Should I file for Bankruptcy?

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Should I file for Bankruptcy?

Long story short .. I owe about 15k on a wrecked car that didnt have insurance – I am giving it up – I have around another 3-4k in credit cards and miscellaneous debts. So I guess I am around 20k in debt. I have a unemployed wife, a 4 month old and I only make around 28k a year. I rent an apartment and don’t own anything of value. I cannot afford to pay off these debts. I want to file for Bankruptcy.Advice?

Asked on May 22, 2009 under Bankruptcy Law, California

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

How old are you?  Bankruptcy will affect your credit and ability to borrow money in the furture.  I would recommend locating a company that colsolidates your debts for you to one payment that you can afford.  This may be a solution for you that you have not looked into.  This may help you get a new car and rebuild up your credit.  If you rather go the bk rout, then you can probably qualify giving your situation.  Just remeber that you will have some issues in the near future getting financing for things.  But if that is not a concern for you, then i suggest that you file and start over.


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