How do i determine if i need to file bankruptcy?
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i have a vehicle reposession a 9 thousand dollar hospital bill from a emergency room visit in july, two credit cards in the amount of 13 thousand in collections and i am late on student loans, my score is about 510
How do i determine if i need to file bankruptcy?You don't indicate what your income is but you have a high debt load. I would recommend that you call a bankruptcy attorney and get his/her advice but it sounds like you could benefit from a bankruptcy - especially because of the high hospital bill. Unexpected hospital bills are the primary reason for most bankruptcies in the U.S.
How do i determine if i need to file bankruptcy?Increasing number people are filing for bankruptcy to get out of debt. But, what is bankruptcy? Do you know enough of it? How does it help you? If these questions also bother you, the following article describing 7 most important things about bankruptcy will help you get an answer.
1. Bankruptcy is process adopted by federal court process catering to individuals and businesses repay their debts or clear their debts under the protection of bankruptcy court. Also known as "reorganizations " or "liquidations", bankruptcy is often the last recourse to get out of any debt.
2. When the property of the debtor is sold to recover and pay off the debt it is called Chapter 7 bankruptcy. Contrary to popular belief, all the property owned by a debtor is not sold, some part of it is left with him to allow him to start afresh.
3. When there is no sale of property but the debt are reorganized so as the debtors, are able to repay them over a long period it is called Chapter 13 bankruptcy.
4. Both these types of bankruptcy have a large number of rules, and exceptions, suited to different kind of debts, individuals and other concerns.
5. The "ticket in" is counseling session that everyone who wishes to file a bankruptcy must attend. This session must be attended at least six months prior to filing for bankruptcy. This term was adopted in the new bankruptcy law. Read more from: http://www.credit-card-gallery.com/artic...
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