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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am considering chapter 7 bankruptcy because of about $ 11,000

Customer Question

I am considering chapter 7 bankruptcy because of about $ 11,000 in medicial bills and over $ 80,000 in unsecured credit card dept because of my wifes bad health. I have a securities license with the NASD and do not want to loose my license. I understand that if I file that my broker dealer may terminate my license. Is this correct? This is my only source of income currently. I am current on all my bills but it is becoming increasingly more difficult to pay my bills. My wife just got out of the Hospital and our insurance didn't cover all the medical bills and they are starting to really push me for payment that I don't have right now. Is chapter 13 a better option or does it matter? Thanks.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title … solely because such debtor … is or has been a debtor under this title…. 11 U.S.C. sec. 525(b).

WebLaw :

Therefore you may not be legally terminated for filing bankruptcy

Customer :

Does it make more sense to go with Chapter 7?

Customer :

Are you still there?

Customer :

I had two questions. Can you please answer my second one?

Customer :

Hello? Are you there?

Customer :

I assume that you don't know the answer to the question. Can you reply either way?

Customer :

I can't wait any longer at this time. I really need to go. Sorry. I would accept if you will answer the questions.

WebLaw :

I apologize -- I was off-line.

WebLaw :

Yes, based upon the information in your post, it makes more sense for you to file a chapter 7. A chapter 7 would result in a discharge of the medical bills and secured credit card debt. Whereas chapter 13 would result in a payment plan over a five-year period

WebLaw :


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