Should I wait to file bankruptcy? 12 Answers as of July 13, 2011

Should I file bankruptcy now that I am a couple of months behind on my car payments (3), and small bills, while I am waiting for a temporary assignment? I just don't know when to tell the creditors when I will be making a payment, but, no assignment is usually longer than 6 months, and that the only REAL debt that I have.

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The Port Law Firm
The Port Law Firm | Edward Port
This question would be best answered in a consultation with an attorney as there are many factors to discuss in determining when is the best time to file a bankruptcy. Many times a consultation is free. If you want to keep your car and you are delinquent, your car is in jeopardy of being repossessed. A filing of a chapter 13 bankruptcy would prevent the repossession and could restructure your car payment over a five year period.
Answer Applies to: Florida
Replied: 7/13/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
You should contact a Bankruptcy Attorney to evaluate your situation in depth and discuss your best options.
Answer Applies to: New Hampshire
Replied: 7/13/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Sounds like the question was incomplete. I don't know what your debt is. The problem with you car is that it can repossessed. Getting it back can be difficult. Talk to the lender.
Answer Applies to: California
Replied: 7/13/2011
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
Much more information is needed to make a decision like this. A bankruptcy lawyer will looks at your income and changes over the last 6-12 months as well as what will be happening in the future to determine what the advantages and disadvantages of filing right now would be.
Answer Applies to: Florida
Replied: 7/13/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
If you are behind on car payments filing a bankruptcy will temporarily stop repossession. Eventually the creditor will get permission to go ahead with its legal rights in spite of the bankruptcy. You might want to explore chapter 13 as an alternative way to retain the car and other possessions.
Answer Applies to: California
Replied: 7/12/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    No one who has not seen your finances can answer this. Proper timing of a case can be the difference between the case going well or badly, so see a lawyer now to determine what is the best and most advantagous time to file.
    Answer Applies to: Georgia
    Replied: 7/12/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    A car lender will repo a car that's late. If you can explain your situation and they'll wait, then great. But even bankruptcy can't save the car under these circumstances unless the lender is willing.
    Answer Applies to: Virginia
    Replied: 7/12/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    You can wait as long as you and the creditors will allow. If you hire some attorney, us included, you can tell your creditors to call the attorney while you are planning to file your case.
    Answer Applies to: California
    Replied: 7/12/2011
    Tucker Legal Clinic
    Tucker Legal Clinic | Samuel Tucker
    The determining factor in my opinion is how likely is it that the vehicle will be repossessed; secondly, when your assignment comes through, will you be able to catch up and keep current on the car note? If you plan/need to keep the car a chapter 7 would not really help as you would have to reaffirm the debt on the vehicle.
    Answer Applies to: Mississippi
    Replied: 7/12/2011
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