#Bankruptcy #DebtRelief #FinancialAdvice #PersonalFinance #Unemployed
Are you feeling overwhelmed by your mounting debt? Are you considering bankruptcy as a solution to your financial troubles? If you’re 35K in debt to a bank with personal loans and credit cards, have no assets to sell, and are currently unemployed at the age of 66, you may be facing some tough decisions.
💡 Before diving headfirst into bankruptcy, let’s explore some important factors to consider and steps to take:
## Assessing Your Financial Situation
1. Calculate the total amount of debt you owe to the bank, including personal loans and credit card balances.
2. Evaluate your current income and expenses to determine if you can realistically repay the debt.
3. Consider any other sources of income or support that may be available to you.
## Exploring Alternatives to Bankruptcy
1. Contact the bank to discuss possible options for restructuring your debt or reducing your payments.
2. Explore debt consolidation or credit counseling programs that may help you manage your debt more effectively.
3. Look into government assistance programs or nonprofit organizations that provide financial assistance to individuals in need.
## Understanding the Bankruptcy Process
1. Research the different types of bankruptcy, such as Chapter 7 and Chapter 13, to determine which option may be right for you.
2. Consult with a bankruptcy attorney to discuss the potential benefits and drawbacks of filing for bankruptcy.
3. Prepare the necessary documentation and paperwork required for the bankruptcy filing process.
## Choosing the Right Path Forward
1. Consider the long-term impact of bankruptcy on your financial future and credit score.
2. Evaluate the potential consequences of bankruptcy, such as asset liquidation and restrictions on future borrowing.
3. Seek advice from financial experts or support groups to gain a better understanding of your options.
Ultimately, the decision to file for bankruptcy is a personal one that should not be taken lightly. It’s important to weigh the pros and cons carefully and seek guidance from knowledgeable professionals before moving forward.
If you’re struggling with debt and unsure of what steps to take next, don’t hesitate to reach out for help. Remember, there are resources and options available to assist you in managing your financial situation effectively.
In conclusion, bankruptcy may be a viable solution for some individuals facing overwhelming debt, but it’s essential to explore all alternatives and seek expert advice before making a decision. Stay informed, stay proactive, and prioritize your financial well-being. You’re not alone in this journey towards financial stability.
#BankruptcyAdvice #DebtManagement #FinancialFreedom #DebtFreeJourney #RetirementPlanning
If you have no assets, then you are judgement proof, so just stop paying them. Eventually they will soften up if they see no way to get the full amount and might be more interested in negotiating for a pennies on the dollar settlement. But that is if you really have no assets to seize or garnish.
I filed for bankruptcy in 2009 with 65k credit card debt. All of it was discharged but my student loans. I owned a condo, but since it was under water the court didn’t touch it. Not only did I start fresh, but because the economy was so tanked at the time, I was able to renegotiate my mortgage down to 2% interest. 7 years later I had a 750 credit score and a nice place to live with a little equity. It worked for me, but your situation may be different because of your age and the risk of incurring medical debt. I would check to see if you qualify for public medical benefits that are either free or heavily discounted because of your age and income. California has excellent taxpayer-funded medical coverage compared to any red state.
If you’re willing to go bankruptcy I would say don’t do that man go with national debt relief for a company like that that will spare your credit and work out basically have to cost on all of your credit cards and unsecured loans
>The chances of getting a new permanent job at my age is slim
I am the same age as you. Why do you think that? Any job would help out.
Here in CA a family of one can earn $75k gross/yr and is presumed to qualify for chapter 7. Find the district court for your jurisdiction and start at their website. Or call your local county bar association for an attorney referral. GL
Talk to a lawyer in the country where you live.
Do you have a mortgage? A car loan? If so, sell house and car. Get a place to rent and a car you can afford cash. Bankruptcy should be the very, very last resort after you have no other way out.
If you have a car with a loan on it and file for bankruptcy, you don’t get to keep the car.
Chapter 7 I think is for only people who make less than 50k a year. If you’re over that salary, then you’d have to do Chapter 13. Chapter 13 means you still owe the debt, but it’s lumped into one payment.
Since you’re unemployed, you could do Chapter 7.
You could always stop paying for a year to two years. Then settle for pennies on the dollar. Your credit will be destroyed, but so will a BK.
Settling might be a better option if you can pay them off in a shorter amount of time than the length of a BK.
Imagine having this be how the last quarter of your life goes damn. Good luck
I would talk to a local attorney that specializes in bankruptcy (or better yet, two for a second opinion that hopefully confirms the first–if not maybe get a third). Another thing to consider, is your creditors may be more willing to negotiate if they know you’re considering bankruptcy. That said, if you do ultimately decide to file for bankruptcy, the sooner the better.
If it’s the attorney fees you’re worried about, keep in mind that you can usually get an initial consultation for minimal or no cost which is likely enough for you to decide if you want to move forward provided that you come to the meeting prepared (know what you want ask and have your financial details ready).