What are the consequences of declaring personal bankruptcy?
admin | Mar 30, 2010 | Comments 3
I own a home with a mortgage and a car completely paid for. I make alimony and child support that barely cover the mortgage, condo fee, my shape 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?
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I realize the greatness in coming to a emancipated site for advise , but not always a excellent deal. Are you thinking of The boards 7 or 13? Are you looking to wipe out the debt with substantial loses? Keep the household? 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 make fantastic advice and for emancipated.
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 so far, talk with your bankers, who are very knowledgeable and helpful.
I am a consumer bankruptcy. Although bankruptcy is a federal law, the property that you make 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 Inhabitant Association of Consumer Bankruptcy Attorneys to determine your options.