How to file for bankruptcy in India?

Would you extend your disability so you could file bankruptcy?

• A bankruptcy attorney told me I have to make $30,000 or less to file for bankruptcy. The only way that can happen is if I am on disability for four more months, as the field I'm in pays too much. If I extend my disability I'll lose my house for sure. But, I can move in with my dad, which is dreadful. I can no longer pay my bills and won't be able to pay them once I get a job anyway. Filing bankruptcy is better than having bill collectors on your butt? Would you extend your disability for four more months so you could file for bankruptcy? Or, file for Unemployment, then hope you get a job right away so you can keep your house? Thx.

• Answer:

  You have a lot of issues here, but filing bankruptcy will not really help in the long run. Bankruptcy actually stays with you more than just the 7 to 10 years you hear about.too. Also remember that some types of debt are not cancelled by bankruptcy -student loans and other debts to the government for example. Your best bet is to get back to work as soon as possible to boost your income. Explain your situation to creditors and negotiate settlements where possible. Pay the bills for food, shelter, and utilities as a priority , with the credit cards waiting to get paid. Negotiate the credit card debt, explaining that you just don't have the ability to pay. Cut up any credit cards you have and vow not to use them again. If you have to sell the house and rent an apartment, then consider that option too- even if it means a short sale if you owe more than it's worth/ (Talk to the mortgage company about a short sale). .