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Should I file? Am overwhelmed and confused...


IslandGirl
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I wish there was a Bankruptcy for Dummies book, I have read so many posts on this site, but so much is over my head?? If anyone has time to give me any sort of opinion I would be greatly appreciative.. I'm just needing to know if I should file or not, I've been speaking with attorney's also but would love a forum member's opinion...

The basics:

I'm 32 yrs old, live in Tennessee

Was unemployed Xmas-last week of January but am employed now at a great corporation. Due to unemployment I fell way behind and have been trying to catch up:

My car was repo'd last week (Americredit - owe $17,000)

Owe Bank of A: $1600

Medical Bills from surgery: $1900

Various Credit cards: (all have been charged off and re-sold) within the past few years

Check Advances: (I know these are horrible) : $800 - all were taken out within the past 2 months - not sure if they are still being held for collection or sent to a home office- they have been ran thru my bank numerous time which explains the B of A overdraft

Since I have been working I have tried really hard to catch up (I just took a second job, have sold/pawned anything of real value) - but at this point it seems I will never catch up.. I'm not afraid of hard work but I'm not sure where to apply my efforts and at the end of my rope it seems..

My main concerns about bk are:

* will the contact any of my previous or current employers? obviously the less people know the better

* is it too late to do any good to file at this point (considering the repo, etc)

* will it ruin my chance at purchasing a home or ever trying to obtain a small business loan in the next 10 years?

Any bit of help would mean so much...

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I wish there was a Bankruptcy for Dummies book
Actually, there is.. but I wouldn't use it ;)
will the contact any of my previous or current employers? obviously the less people know the better

No, not unless you owe your current or former employers money.

* is it too late to do any good to file at this point (considering the repo, etc)

Not at all. In fact, you will probably be sued for the deficiency from the repo, and bankruptcy will make that go away.

* will it ruin my chance at purchasing a home or ever trying to obtain a small business loan in the next 10 years?

No. With careful rebuilding and repair you could get a mortgage at a decent rate in as little as 2 years. A business loan might take a bit more work, you'd have to investigate that.

Getting sued in TN for credit card debts and even the repo is not something you want to go thru. General Sessions Court is mostly 'do you owe it or don't you' and if you have no argument or say yes, you're toast.

I would say that bankruptcy would definitely help you, otherwise you're going to be stuck for a LOT more than 10 years of rotten credit, fighting lawsuits, and dodging wage garnishments if they get judgments.

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