November 12th, 2005 by Questions
I have recently found myself in a very bad financial situation and unable to maintain a proper state of existence.
I have recently lost my job due to health reasons, and have found myself with the following financial debts:
– my credit card is at its limit
– I still owe on a loan for my car (10K)
– I still have an outstanding student loan
– a two-year cel phone contract
– traffic fines
Because of my serious health condition, I am considering declaring personal bankruptcy – and I have just found out that these outstanding expenses are contributing to my health condition. If I declare personal bankruptcy, would the loan on my car be cleared at the same time?
If I offer the company to repossess the car, would I still be responsible for the outstanding loan after bankruptcy?
Would bankruptcy clear all my outstanding debts?