I’ve recently had a baby and im working part time. my monthly income is 400.00-550.00 a month. im having a hard time paying all my bills. my car payment is mostly all my income of 410.00 i have close to 20000.00 in credit card debt. i havent made my car payment for the month. when i spoke to my lender they told me that they cannot make any changes to the auto loan. im totally upside down on the auto loan 3-5k. im only making min payments on my credit cards. i have 4card that carry a balance of more than 5k.
Do you have to be behind on your bills to file for chapter7 bankruptcy? what are the req to file? if i do a voulntary surrender on my auto and i recive the bill for the difference of the auto loan and can not pay what happens next?
You do not need to be behind on bills to go bankrupt. This is called a “surprise bankruptcy” because by all appearances you are current on payments from your creditors point of view and then, surprise!
Find a local bankruptcy attorney you like. Schedule an appointment for a free bankruptcy consultation and go meet with them. It certainly sounds like bankruptcy is right for you.
The attorney will probably tell you to let the car lender have the car, sell it at auction and then send you a big bill. That debt will be included in your bankruptcy.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.