I'm a 44 year old male, with about $16,000 in credit card & consumer
debt, and $13,000 in student loans. I am on Social Security Disability
for a disease that is currently stablized.
I have health insurance although it doesn't cover prescriptions, some
of which are expensive.
Most of my monthly income goes to paying back on the above mentioned
debts. and doesn't leave enough by month's end without "robbing Peter to
pay Paul", i.e. borrowing money some way (credit card cash or
purchases) to keep going.
It is important to note that I am CURRENT on all my payments to
creditors, but am in this cycle I just mentioned and just chasing my
tail and I see no end to it.
I don't know the first thing about bankruptcy. I live in a community
where people who file get their name in the paper as such and I guess I
kind of have a problem with that.
I've started reading the postings in this room and have to admit that
for a newbie some of the terminology is over my head.
Is my financial situation one for which the obvious solution is
bankruptcy? Or is that not even an option since I'm current on
everything? I'll never get out of this by merely making the minmum
payments.
I recieve about $1250/ mo. between Soc Sec and a small pension from a
previous employer.
I'm currently living at my Mother's house, which is not good, and see no
way of ever getting back out on my own without getting rid of this debt
But I don't have any idea what doing this will "offer" me.
I know the obvious thing would be for me to talk to an attorney, but
I'd rather first hear what you nice people have to say before I
potentially waste his time and embarrass myself if bankruptcy isn't even
an option. But God knows plenty of other people have done it--some I'm
sure with situations not as bad as mine. Thanx in advance.

James Goforth wrote:
I'm a 44 year old male, with about $16,000 in credit card & consumer debt, and $13,000 in student loans. I am on Social Security Disability for a disease that is currently stablized. I have health insurance although it doesn't cover prescriptions, some of which are expensive. Most of my monthly income goes to paying back on the above mentioned debts. and doesn't leave enough by month's end without "robbing Peter to pay Paul", i.e. borrowing money some way (credit card cash or purchases) to keep going. It is important to note that I am CURRENT on all my payments to creditors, but am in this cycle I just mentioned and just chasing my tail and I see no end to it. I don't know the first thing about bankruptcy. I live in a community where people who file get their name in the paper as such and I guess I kind of have a problem with that.

You may want to consider filing in your nearest larger city to avoid having
your name in the paper.
[SNIP]
--
Never hitch your future to just one wagon because you can't tell which one
will go off a cliff.

I have written a Bankruptcy FAQ which should answer many of your questions
about what is involved--it may be found at
www.brettweiss.com/FAQ/br_faq.htm.

I strongly recommend speaking with a local bankruptcy attorney. Most offer
free initial consultations and he or she should be able to review your
specific situation and let you know what you can and can't do. If you're in
Maryland, DC or Virginia, please let me know--we may be able to help.

Take care.

Brett
lawyer@brettweiss.com
www.brettweiss.com

*************************************************
The Small Print: This response is for discussion purposes only. It
isn't meant to be legal advice and you shouldn't treat it as such. If
you want legal advice, speak with a local lawyer familiar with your
state's laws who can review *all* of the facts and the law applicable
to your situation.
*************************************************


"James Goforth" <waldog44@webtv.net> wrote in message
news:21494-403BB51B-153@storefull-3271.bay.webtv.net... I'm a 44 year old male, with about $16,000 in credit card & consumer debt, and $13,000 in student loans. I am on Social Security Disability for a disease that is currently stablized. I have health insurance although it doesn't cover prescriptions, some of which are expensive. Most of my monthly income goes to paying back on the above mentioned debts. and doesn't leave enough by month's end without "robbing Peter to pay Paul", i.e. borrowing money some way (credit card cash or purchases) to keep going. It is important to note that I am CURRENT on all my payments to creditors, but am in this cycle I just mentioned and just chasing my tail and I see no end to it. I don't know the first thing about bankruptcy. I live in a community where people who file get their name in the paper as such and I guess I kind of have a problem with that. I've started reading the postings in this room and have to admit that for a newbie some of the terminology is over my head. Is my financial situation one for which the obvious solution is bankruptcy? Or is that not even an option since I'm current on everything? I'll never get out of this by merely making the minmum payments. I recieve about $1250/ mo. between Soc Sec and a small pension from a previous employer. I'm currently living at my Mother's house, which is not good, and see no way of ever getting back out on my own without getting rid of this debt But I don't have any idea what doing this will "offer" me. I know the obvious thing would be for me to talk to an attorney, but I'd rather first hear what you nice people have to say before I potentially waste his time and embarrass myself if bankruptcy isn't even an option. But God knows plenty of other people have done it--some I'm sure with situations not as bad as mine. Thanx in advance.

First and for most what state do you live in? There maybe no need to
file, but just default on the CC. You appear judgement proof.

If you decide to file, move out now, then file bankruptcy.

If you don't move out; more than likely you will be a chapter 13 case
vs. chapter 7.

Best of luck.

I live in Iowa.
I don't know what the difference is between Chapter 7, etc.
I couldn't access Brett Weiss' webpage for FAQ's or I'd be a little
more knowledgeable about it.
Defaulting on the CC and trying to pay everything else off would suit
me fine. I've paid them so much in interest over the years it's
sickening.

Sorry--apparently my site was down for a bit. Try the FAQ again.
http://www.brettweiss.com/faq/br_faq.htm.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@brettweiss.com *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************

"James Goforth" <jamiegoforth@webtv.net> wrote in message
news:18633-403CCC7F-37@storefull-3276.bay.webtv.net... I live in Iowa. I don't know what the difference is between Chapter 7, etc. I couldn't access Brett Weiss' webpage for FAQ's or I'd be a little more knowledgeable about it. Defaulting on the CC and trying to pay everything else off would suit me fine. I've paid them so much in interest over the years it's sickening.

You might try getting a copy of "Personal Bankruptcy For Dummies" and
read through that. I found it very useful as a general introduction,
and it does a good job of explaning the difference between Chapter 7
and Chapter 13.

Nolo Press also has a book called "How to File For Chapter 7
Bankruptcy" that seems to be more detailed, has lots of sample
bankruptcy forms, and lists current exemption limits on house equity,
cars, etc for each state.

I think the "Dummies" book is a good one to start with...

Bob