Should I file

[medic503]

Hello all! I hope this finds you doing well. I come with a question. I have searched for the past 45 minutes and cant find anything about my specific case. I was wondering if it would be beneficial to file. Here is the deal. I have three judgements on my credit. One from a credit card (1000), one from a reposessed vehicle (9843), and one from an unsecured loan (6000). There are also a few other medical bills on there that I have not paid. I am looking to start everything over and here comes the question. What kind of bankruptcy do I file? Everything has already been taken and there is nothing but judgements left. Can I just fil chapter 7 and have everything taken off? I am looking to buy a house in about 5 years but the judgements will stay on for ten. I am 34 and make approximately 50,000 a year. Being that everything has been reposessed/foreclosed, cant I just file a chapter 7 and be done with it? Thank you for all of your input.

[Drazil65]

Hi, Your best bet is to talk to several atty's to get their opinions after hearing the facts. You can get a free consult typically with bankruptcy atty's in your area. Also, be sure to read as much as can to become educated on the process and what is to be expected. You mention you make $50k and you do not say whether you are married or have kids. That amount of money is a lot for a single man but not so much if you have a wife that doesn't work with 2 or 3 kids, so all of the details will make a huge difference.

Also, take a step back and make sure you understand how you got here in this situation and what you are willing to do to make sure it does not happen again. It worrisome that you have all this financial grief going on and had a car repossessed but you are already concerned with buying a house? Take care of your current financial state and clean up your act before thinking about moving on to the next thing to purchase, it doesn't appear that you are very responsible in making payments at this point so do not get yourself in deeper. Filing bankruptcy is a fresh start but not an open door to start spending again above your means. Good Luck...

[TXskyblue]

Read about the means test to see if you're likely to qualify for chapter 7.

http://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy-means-test-eligibility-29907.html

[bcohen]

While you could file for bankruptcy, and discharge the debts, I am not sure that is your best option. You live in a state where wages cannot be garnished for consumer debts, so the ball is really in your court. The longer you can hold out, without paying anything, the more likely your judgment creditors will be willing to settle for much less money. I do not know how easily judgment creditors can seize funds in a bank account in NC, so you should probably keep your money elsewhere to prevent any unpleasant surprises until the judgments are settled or otherwise resolved.

[LadyInTheRed]

You haven't really provided enough information for us to tell you whether you should file BK. But, you sound like your reason for wanting to file is to clean up your credit report. That is not a good reason to file BK. Consult with a few BK attorneys and explore your options.