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How to file for bankruptcy in India?

Would you file for bankruptcy if you were $32K in debt & owed $800/mo to your creditors (repeat question)?

  • I owe a little over $800/month to my five creditors. I'm moving back home which will help me lower the $32K down. I start on Unemployment in May. In May I won't be able to pay my creditors at all because Unemployment doesn't pay enough. Even when I move in with my dad while collecting Unemployment, I won't be able to pay for my credit card bills. I won't be able to pay them a cent. Who knows how long I'll be on Unemployment either. I can file bankruptcy once May comes, because by then I will have been six months on State Disability, making only $30K for six months, which is the criteria for filing bankruptcy. If I get a temp to perm job soon (haven't been able to find a perm job), then I can start paying my credit card bills, but I won't be able to retroactively. If I file bankruptcy things will go a lot smoother than avoiding my creditors. I know it looks bad on my resume to file bankruptcy and to default on your credit card bills. I would just be defaulting on them until I got a job. Would you file for bankruptcy anyway, even if I get a permanent job, just because it will be so hard to pay the $32K in debt, even if I move back home. I need to save money for a rainy day, like for when my car breaks down! But, without a credit card, I won't be able to fix my car. I'm in a losing situation. Plz help. Thx.

  • Answer:

    SumDude makes some really good points. My answer is HELL YES. Like, yesterday. Look, your credit is already ruined for the next 7 or so years. When you declare bankruptcy, all of that debt is wiped clean. You'll be able to get a credit card to start establishing credit in 1-2 years I bet. Sure, it will be a high interest card with a low balance, but you are starting from square one. Also, with interest and fees, I bet once you START making payments to the creditors again, on $32K? I bet you would end up paying $80,000 before you cleared all of this debt. Listen, bankruptcy is there for a reason. If I were you, I would run, not walk, to the nearest attorney and get this process started now. Good luck!

Amber at Yahoo! Answers Visit the source

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Sorry, but you do not state your case clearly on here. Is the $800/mo part of or related to that $32k debt? Does the 32k include cc debt or not? Moving home should save you over $1,000 a month if you quit paying your mortgage. {I remember you saying you were doing a short sale.} How do you go from State Disability to unemployment? The rules for une say you must be looking for and available for work. [so I will guess you are expected to be healed of your affliction by May.] {Making $30,000 for 6 months strikes me as good money - except for the high medical bills you must have.} I still say you need to get help from a lawyer who can look at every aspect of your situation - as opposed to us on Y!A who do care, but don't know enough. Is whatever caused you to become 32k in debt going to rear its ugly head again? If so, then going through bankruptcy now would not do much good. ... but I would not declare bankruptcy IF I got a job and knew I would be able to pay off my debts some day. But in this economy ....

SumDude

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