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Ray
Ray, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 42860
Experience:  30 years in civil, probate, real estate, elder law
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I have a $40,000 garnishment just coming into play, although

Customer Question

I have a $40,000 garnishment just coming into play, although it dates back many years.
At lease $20,000 is interest, and the interest is accumulating at 12%. These lovely people bought up debt during a divorce when I got hit from all sides, the original debt was more like $10,000, and I have an ex who owes me 500,000. He caused me to lose my house, my business (ok I was naïve), but no lawyer I have talked to wants to mess.
Would a bankruptcy get this monkey off my back? I know I still have rights for what is in my divorce decree, but we live hours apart now and I really don't want to travel 5 hours each time I go to court. My kids used to be a concern, but they are of the ME generation and will stick with the one who pays their phone and insurance and everything else, even they are all grown now. They don't like me at all these days.
Do you have anything HELPFUL to contribute? I don't want to pay for bla, bla, bla.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Ray replied 11 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 11 months ago.

You are correct that Chapter 7 filing would discharge this debt and any others y0u may have.You can file this yourself without a lawyer.Chapter 7 here takes about a year from start to finish.

http://www.wiwb.uscourts.gov/chapter-7-checklist

https://law.marquette.edu/assets/community/pdf/bankrtupcy-help-desk-training-manual.pdf

This appears to be your best option to discharge the debt and start fresh again.

I appreciate the chance to help you tonight.Please if you have more followup just ask.

I am so sorry you are having to deal with all of this.

Expert:  Ray replied 11 months ago.

To begin the bankruptcy process you must itemize your current income sources; major financial transactions for the last two years; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate). You should also collect your tax returns for the last two years, deeds to any real estate you own, your car(s) titles, and the documents for any loans you may have.

The cost for filing a Chapter 7 bankruptcy is $306. This fee may not be waived but you may be able to pay it in installments.