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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15999
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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6 mnths ago i was out of a job so i started using my 4 cc to

Customer Question

6 mnths ago i was out of a job so i started using my 4 cc to help me out. I did find a job already but now im stuck paying them on time. I havent paid them for about 3 mnths.What should be a decision i should make? Bankruptcy or another job?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

How much is the debt?

WALLSTREETESQ :

How much do you make with your new job?

WALLSTREETESQ :

Do you own any property?

Customer:

hello

WALLSTREETESQ :

yes

WALLSTREETESQ :

In terms of a bankruptcy filing, typically if you cannot afford your basic neccesities,

WALLSTREETESQ :

such as rent, food, etc., due to your credit card debts, a bankruptcy should be considered,

Customer:

hello its probably around 7000. im really not that sure but i hope not.

Customer:

i make about 500 evey 2weeks

Customer:

and i do not own any property

WALLSTREETESQ :

If it is $7,000 the debt is not too high, and you may be better off, trying to settle the debts or make a payment if not, since your income is low a bankruptcy is an option, however you should not file until 6 months has past from the last time you used the credit cards.

Customer:

if i do decide to go bankruptcy how long will it take me to start again with my credit?

WALLSTREETESQ :

after you file,

WALLSTREETESQ :

and receive a discharge, your credit will begin to improve and within one year your score would improve and after two to three years you should have a decent if not good credit score,

Customer:

i dont really know how to start

Customer:

wat do i bring to one of those offices?

Customer:

i know the obvious

Customer:

but do they look up all ur debt.. maybe that u might have forgotten about?

Customer:

what about loans ? will i be accepted or will it be harder for me to apply since i dont have good credit

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15999
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 1 year ago.
To file for a bankruptcy, your credit is not needed, they will look at all your debts, including loans, and your property such as cars and homes if you have any.

In NY if you make less then the State average, you can qualify to file a chapter 7 bankruptcy and if you file all your debts would be discharged, only some taxes, student loans cannot be wiped out.

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