Personal Bankruptcy

November 12th, 2005 by Questions

Hello,

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?

Thank you
Jason

Questions

One Response to “Personal Bankruptcy”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Assuming you return the vehicle and file for bankruptcy you will be released from the shortfall on the car loan, the credit card, and the cel phone contract (if you return the phone and give up the phone number). Traffic fines will survive, as will your student loans unless it has been more than 10 years since you last attended school. For great detail I suggest you contact a trustee in your local area and he will be able to give you a detailed description of the when and why these debts survive (see “Find A Trustee” on the left hand side of this page).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)