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We need help badly. PLease help us.

I lost a 22 year career job 8 months ago and have had to start over in a recession. I am employed but only making 10% of my old salary. I am also working for an unstable company who is barely holding on themselves. I have a house with a paid off mortgage but 2 loans against it totaling about 70,000.00 left to pay. We have credit cards that we cant pay and they are racking up in late fees, interest, etc. I figure about 80,000.00 in credit debt and doctor bills. Also my wife recently had her 5 year leased vehicle repoed after 4 years. We are in trouble and are scared and dont know where to turn.

Asked on June 9, 2009 under Bankruptcy Law, Utah

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First of all, don't be scared.  There are many in today's economy facing the same thing.  You are not alone.

What you need to do is to speak with a bankruptcy attorney.  Since money is an issue see if legal aid can help or recommend someone who can.  If you live near a law school they have free/low cost legal clinics that handle just this sort of thing.  Even if you can't hire or otherwise get an attorney to represent you, at least arrange to have an initial consultation with one.  He/she can advise if bankruptcy is the right option for you, and if it is, and under what chapter (ie Chapter 7 or Chapter 13) it should filed.  You seem bright and capable so you can then file the bankruptcy yourself. 

I'm providing you with a link to site that will provide a brief explanation of the bankruptcy process.  Read this before you do anything else. 

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html

Note:  For your puposes you just need to read the sections - Process, Discharge, Chapter 7, Chapter 13.

Best of luck.


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