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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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my credit cards are so far behind and my credit is now ruined.

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my credit cards are so far behind and my credit is now ruined. how do I go about filing for bankruptcy. Why would I want to try and keep them if theyve already closed my accounts on my credit report and ruined my reports. I cant afford to pay them. They we the result of a divorce
Hello,

Were the debts assigned to you in the divorce order?
Customer: replied 7 years ago.
only one has both our names on it and i agreed to pay that which im current with that. But in order to pay a large child support, which is now being changed i had to use my own cards to cover this for several months. These cards have been in default since around summer of 2008

Hello,


Thank you for your question. I am happy to assist you.


You can consider purchasing the forms and filing yourself. .


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy. The card in both names appears to not be dischargable in any type of bankruptcy


A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.


A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Arizona:
http://www.bankruptcyinformation.com/AR_exemp.htm


I hope that the information which I provided was helpful to you.

Customer: replied 7 years ago.
All I own is a van and some undeveloped land. Will these be affected if I file for bankruptcy
The property may be protected by the homestead exemption if you are living there when you file. The vehicle will depend on the amount of equity. Review the site listing exemptions. After you review the site you can post me back if you have any questions.
Ellen and other Bankruptcy Law Specialists are ready to help you