Legal Question in Bankruptcy in Pennsylvania

Re: Should I file bankruptcy for credit card debt from 5 yrs ago?

Short answer -- You are truly a borderline case but I would lean towards filing in your situation.

You are essentially asking if you have enough debt to necessitate or qualify for a bankruptcy filing. The Bankruptcy Code does not require a minimum amount of debt and currently there are no limitations to the amount of monthly income you can receive. Many people have the impression that they must be destitute in order to "qualify" for bankruptcy. This is not the case. If your income is high enough that it exceeds your necessary monthly expense (not including payments on credit cards)substantially then you would probably need to file under Chapter 13 instead of Chapter 7 and repay a portion of your debts. In your particular situation I don't believe your monthly income is high enough to warrant a Chapter 13 filing. You would file for a complete "discharge" (a bankruptcy term which means wipeout or erase) under Chapter 7.

It sounds like no creditors are pursuing you. Do you have any judgments against you? Especially if you do not have judgments, it is possible for you to do nothing and take a "wait and see" approach with these old debts. However, essentially your credit is ruined. These charged off accounts are probably limiting your ability to get new credit (car loans, new credit card). I believe that everyone deserves a chance to start over fresh. READ MY FIRM'S PHILOSOPHY! Filing now could wipe out the old debt and with your new job you could start actually paying yourself (by starting a savings account) rather than be enslaved by these very old problems of the past. If you reside in Pittsburgh or Philadelphia I would be happy to serve you. ph. (800) 303-0720