Is filing bankruptcy my best option if I’m receiving SSI and on Medicaid?

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Is filing bankruptcy my best option if I’m receiving SSI and on Medicaid?

I don’t own a house,car or anything of value.I don’t have any credit card debt,some charge offs but mostly medical bills on my credit reports. All of which I could never repay. Also, some items on my credit report are showing up from over 10 years ago. I basically need to improve my credit score to be able to attain credit for emergency money or the possibility of buying a used car.

Asked on July 29, 2011 Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the only income you receive is SSI and medicaid benefits then it is my understanding that you are judgement proof, meaning that any judgement obtained by a creditor would be worthless as SSI benefits and Medicaid benefits are protected from judgements.  But it really seems here that you may want peace of mind and you want to rebuild your credit.  Then bankruptcy may in fact be an option for you here.  Remember, though, that the bankruptcy will stay on your credit report for many years and you will need to find someone to lend to you for the car with this in mind.  It may be tough but it may not be impossible.  Good luck.


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