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Should I file bankruptcy?

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    Question Should I file bankruptcy?

    I have never reached out to anybody about my financial situation but I'm seriously in way too far over my head. I hope people take the time to read all of this.

    I'm 21 years old and I am about $45000 in debt. I have no job right now so I am unable to make any payments on anything. I bought a brand new car about 2 months ago thinking I can afford it ($27,000 car) and I've already had to defer my payment once already. I owe money for a recent surgery i had($800), to Verizon Wireless for not paying my phone bill ($768), I haven't made a payment on my buckle credit card since I got it 6 months ago ($684), my bank account is in the hole almost $1000 and I have lift kit for my truck I still haven't paid off ($722) and exhaust for my car ($633). I don't know what to do anymore. I get calls daily and all these bills have been sent to collection agency's and I have no way to pay them. I just need help. I can give more information if someone needs more info. Should I file??

    #2
    How are you supporting yourself right now? How are your job prospects?

    I can't tell you if you should file BK, but I do think it might not be the right time to file even if you eventually do.

    If you file BK and get rid of your debt, how will you support yourself without getting back into debt?

    If you stop making debt payments, let the car get repossessed, and the auto lender and/or your other creditors get judgements against you, do you have any unencumbered assets that a judgment credit could take?

    If you are collection proof (i.e. you have nothing for a creditor to take) and have no way to support yourself, a BK isn't going to do you much good right now.



    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      In order to better advise you, we would need a more complete picture of your financial situation. First, and most important, we would need to know your current income, and whether or not you expect that to increase significantly in the near future (for example, if you are currently a student but expect to graduate soon). Second, the debts mentioned above do not add up to anywhere near $45000. They add up to around $31600. What is the remaining $13400 of debt? Student loans?

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        #4
        You're probably collection-proof, especially since you are jobless. What are your job prospects? What is your living situation?

        Why do you have two vehicles? Do you owe on the truck as well?





        Chapter 7, above median, no asset. Discharged with no UST involvement.

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