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Roger
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Category: Bankruptcy Law
Satisfied Customers: 26591
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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hello, i have quite a few of small debts i decided to forget

Resolved Question:

hello, i have quite a few of small debts i decided to forget and hope they would go away but it didnt happen. plus i have a repossesion on a new vehicle i purchased and it totals over 10,000 and according to my credit score i owe around 18,000 in bad debts im currently serving in iraq for the U.S. Army so i am trying to fix all i can asap
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.

You certainly have the option to file a Chapter 7 bankruptcy, which will liquidate your assets and discharge your debts. You'll essentially get a fresh start. The downside is that bankruptcy stays with your forever and will effect your credit/ability to borrow for no less than 5 years.

 

My suggestion is to try and work out payment plans with all of the creditors. If you cannot work this out, then consider filing Chapter 7.

Customer: replied 5 years ago.
im afraid that i wont be able to pay them off with my salary
Expert:  Roger replied 5 years ago.
If you don't think repayment is possible, then bankruptcy is a viable option. If you're willing to be on the credit "black list" for 5-7 years, it may be your best option.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26591
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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