Can I file for bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I file for bankruptcy?

I am 24 years old and have never been employed. I graduated in 2008 with a bachelors degree. I have never been able to find any job since. I have about 7,000 dollars in credit card debt thats been in collections for a couple of years. I have not been able to pay any of that. I also have about 20,000 dollars in student loans . I have had them deferred and forbearance on them. I know that if i file for bankruptcy i will still be on the hook for the student loans. but i want to file for bankruptcy to get rid of these credit card debts? there is no way i can pay them. I cant find a job. Please give me some advice considering my credit likely can't get any worse

Answer By Bill Zurinskas
Bankruptcy Law Center
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Yes. Most debtors will not file bankruptcy with only $7000 in dischargeable credit card debt, but in some cases it is the only option. You need to balance whether you can live with Bankruptcy on your credit report for 10 years. Since your credit is already bad and probably will be bad for the next 5 years. Chapter 7 bankruptcy is often the fastest way to rebuild credit in spite of the 10 year credit reporting requirement.

Answer Applies to: Colorado
Replied: 7/25/2011

Answer By Eric Benzer
Eric J. Benzer, Attorney at Law
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Don't file.

Answer Applies to: Maryland
Replied: 7/21/2011

Mercado & Hartung, PLLC
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CC debt is unsecured and can be discharged

Answer Applies to: Washington
Replied: 7/21/2011

Rosenberg & Press
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DO NOT FILE BANKRUPTCY OVER SEVEN THOUSAND DOLLARS! It is not worth damaging your credit report and barring yourself from filing a bankruptcy for the next eight years. Cost benefit analysis is clear: You do not have enough debt to justify bankruptcy. You should start looking harder for a job. Make finding a job your job. Take internships, start going door to door. Redouble your efforts to get a job. If you really want to work, there is work out there.

Answer Applies to: Connecticut
Replied: 7/21/2011

Answer By Everett Walton
Everett Walton, Attorney at Law
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You may file for bankruptcy, but if you have no assets, you may be "judgment-proof" in which case your creditors would not be able to enforce any judgments against you.

Answer Applies to: Hawaii
Replied: 7/21/2011

Answer By Harry L Styron
Law Office of Harry L Styron
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You can file a Chapter 7 bankruptcy and get rid of the credit card debt. In your situation I would look around for a legal document preparer to prepare the Petition for you, or you could probably do it yourself. Nolo Press has an excellent book on how to do your own Chapter 7, and while it is tedious to prepare a Petition, if you have student loan debt I would guess you are smart enough to figure it out.

Answer Applies to: California
Replied: 7/21/2011

Answer By David Goldman
Apple Law Firm PLLC
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Generally student loans are not dischargeable in bankruptcy

Answer Applies to: Florida
Replied: 7/21/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Go ahead and file. Put this part behind you. It is terrible that you can't get a job, the interest on that student loan debt will become a nightmare. Good luck to you.

Answer Applies to: California
Replied: 7/21/2011

Mauritz Van Niekerk, Attorneys at Law
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The student loans will stay but yes you can file for a Chapter 7 and get rid of the credit card and other debt. You do need to see a Lawyer to look at the total picture and not consider this as final and complete legal advice.

Answer Applies to: New York
Replied: 7/21/2011

Answer By Samuel Tucker
Tucker Legal Clinic
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I usually advise filing a bankruptcy to avoid loss of property or wages to creditors. If you have nothing to lose and no wages to garnish why file? On the other hand getting rid of debt is a start to rehabilitate your credit rating.

Answer Applies to: Mississippi
Replied: 7/20/2011

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