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Is bankruptcy an option for me?

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  • 08-12-2006, 02:35 PM
    NickysMommy
    Is bankruptcy an option for me?
    Hi - I'm new to this so bear with me. I just wrote a big long post but it didn't go through so this is the short & sweet version....

    Reside in Florida
    Married for just over 1 year.
    My husband has owned this house since before we were married, the mortgage is in his name, but he put the title in both our names.

    Bills:
    Medical, approx $6,000. (4,000 from before and 2,000 after our marriage.) These are going into collections now.
    Credit cards: approx $6,000 on 2 cards, both from before marriage. These have been in collections over 2 years.
    Student Loan: In good standing, from before marriage. I've been paying this for 2 years. I just had it reduced to $175/month from over 200/month. I can't afford more than 175.

    Assets:
    The house (I think) and 1 car, a 2000 Hyundai w/ 95,000 miles in poor shape.

    Income:
    $1300 monthly

    Expenses
    $1250 monthly. Cable/phone/electric/car insurance/gasoline/food/student loan/daycare.


    I had gone to school to be a teacher, worked for a year, and then my contract was not renewed. I've been trying to get rehired by the district but no luck - if I was a teacher I could afford to pay a payment plan, as I'd make nearly twice what I make now. Now, I am working for the housing authority and hate it but do it to pay the few bills I can.

    I can't get my husband to pay more than the house for 2 reasons: First, he's stretched to the hilt paying it all since I can't, and Second, he says these bills are my bills not his and he won't pay them. Our marriage is ready to end as it is... so I can't rely on him.

    Here's my questions:

    Can bankruptcy help me? Can I do any other options? I'm really scared and I want to pay what I owe, but can't. I don't know what to do. Can someone offer some help? Thank you!

    Chris
  • 08-12-2006, 03:36 PM
    seniorjudge
    Re: Is bankruptcy an option for me?
    Q: Can bankruptcy help me?

    A: Maybe. Go talk a bankruptcy lawyer.
  • 08-12-2006, 09:00 PM
    Mr. Knowitall
    Re: Is bankruptcy an option for me?
    Your student loans are probably not dischargeable. It sounds like you have $6,000 in medical debt and $6,000 in credit card debt, or $12,000 in potentially dischargeable debt. If you declare bankruptcy you will have to go through credit counseling, and may end up having to go through a Chapter 13 repayment program. You're better bet is probably to refinance the debt, perhaps with the assistance of your husband, so you have a smaller monthly payment and better interest rate.
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