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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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I currently have approximately $45,000 in unsecured debt. I

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I currently have approximately $45,000 in unsecured debt. I have been out of a job since 8/01/08. I have been keeping up with my payments using my unemployment, but that will run out the end of June.

I don't know what to do at this point. The unemployment was just covering the minimum payments.

Is Bankruptcy the way to go or what else should I do?
Hi and thanks for your question.
I'm sorry to hear that your unemployment will be running out soon.
Yes, a chapter 7 bankruptcy can definitely help you. It can discharge all of that unsecured debt. You can probably stop paying on them if you haven't used the cards in 4+ months. Absent working out a repayment plan with the creditors, bankruptcy is a good option to get you a fresh start in just 90 days. This will help alleviate the stress you are feeling too. If you do nothing, the creditor collection calls will start, they will eventually sue you and can freeze bank accounts, seize some assets, and garnish your wages if you get back to work. Talk to a local bankruptcy attorney to go over the specifics of the case, most offer free consultations. Thank you for your question and good luck.
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