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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39165
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I have about 55,000.00 in credit card debt and 2000.00 in medical

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I have about 55,000.00 in credit card debt and 2000.00 in medical expense debt. Up until today, I was making the payments regularly. I was fired from my job today. I am a 51-year-old licensed practical nurse, and worry I may have difficulty finding another position soon due to my age and poor job availability in my area. Should I consider bankruptcy before the late fees and interest start piling up?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

It doesn't matter whether late fees and interest pile up, if you're contemplating bankruptcy, because it will all be discharged by the bankrupcy court.


The reason for declaring bankruptcy sooner, rather than later, is simply to get your debts behind you, and start the 10-year clock during which the bankruptcy will remain on your credit report.


Bankruptcy lawyers generally give free consultations, so you have nothing to lose by getting an appointment.



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Customer: replied 8 years ago.
So you believe that under these circumstance bankruptcy is a feasible alternative, given that I'm inevitably going to fall behind on the payments? Please forgive me if I sound a bit lost here. I'm pretty healthy and thought my position at work was relatively secure...always figured I'd be able to pay this money back even if it took until I retired. I never thought I would have to think about this.