My husband lost his job 1 1/2 years ago. Age 62, we have alot of debt. Have been working real hard a keeping our home and car, but we have high credit card debt and unsecured debt. we have retirement income but is not enough to pay everything. What do we do.
How can you be sure that it is the right thing to do on filing bk?
The only way to know if bankruptcy is your best option is to visit an experienced bankruptcy attorney to go over your options and qualifications for bankruptcy.
There may be other concerns in filing, like unexempt assets.
But it sounds like you qualify based on your income. Sometimes I counsel people who have only retirement income (which is generally exempt from all creditors) that they might choose a path of not filing bankruptcy at all.
It means you will not pay your creditors, show them your income/bank account is exempt and to leave you alone.
But this presumes you will never have assets that a creditor could attach. You would also have to live “off the grid”. Meaning no traditional credit forever – no credit cards, normal car loans, mortgages. You would have to pay cash for cars, or go to a buy here pay here lot, or other means of car loans.
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Those are just a few examples.
But most clients want the peace of mind that there creditors will be discharged and leave them alone.
So again, please go to a free bankruptcy consultation and determine if it is the best option for you.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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