Should I file for bankruptcy? 23 Answers as of June 28, 2011

I'm 19 and $10,000 in debt. I make $600 a month. I have low 500 credit scores. Should I file bankruptcy?

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Cartwright Law Firm
Cartwright Law Firm | Andrea Cartwight
What are your debts? Credit cards? Deficiency balances? There are certain debts that are excepted from discharged including student loans. If you do not have the ability to pay your debt, then you may qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy will allow you to wipe out certain debts and give you a fresh start. Based on the limited facts you have presented, it appears that you may qualify. We offer Free consultations and low fees starting at $399.00 plus court costs. If you should have any questions or concerns, please feel free to contact us.
Answer Applies to: Michigan
Replied: 6/28/2011
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
Any chance if catching upon this debt or being able to pat a reduced amount in a settlement? If not, sounds like BK is your only way out.
Answer Applies to: California
Replied: 6/22/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
This question can only be answered after having a comprehensive consultation with a bankruptcy attorney in your area. Bankruptcy is certainly an option for you, but one must examine all costs and benefits before deciding.
Answer Applies to: California
Replied: 6/22/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Generally, I advise clients in your situation to explore other options but everyone's situation is different.
Answer Applies to: Washington
Replied: 6/22/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
It is difficult to say if the facts presented are enough to determine if a bankruptcy should be filed. You should consult with a bankruptcy attorney to determine what is best for your situation.
Answer Applies to: California
Replied: 6/22/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    That's a hefty debt for someone your age, and the income is small enough that you'll have a tough time paying it. You probably qualify, if that's what you mean. Whether you should file is up to you, as I see the decision as equal parts emotion and finance.
    Answer Applies to: Virginia
    Replied: 6/22/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    wow... $600.00 a month... hard to live on that. Perhaps you should file. Treat this experience as a lesson and move on.
    Answer Applies to: California
    Replied: 6/22/2011
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    lousy way to start a career. Urge to avoid it. Cannot do it again for years so try to avoid it.
    Answer Applies to: California
    Replied: 6/21/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    The decision to file bankruptcy is a personal one based on the overall situation. Alternatives such as a credit counseling payment plan should be explored. Bankruptcy may be the only realistic choice, but check out other alternatives such as making arrangements with creditors to settle the debts. Bankruptcy stays on your credit report for a long time, ten years, so decide whether it is worth it. Also, look at your future income as to whether you can afford to pay debts.
    Answer Applies to: California
    Replied: 6/21/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    Only you can decide whether to file bankruptcy. It will likely cost you anywhere from $500.00 to $2500.00 to eliminate that debt. Is it worth it to you?
    Answer Applies to: California
    Replied: 6/21/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    Math may be my least-loved discipline, but I'm decent at it, and on occasion it's useful no matter how many times your grade-schooler grumbles, "When will I ever need this in real life?" Suppose you make a minimum payment of $200/mo. against $10K on a 17% APR cc. After 40 years you'll have paid it off... to the tune of $32,609.
    Answer Applies to: California
    Replied: 6/21/2011
    The Northwest Debt Relief Law Firm
    The Northwest Debt Relief Law Firm | Thomas A McAvity
    At the outset, I would say that you are an excellent candidate for bankruptcy. Your current income would not allow you to pay off your debt. It is not, however, within the realm of possibility to do a meaningful evaluation without a great deal more information. I think it would be well worth your time to book an appointment with a bankruptcy attorney in your area.
    Answer Applies to: Oregon
    Replied: 6/21/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Bankruptcy probably won't hurt your situation. In fact it will probably improve it. Your credit score will not improve until you deal with the debts.
    Answer Applies to: California
    Replied: 6/21/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    This is a personal choice for you to make. You are still young and the bankruptcy might impact your credit for the next 10 years. So, it will come with some drawbacks. On the other hand, you do not make a lot of income. So, you have to consider your ability to pay the debts. I would say for you to try and pay off the debts. Ultimately, if you are not able to do so you could file for bankruptcy.
    Answer Applies to: California
    Replied: 6/21/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Yes because it will improve your credit in less time than simply waiting and you will avoid lawsuits.
    Answer Applies to: California
    Replied: 6/21/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    You will probably want to speak with an attorney to evaluate your situation. A Bankruptcy may actually help your credit score.
    Answer Applies to: New Hampshire
    Replied: 6/21/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    It depends on how you are handling your debt. If you are going to be in default, sued and having wages garnished, then bankruptcy is probably a good option.
    Answer Applies to: Indiana
    Replied: 6/21/2011
    Law Offices of Virginia E. Fortunato
    Law Offices of Virginia E. Fortunato | Virginia E. Fortunato
    Deciding whether to file for bankruptcy is a personal choice. The problem it appears is that your income is very low and your debt is extremely high. It sounds like you would be a good candidate for a bankruptcy. Understand that if you are eligible to file a Chapter 7 bankruptcy and you file now you cannot file again in the next eight years. Your credit score will increase within the first year after filing for bankruptcy. The hope will be that by the time you are ready to buy a home in the future, your credit score will have bounced back.
    Answer Applies to: New Jersey
    Replied: 6/21/2011
    Law Offices of John J. Ferry, Jr.
    Law Offices of John J. Ferry, Jr. | John J. Ferry, Jr.
    That's not really enough information to make a good decision. If it looks like your income will increase in the near future and you can pay off the debt in a reasonable period of time, then you probably shouldn't file. It also depends on your expenses. If you are living with your parents and have very low expenses, then maybe you can work out repayment. But if you do have expenses that take up all your income, and if it is unlikely that your income will increase, then bankruptcy may be a good option.
    Answer Applies to: Pennsylvania
    Replied: 6/21/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    I'd have to know more to assess things. $10,000 is not a huge amount of debt. However, on that amount of income it may be impossible to pay, and if you don't you likely later face garnishment, etc. I would certainly tell you to sit down with a bankruptcy lawyer who can help you weigh that option versus other ones (if any become apparent).
    Answer Applies to: Georgia
    Replied: 6/21/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    When filing bankruptcy, the amount of debt that you are going to be filing on is a big factor. You should think about it in terms of whether you think you are going to be able to pay the debt back at any point in the future. $10,000 is the minimum that I would be comfortable filing bankruptcy on, as anything less, there is a chance you could get on some kind of payment plan or try to settle the debt for a lesser amount.
    Answer Applies to: Washington
    Replied: 6/21/2011
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