At what point should you file for bankruptcy? 2 Answers as of November 06, 2010

My mom has been out of work since February, she has borrowed from everyone she knows, and she has racked up a lot of debt. She says that she only can pay one more month of her mortgage. I think she is going to have no choice but to file for bankruptcy, but even if she does, she will have nothing to live on. Should she wait until she is closer to getting a job so that she does not have to pay for the debt she incurs in the meantime?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Waiting until she gets a job could render her ineligible for relief under Chapter 7. She should consult with a bankruptcy attorney now to assess her options.
Answer Applies to: California
Replied: 11/6/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
Yes, she should wait until she is closer to getting a job so that she does not have to pay for the debt she incurs in the meantime.
Answer Applies to: California
Replied: 11/5/2010
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