for that $5000.00 credit card debt is pay it off. That is not enough debt to go bankrupt over.Not all those who wander are lost....
--J. R. R. Tolkien -
First of all, filing Chapter 7 bankruptcy does not cost anywhere near "several thousand dollars"--it costs about $600. An attorney might charge an additional $1000-2000 for the service of filing on your behalf, though many people have successfully filed pro-se.
Second, bankruptcy is a tool, which serves an important purpose: to protect one's necessary assets--especially wages--from creditors when one is unable to pay his/her debts. A person who is unemployed and unemployable likely doesn't have anything to protect, and should not file.
Third, one should NEVER file while unemployed, unless one is merely "in between jobs" and expects to return to work soon. It is possible to incur unexpected debt, such as medical expenses, which you would then be pursued for (and not have the relief of bankruptcy available).Comment
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There is an alternative for bankruptcy filing for unemployed, that is Chapter 13 bankruptcy. Most lawyers will charge you thousands of dollars for that. There are other alternatives out there like Bankruptcy Petition Preparer. You don’t need to have assets in order to file for this bankruptcy type.
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