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Claim bankruptsy or Work out Payments Somehow what's Best ?

7

71350SS+454

Active Member
Since my Wife passed away I'm finding out a lot of the financial things that she did weren't the smartest decisions to make
and now I'm dealing with the consequences. In your opinions instead of dealing with bill collecters what is the best thing for me.
Also how do I even start a bankruptsy or whatever it's called.
If anyone has any experience in this I would appreciate any advice they have could send my way.
John
 
If your income (which is now reduced) doesn't cover the bills, seek a bankruptcy attorney and they can walk you through it. One of my clients was a bankruptcy attorney before they switched over to being a real estate attorney.

I picked his brain (about 15 years ago) and was curious myself and he explained the basics, but they can steer you in the right direction. It'd be a way to start fresh and since you probably own your house, you should be all set.
 
What is your age and are these medical expenses?
Mom ran into huge medical bills after her stroke, the helicopter ride is NOT cheap.
But at 88 YOA there is a form letter that is basically a "Get out of jail free" card.

I once tried to take bankruptcy a long time ago but did not have enough money to do it. :oops:
The attorneys want paid up front and are not cheap.
The laws have changed since then and it is now even more difficult.

If you have a good bank they may have a financial advisor to help you at no or minimal cost.
There are also some "Low income" legal services who may help if you qualify.
Good luck, and protect your car.
 
Bankruptcy today is more difficult. In addition to the attorney's fees (there is a place local to me that gets your paperwork to submit in order for about $300), you now have to under go several hours of credit counseling. And, it stays on your credit report for 10 years now, instead of 7. I would seriously try to work something out with the creditors.
 
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