Is Bankruptcy for me?

December 20th, 2007 by Questions

Hi. I currently separated from my wife and was stuck with all of our debt as everything was always kept in my name. I currently owe 20,000 in credit card debt and 16,000 on a line of credit. I also have two vehicles that are financed right now with approximately 18,000 owing on one and 20,000 on the other. My annual income is 90,000 a year and I have one child. I was wondering if filing for bankruptcy would be a good solution to my problem. Thank you.

Questions

One Response to “Is Bankruptcy for me?”



, Barton Goth GCO Bankruptcy Trustees said:

A bankruptcy may be an alternative that will help yo deal with this outstanding debt, although it is difficult to say without looking more specifically at your monthly cash flow.

Although, from the sounds of your income position you are likely in a position where the filing of a proposal may be more appropriate.

The best thing to do is to contact a local trustee, have them review your monthly financial position and they will be in a better position to give more concrete direction.

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