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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
Satisfied Customers: 460
Experience:  practicing attorney including bankruptcy
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dear sir My wife and I live in Linn County Oregon.We are

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dear sir:   My wife and I live in Linn County Oregon.We are both retired ( mysefl just recently),and live off our soc sec payments.Since every thing we own is exempt in a chapter seven ,should we still go ahead and file a chapter seven bankruptcy anyway,or just do nothing?Do the same rules of exemption still apply if credit card companies and credit collectors are suing me for defaulting on my bills? What can I expect?

Good question. The differences are as follows:

  • In a bankruptcy you would be entilted to choose the federal exemptions or the state exemptions. The federal exemptions might be more advantageous.
  • If you did nothing, you would be required to wait for them to obtain judgments, attempt execution, and assert your exemptions. These individual actions might happen at inconvenient times, while filing bankruptcy would provide a predictable schedule of what you need to do and when.
  • If calls from bill collectors are annoying, bankruptcy would put a stop to that.
  • Bankruptcy does require some work and expense on your part. You have to go to debt counseling classes, prepare the bankruptcy schedules and statements, and attend the meeting of creditors.
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