How would I know if I needed to file for bankruptcy? 19 Answers as of October 07, 2012

I have around $85,000 debt for medical bills and credit cards. I get a structure settlement. I don’t want to lose the home. Everything is in my daughter’s name. I couldn’t get a loan.

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Bruning & Associates, PC
Bruning & Associates, PC | Kevin Bruning
Generally, bankruptcy is a good option for people who have large amounts of debt like that described in your question. I would need to know more information about your structured settlement and your home before I could give an opinion as to the effect of bankruptcy on those assets.
Answer Applies to: Illinois
Replied: 10/7/2012
Wild Sky Law Group, PLLC
Wild Sky Law Group, PLLC | Roxanne Eberle
You probably should just call and have a conversation with a qualified bankruptcy lawyer to find out if bankruptcy is right for you and whether your income from your structured settlement can be protected.
Answer Applies to: Washington
Replied: 10/7/2012
Dan Wilson Bankruptcy
Dan Wilson Bankruptcy | Dan Wilson
You sound like a good candidate for Ch. 7, but you MUST see an attorney. This is complicated. Good luck.
Answer Applies to: Colorado
Replied: 10/7/2012
A Fresh Start
A Fresh Start | Dorothy G Bunce
While I suspect a bankruptcy could help you to eliminate your massive debt, the fact that you have a structured settlement worries me. Unless that settlement is exempt under the laws of your state, you might well have to forfeit it if you filed bankruptcy. I would urge you to meet with a local bankruptcy attorney & bring in a copy of your settlement documents to be reviewed.
Answer Applies to: Nevada
Replied: 10/6/2012
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You need to speak with an attorney to see if you can protect your structured settlement.
Answer Applies to: California
Replied: 10/6/2012
    Law Office of Norman Moore
    Law Office of Norman Moore | Norman P Moore Jr
    If you think that your expenses are more than your income and that you could make it if you didn't have so much debt, you may want to consider bankruptcy. The structured settlement is your source of income. I need more information to comment on the status of your home, but you can probably set it up so that you can keep it.
    Answer Applies to: Wisconsin
    Replied: 10/5/2012
    La Office of William H. Von Willer | William H. Von Willer
    I would need a lot more information to answer your question. You need to sit down with a bankruptcy attorney with lists of all of your assets, all of your debts, plus current income and expenses.
    Answer Applies to: Indiana
    Replied: 10/5/2012
    LAW OFFICE OF MARGARET L. EVANS, PC
    LAW OFFICE OF MARGARET L. EVANS, PC | Margaret L. Evans
    Question: How would I know if I needed to file for bankruptcy? Question Detail: I have around $85,000 debt for medical bills and credit cards. I get a structure settlement. I don't want to lose the home. Everything is in my daughter's name. I couldn't get a loan. *- depends on the details of your structured settlement and what the terms of the settlement agreement are; and based on your comment that you have about $85K in dischargeable debt I would CERTAINLY think that you are an excellent candidate for BKY - HOWEVER, I'd want to know more about that structured settlement first.
    Answer Applies to: South Carolina
    Replied: 10/5/2012
    Law Offices of J. L. Haddock, PLLC
    Law Offices of J. L. Haddock, PLLC | Jared L. Haddock
    The simplest way to know if bankruptcy is right for you is to consult one on one with a qualified attorney during which your eligibility to file and the advisability that you do so can both be determined, given the specifics of your situation in greater detail. Believe it or not, the facts that you related in the details of your question are simply not enough for reputable attorneys to advise you one way or another. I (and most attorneys) offer free initial consultations for prospective clients in which we can review the particulars of your situation in much greater detail and evaluate all of your available options.
    Answer Applies to: Michigan
    Replied: 10/5/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Sounds like you need a bankruptcy but you need to see someone like myself to see if you will your suggested assets.
    Answer Applies to: Michigan
    Replied: 10/5/2012
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    If you can't pay your bills you could consult with a certified bankruptcy specialist.
    Answer Applies to: South Carolina
    Replied: 10/5/2012
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    I have already responded to this question. I stated that it depends on whose name the house is in by the deed. Without that, it will be difficult to advise. Also, if in your name, a value of the house and value of mortgage would be helpful. Please speak with a bankruptcy attorney in your jurisdiction.
    Answer Applies to: New Jersey
    Replied: 10/5/2012
    Steven Harrell, Attorney at Law | Waymon Steven Harrell
    You need to meet with a bankruptcy attorney, and see if your structured settlement can be exempted. That is the largest issue for you to determine in making a decision about filing a Chapter 7 case.
    Answer Applies to: Georgia
    Replied: 10/5/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If you have excessive debt then you should consider it. However, you may need to discuss with an attorney if you should file a chapter 7 or chapter 13 as your structured settlement may not be exempt. Furthermore, the chapter 7 will not save your home if you are in default, only the chapter 13 will allow you to repay the arrears over 5 years to become current.
    Answer Applies to: New York
    Replied: 10/5/2012
    Fakhoury Law Offices
    Fakhoury Law Offices | Michael A. Fakhoury
    Your ability to file a bankruptcy (I assume you mean a Chapter 7 Bankruptcy to discharge your debts) depends on your total income and the number of dependents in your home. You may qualify for a Chapter 7 Bankruptcy and, if so, you will not need to repay the debts of around $85,000. You should look at the Means Test Calculator which can be found on-line or by calling an attorney.
    Answer Applies to: New York
    Replied: 10/5/2012
    Knute Rife
    Knute Rife | Knute Rife
    You would qualify for some form, but which one can not be determined from the information you have given. You should meet with an experienced bankruptcy attorney.
    Answer Applies to: Utah
    Replied: 10/5/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    You need to consult with a bankruptcy attorney in your area. No one can answer this question without a full knowledge of all the facts and your financial circumstances.
    Answer Applies to: Florida
    Replied: 10/5/2012
    The Michigan Bankruptcy HQ
    The Michigan Bankruptcy HQ | Joseph P. Saulski
    A decision to file bankruptcy is not an easy one should only be made after careful consultation with a bankruptcy expert. Many different factors go into a determination to file bankruptcy and the more you have (and have to lose), the more important to seek expert advice. Most bankruptcy attorneys offer free initial consultations.
    Answer Applies to: Michigan
    Replied: 10/5/2012
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    It depends on how the settlement is structured, and what chapter you want to file. You should consult with an attorney to discuss your options.
    Answer Applies to: Florida
    Replied: 10/5/2012
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