Should we file for bankruptcy?

January 6th, 2009
  • my family makes about 60 grand a year but we are in huge debts, we filed for bankruptcy about 10 years ago and at this point we may do it again, what do you think?


  • With scant details we can't advise you very well, but do know that under the current administration a lot has changed. Bankruptcy that leaves you walking away with no debt is virtually extinct in this country. It will be harder for you to get bankruptcy and you won't be in the free and clear in the end.

    I would advise you to get an independent financial planner who can help you assess your situation and figure out what is right for you.

    60K is enough for an average sized family to make it. Perhaps you need to reassess how you spend your money. A financial planner can help you make adjustments.


  • I would consult a debt consolidation counselor or consumer credit counselor to help negotiate lower payments to your creditors, get your family on an affordable payment plan and on a budget so that you can get out of debt and stay out of debt. A credit counselor may also be able to advise you if a family member should get counseling on how to control spending.

    Que Dios le bendiga! (May the Lord bless you!)


  • Are you still able to pay your bills even though you having nothing left over after paying bills? Or are you already delinquent with your bills and have collection agencies call you? If you are still able to pay your bills and aren't getting any collection calls I would just keep hanging on.....I wouldn't want to ruin my credit, and you have also filed for bankruptcy in the past too. Would you be able to do debt counseling instead of bankruptcy? Read here for debt counseling info http://www.debtcounselingcorp.org/ .But, if that is not right for you read here for bankruptcy info https://www.clearbankruptcy.com/index.as...

    Hope this helps you.


  • Be aware that the bankruptcy laws have changed. The judge will determine which section of the bankruptcy law you qualify for. My point is that you may be put on a payment plan and not simply walk away from your debts. See an attorney on this.


  • Wow....consider yourself a fortunate person who is ridiculously irresponsible with your money. My husband and I barely make 20 grand a year currently and we are making it. If we had 60 grand a year...we would be rich!


  • If you see no way out but look into consolidating your bills first. Look for other alternatives before you make your final decision to file bankruptcy. Good Luck!


  • What the heck? Do it


  • i think its sad that people can run up all these debts and then file bankrupcy , why not take the money you will pay to file and pay it om the bills?
    the tax payers are the ones paying for your overcharging ,
    think it over ,
    take back to the stores alll the things you charged and be honest tell them your prob;lems







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