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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31025
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I just have too much debt for our income. Most credit cards.....I

Resolved Question:

I just have too much debt for our income. Most credit cards.....I probably owe about 25000 in credit card debt. I work for the state and don't make much, my wife at a grocery store on salary. With the rising cost of insurance and light bill and so forth, I'm going in the hole deeper each month...is there any option besides going bankrupt?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

Bankruptcy should be the last resort, and I would recommend that you try to work out a payment plan with your creditors to reduce your monthly payments and also your account balances. I don't recommend that you seek help from a credit or debt relief agency as they're generally a waste of money and time. You're better off to try and resolve the debts yourself.

 

If the creditors are unwilling or unable to work something out, you can also get relief by filing Chapter 7 bankruptcy.

Customer: replied 5 years ago.
I filed a Chapter 13 fifteen years ago..and paid everything I owed to every creditor. Could I file a Chapter 7 even though I've done this in the past.......

I don't want to file a Chapter 7, but I just don't see a way out...
And most of your creditors.......well......they don't want to hear your blues..........know what I mean
Expert:  Roger replied 5 years ago.

Yes, you can file a Chapter 7 since it's been so long since your Chapter 13 filing. Here's the breakdown of time between filing bankruptcy:

 

8 years between 7s. -727(a)(8)

2 years between 13s. -1328(f)(2)

4 years between a 7 and 13 -1328(f)(1)

6 years between a 13 and 7(if under 70% plan). -727(a)(9)

 

You'll probably get nowhere with the creditors, but if you try, at least you'll know that you did all you could before filing.

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