Question Asked...
My spouse declared bankruptcy in the initial stages of our separtation. As a result, a loan I had co-signed now became my sole responsibility.
I am currently unemployed and have not made any payments on this loan for 2 years. I do not qualify for EI.
To further complicate the situation I have an outstanding car loan that is worth more than the car, I pay child support and I am in school. Oh yes, I cannot afford a divorce, either.
Do you think bankruptcy is appropriate? (Not for child-support as that is non-dischargeable.)
While it is difficult to say without looking at the specific nature of your situation, from your description it sounds as if there may not be any other choice. While currently your creditors may not be able to do anything other than seize your vehicle, there is a good possibility they will simply wait until you are employed and immediately attach any monies that may become available. At the very least you should contact a trustee in your area (see “Find a Trustee†on the left side of the page) and have him explain the options available and whether or not they will be beneficial given your current situation.