With the amount of debt I have, would bankruptcy be my best option? 14 Answers as of November 04, 2016

Over the years, I've racked up somewhere around $40,000- $50,000 in debt. The debts range from loans to hospital bills. I currently have a judgment against me for around $20,000 and am having my checks garnished.

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Ronald K. Nims LLC | Ronald K. Nims
Yes, I sounds like bankruptcy is your best option.
Answer Applies to: Ohio
Replied: 11/4/2016
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
It might be a good option but you can't evaluate whether a bankruptcy is appropriate or not by posting on the internet. Please go see a knowledgeable local bankruptcy attorney for a consultation and advice. It is a fact specific area of the law with serious ramifications. If you file without making sure there are no problems or reasons not to file, you may be stuck with an outcome that you don't want.
Answer Applies to: California
Replied: 11/2/2016
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I would need to ask a minimum of 40 to 50 questions to give you the guidance you need. It would be real simple to just say "Chapter 7", but that may not be the right answer, depending on your circumstances. Any lawyer worth their salt will charge you a small fee for an office meeting. Resist the free consultation, since you want get all the attention most clients are looking for. Good luck!
Answer Applies to: Colorado
Replied: 11/1/2016
Stephens Gourley & Bywater | David A. Stephens
It is hard to say without knowing more information. However, with that debt load, bankruptcy would certainly be a viable option.
Answer Applies to: Nevada
Replied: 11/1/2016
Goldsmith & Guymon
Goldsmith & Guymon | Marjorie Guymon
It depends on how much money you make. You should meet with a reputable bankruptcy attorney to discuss your options.
Answer Applies to: Nevada
Replied: 11/1/2016
    Danville Law Group | Scott Jordan
    Bankruptcy is certainly an option. I recommend you schedule an appointment with a local bankruptcy attorney who can assist you in making the right decision.
    Answer Applies to: California
    Replied: 11/1/2016
    OlsenDaines | Rex Daines
    Yes, you should definitely file a bankruptcy. That is a lot of debt. You would need income in the $100,000 range to ever be able to get it paid off. The garnishment will stop the moment you file the case.
    Answer Applies to: Oregon
    Replied: 11/1/2016
    Timothy Casey Theisen, P.A. | Tim Theisen
    Those absolutely sound like bankrupt numbers to me. With a judgment, your credit is probably already shot anyway, so a bankruptcy would put you in the best position to rebuild your credit. I would want to go through a few more things, to ensure that you don't have substantial assets that you could potentially lose in the bankruptcy, and also to make sure that your income is either under the median income, or at a point where you can't beat the means test.
    Answer Applies to: Minnesota
    Replied: 11/1/2016
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Go see a competent bankruptcy lawyer, (one who does more than just ch7s is generally best).
    Answer Applies to: California
    Replied: 11/1/2016
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Knowing the amount of debt you have is not a determining factor of whether bankruptcy is your best option. Certainly, bankruptcy is an option for you to investigate. If, for example, filing bankruptcy would cost you an inheritance or other valuable property, or if you are for one of many reasons, ineligible for bankruptcy, you also ought to ask about other options. An ethical bankruptcy attorney ought to explain your options and not tell you which to chose.
    Answer Applies to: Nevada
    Replied: 11/1/2016
    Patrick W. Currin, Attorney at Law | Patrick Currin
    If your assets can be exempted and your income is not too high, a Chapter 7 bankruptcy will stop the garnishment and erase your debt.
    Answer Applies to: California
    Replied: 11/1/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    Bankruptcy is a quick way to stop garnishments, but if your income is over the limit for a chapter 7, bankruptcy is not always the least expensive solution. You need to consult with an experienced attorney to determine your best course of action.
    Answer Applies to: Oregon
    Replied: 11/1/2016
    John W. Lee, PC
    John W. Lee, PC | Kim A. Lewis
    Bankruptcy is probably your only option at this point.
    Answer Applies to: Virginia
    Replied: 11/1/2016
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    In a nutshell, the answer is yes.
    Answer Applies to: New Jersey
    Replied: 11/1/2016
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