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Dylatess, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 5142
Experience:  36 plus years consumer law practice
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I have recently survived a bad divorce where it has taken me

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I have recently survived a bad divorce where it has taken me significant effort to get back on my feet. I'm overwhelmed with two repossessions and an insurmountable amount of debt. I am looking at the potential to file bankruptcy clear the slate and start over without this debt hanging over my head.

I have reserved the next two years to sit still and attempt to recover my state in life. So should I file bankruptcy to remove this large amount of debt from me ?
Hello and welcome to Just Answer. For over 32 years, I have answered questions just like yours. And I look forward to assisting you.

Though ethically I respect the fact that you would like to pay back your bills, your will not be able to take a deep breath of fresh air until the debts are gone. Accordingly, I see no value in waiting to file BK and would advise that you do it now.
Customer: replied 3 years ago.

I started out attempting to pay off the debt but I am actually further in debt to the extent of 20K.


Once I file bankruptcy how do I repair my credit score?


I would like to purchase land and separately a home at some point.

Typically, banks want to see three years after you file BK before you will be considered for a loan. Likewise, during that time, if you are making a car payment, it is important that you keep making all payments on time. As for repairing your credit, don't fall pray to companies that make promises to repair your credit as they are scams, the only way to repair credit after a BK is the passage of time and steady income.
Customer: replied 3 years ago.

INTERESTING Point you have made here.


If I am engaged in a vehicle payment the bankruptcy will not affect this and I will not lose the vehicle ?


3 years of restructure and repair can be accomplished.


Would this action also restrict me from pursuing owner-financed land deals ?

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