What are the consequences of declaring personal bankruptcy?

September 26th, 2009 | by admin |
bankruptcy
browneyedgirl asked:

I own a home with a mortgage and a car fully paid for. I get alimony and child support that barely cover the mortgage, condo fee, my health insurance premium, and utility bills. I have not been able to work because of illness. I have about $25K in credit card bills. Can I declare bankruptcy, and what would I lose if I declare bankruptcy?

Add a link here 1

Tags: , ,

3 Responses to “What are the consequences of declaring personal bankruptcy?”

  1. By J B on Sep 26, 2009

    I realize the greatness in coming to a free site for advise , but not always a good deal. Are you thinking of Chapter 7 or 13? Are you looking to wipe out the debt with substantial loses? Keep the house? But wipe out the cards? Or wipe out the interest and pay the principal? If you’re in the US , there are many avenues to get great advice and for free.

  2. By Mary L on Sep 27, 2009

    You need to speak with an attorney who handles bankruptcy! You could lose a lot, in addition to trashing your credit rating for years to come. Also, did you know that going to one of those “credit consolidation” businesses can ruin your credit, too? Talk with your lawyer! There may be other ways for you to work out this problem — which I am not minimizing — it’s a BIG problem! If you don’t know a lawyer or simply cannot speak with one yet, talk with your bankers, who are very knowledgeable and helpful.

  3. By SoCal Attorney on Sep 30, 2009

    I am a consumer bankruptcy. Although bankruptcy is a federal law, the property that you get to keep during bankruptcy is usually determined by state law. In bankruptcy, some of your property maybe claimed as exempt, meaning that some or all of the equity may be protected.

    I recommend that you contact a local member of the National Association of Consumer Bankruptcy Attorneys to determine your options.

Post a Comment