No income now. Should I file ?

February 11th, 2006 by Questions

I was self-employed. But over the last two years, due to marriage difficulties (separation, prospect of divorce, 3 kids) my business failed and currently I am without employment or any income.
I have some $110,000 unsecured debt that I accumulated over the years. Most of it are credit cards which charge up to 29% interest on default debts. Even if I get a job I will not be able to make these kinds of payments(I used to pay only 5-6% on those cards).
What are my chances of getting discharged if I file for personal bankruptcy now?


One Response to “No income now. Should I file ?”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

I don’t see any reason why you wouldn’t be eligible for a discharge nor any reason a creditor would oppose the discharge. It would be different if you committed fraud, or had a large monthly income, but in absence of these types of conditions I would not expect anything unusual. As a result I expect your bankruptcy would last between 9 to 12 months, simply depending on how long it takes for you to fulfill your obligations.

You should contact a licensed trustee in your area and he will be able to review your circumstances in more detail and be able to identify if there any reason why a discharge would be delayed.

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