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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am considering filing for bankruptcy and looking for advice/guidance.

Resolved Question:

I am considering filing for bankruptcy and looking for advice/guidance. My total debt is approx 20k - 25k, the majority of that coming from a voluntary surrender of a car about 4 years ago, the rest of it being credit cards. The last time I made a payment on my debt was about 4 years ago, so everything has since been charged off and with 3rd party collectors. I make $22809.06 a year before taxes. I am not currently married but will be within the next 50 days. I do not own a home, and have no children.

My fiance was just recently served with 2 summons for 2 of my past due credit cards. Any help is greatly appreciated.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

The experts at cannot provide advice - only information.

cfortunato :

What would you like to know?


What would be the best chapter to file? And how would I know if I qualify?


I'm concerned that if i attempted to repay the debt without filing for bankruptcy protection, that i may be taken advantage of with the 3rd party collectors, as far as additional fees.

Expert:  cfortunato replied 5 years ago.
The best Bankrutpcy to file is a Chapter 7. You can file a Chapter 7 Bankrutpcy if your gross annual income is less than $41,388. So you do qualify to file one.
You are justified in being concerned about collection agencies, as once they get your debts, those debts can easily double and triple in a short time.
You can pay a Bankruptcy attorney around $1,200 to fill out the Bankruptcy papers and file them for you, or you can pay a Bankruptcy preparer around $200 to fill out the papers, and then you can file them on your own.

I think this is what you wanted to know. If not, please let me know.
Thank you.
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