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  1. #1
    Join Date
    Mar 2009
    Posts
    1

    Default Should I File for Chapter 7

    My question involves bankruptcy in the state of: Florida

    My situation is quite simple really: should I file for bankruptcy?

    I lost my job and I have bad credit.

    I'm single, no assets, and no open credit of any kind. I do have a bank account, and some cash from savings while i worked.

    I have student loans (12,000) on deferment while on unemployment.

    I want to fix my credit, currently I'm on unemployment looking for work, but I also have a broken down car but do not qualify for a car finance.

    So I'm sort of stuck. I pulled my free credit report and most of the stuff I could pay little by little (100 to 400 debts here and there from my college days) once I start working but I have a vehicle write off of about 7000.00 plus the student loans show up as not being paid.

    What should I do?

    Can I file for Chapter 7(or 13) and get the car write off removed at least?

    Once I find a job I don't mind creating a budget and paying my debts plus student loans, but i really do not want to have to pay 7000.00 for a car that was repossessed 3 years ago.

    Any ideas or suggestions? Please, no obvious answers like pay your bills on time or pay what you owe...i'm just looking for a bit of wisdom, educated information, or financial strategies to get my life back on track in a more efficient and intelligent manner. I've been so oblivious about credit and debt up until now that I'm getting older and want to do things like buy a home one day or a business.

    I would simply like to know if bankruptcy is a good option for someone like me.

    Thank you.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Should I File for Chapter 7

    You can not discharge student loans in a bankruptcy, they survive a bankruptcy.

    You can discharge other debts and a chapter 7 sounds right for you as you are not working. However, it appears that your total debts are only about $7,000. It may be best for you to contact a credit counsler to work with you.

    The cost of a bankruptcy with an attorney can cost you from $1500 to $2000 upfront and remain on your record for 10 years.

    If your debts are only $7000 you may want to look at your other options.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Should I File for Chapter 7

    Agree, you might want to check into bankruptcy only as a last resort.

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