Is it wise to file for bankruptcy if I have no assets and no job but I owe thousands of dollars to creditors?

Answers:2   |   LastUpdateAt:2012-11-03 17:00:02  

Question
Bhutan
Asked at 2012-09-01 20:01:04
I have been unemployed for several months . I owe student loans, car payments , and several credit cards . Do nothing own and I have no money in the bank or otherwise. I have medical bills , credit cards and student loans totaling somewhere around $ 60,000 . What should I do . I can not find a job. Is bankruptcy an option?
Answer1AmorAnswered at 2012-09-13 03:56:03
$ 60,000 is a lot ... but if half of that, or student loans is that you can not qualify . Studen loans are not dischargeable in bankruptcy . They are for life . MedlinePlus MedlinePlus If your student loans are a small portion of your debt , then it may be worthwhile for you to consult with a bankruptcy attorney and discuss your options. The first consultation is usually free. MedlinePlus MedlinePlus Good Luck .
Answer2ThadAnswered at 2012-11-03 16:59:47
It is an option but student loans will not be cleared through bankruptcy. So you will still have to find a way to pay those back. With bankruptcy you will ruin your credit completely for 7-10 years so it will be difficult to do anything requiring credit. Including getting a job as many do check that now as part of your background. However even filing bankruptcy requires money just to do paperwork not including if you want a lawyer. My mother in law spent 1200 for her lawyer and paperwork. My husband found a place to do his paperwork for $200 but that doesnt include a lawyer(which you don't really need in court anyway, my mother in law didn't).

Ultimately it is your decision. Just be aware of the consequences and that you will still need to pay your student loans.
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