Legal Question in Bankruptcy in Massachusetts
bankruptcy??
I have some old outstanding debt where the last activity was in 2001. I was out of work due to medical reasons (surgeries) that left with me with no income at the time. I was out of work for 2 1/2 yrs approx. I also had no insurance so Im sure there are medical bills as well. since then, I am now working, have 2 credit cards, a car loan and a student loan which are all up to date and in good standing. Although my old creditors disappeared for awhile, they are now haunting me again. I cant afford to pay back all the old debt. I am not even sure how much there is in total. I made an offer to one old creditor but have heard nothing. Would bankruptcy be an option?? I also have an old repossed car loan too. Thanks.
4 Answers from Attorneys
Re: bankruptcy??
Bankruptcy may be an option for you to get rid of most of your debts. If you need further assistance, contact my office.
Re: bankruptcy??
Whether bankruptcy is a viable option depends on how much debt there is, your current income, and a few other factors. If the amount of the debt is relatively low, then the legal fees and filing fees for a bankruptcy case may almost outweigh the benefits of filing. Feel free to contact me if you have any additional questions.
Re: bankruptcy??
In my opinion, bankruptcy is always an option for an honest debtor, such as yourself, who just needs a little break.
The question will be: whether you can pay some of your debt under a payment plan. The only way to evaluate this properly is by a brief consultation. Please contact me at your convenience.
Taylor
Re: bankruptcy??
Credit card, medical debt, deficiency on old repo are all dischargeable debts. Car loan you can reaffirm debt (keep car and pay it) or surrender (give car up and not be responsible for the debt) Students loans are not dischargeable. Bankruptcy stops the calls, stops the mail and upon discharge elminates the debt. Drop me an email if you have more questions.
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