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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Is it possible to declare bankruptcy to rid myself of come

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Is it possible to declare bankruptcy to rid myself of come credit card bills, a loan i have that I cannot afford as my husband have split our finances 1/2 and 1/2 since a year and I have been struggling ever since, I have debt management company helping me with the 3 credit cards, but I am having a hard time paying their fee of 324.04 a month, I pay 1/2 the electric, 1/2 the mortage of 841.00 a month that is my biggest expense. I am living paycheck to paycheck and even that I cannot pay all the bills I am supposed to.
A chapter 7 can help you out. The court will look at your assets, and your available exemptions to see if anything can be liquidated to pay to your creditors. Then they will review your full household income and allowable deductions, called the means test, to determine if you have the ability to pay back some debt. If there are no significant assets with equity, and you pass the means test, then you would be a good candidate for a chapter 7 bankruptcy to discharge the consumer debt to get a fresh start in 90 days. You can continue to pay the mortgage and keep that debt, called reaffirming the debt. You should contact a local bankruptcy attorney to review your case, and confirm that you are eligible for the chapter 7. If not, then you can go into chapter 13, to pay back enough debt to protect any unexempt assets, or if your means test demonstrates you can pay back a portion of the debts, sometimes as low as 10 cents on the dollar. Thanks and good luck to you.
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