Hi everyone. I am wondering if bankruptcy is a viable option for me.
I lost my job over two and a half years ago. Shortly afterwards, I became disabled due to Bipolar II illness. I ended up in a hospital for three weeks after I racked up about $66,000.00 in credit card debt as a result of being in a manic state. I still don't know to this day where all the money went.
After I left the hospital, I received state disability for one year, which allowed me to pay my credit card bills and living expenses while I was being treated for my illness. I applied for Social Security Disability during this time, but was denied. I didn't bother filing an appeal since I figured it was probably a losing battle. Social Security didn't even receive my medical records or allow me to make the doctor appointment they scheduled before they denied me. I sold my house so I could have the money to pay off all of the $66,000.00 credit card debt and to have money to live on while I'm still suffering from this debilitating illness.
After my disabilty ran out, I was living off the money left over from selling the house and $650.00 a month I receive in retirement pay. During this time, I was using my credit cards extensively again. I have racked up credit card debt in the amount of $49,000.00 again.
I am still receiving medical care for my condition and I'm not ready to go back to work since all my treatments have failed so far. I am still able to pay my credit card bills, but the money in my savings account is running out. I could probably survive for 6 more months before I have to tap into my 401K.
I received a 0% interest balance transfer check for $15,000 from Citibank in November 2007 and used it to consolidate some of the other credit card accounts that I had open to try to save on the interest. Now I have two major credit card bills. One from Citibank for the $15,000.00 and the other from my credit union for $34,000.00.
I also have a $900.00 a month car payment that I still owe for 32 more months. I bought the car about a week before I ended up in the hospital. If I wasn't sick, I would of never purchased such an expensive car.
I was thinking of filing bankruptcy since my money is running out and I am not mentally ready to go back to work. Do you think I would have a problem winning a chapter 7 bankruptcy case since I wasn't working when I accumulated all this debt but I was able to make all my payments on time because of my savings and small income? Will they say it is fraud? If I wasn't sick, I wouldn't be in this situation I'm facing now. Currently, I have good credit with no late payments. I have no assets since I sold my house.
What do you think?
I lost my job over two and a half years ago. Shortly afterwards, I became disabled due to Bipolar II illness. I ended up in a hospital for three weeks after I racked up about $66,000.00 in credit card debt as a result of being in a manic state. I still don't know to this day where all the money went.
After I left the hospital, I received state disability for one year, which allowed me to pay my credit card bills and living expenses while I was being treated for my illness. I applied for Social Security Disability during this time, but was denied. I didn't bother filing an appeal since I figured it was probably a losing battle. Social Security didn't even receive my medical records or allow me to make the doctor appointment they scheduled before they denied me. I sold my house so I could have the money to pay off all of the $66,000.00 credit card debt and to have money to live on while I'm still suffering from this debilitating illness.
After my disabilty ran out, I was living off the money left over from selling the house and $650.00 a month I receive in retirement pay. During this time, I was using my credit cards extensively again. I have racked up credit card debt in the amount of $49,000.00 again.
I am still receiving medical care for my condition and I'm not ready to go back to work since all my treatments have failed so far. I am still able to pay my credit card bills, but the money in my savings account is running out. I could probably survive for 6 more months before I have to tap into my 401K.
I received a 0% interest balance transfer check for $15,000 from Citibank in November 2007 and used it to consolidate some of the other credit card accounts that I had open to try to save on the interest. Now I have two major credit card bills. One from Citibank for the $15,000.00 and the other from my credit union for $34,000.00.
I also have a $900.00 a month car payment that I still owe for 32 more months. I bought the car about a week before I ended up in the hospital. If I wasn't sick, I would of never purchased such an expensive car.
I was thinking of filing bankruptcy since my money is running out and I am not mentally ready to go back to work. Do you think I would have a problem winning a chapter 7 bankruptcy case since I wasn't working when I accumulated all this debt but I was able to make all my payments on time because of my savings and small income? Will they say it is fraud? If I wasn't sick, I wouldn't be in this situation I'm facing now. Currently, I have good credit with no late payments. I have no assets since I sold my house.
What do you think?