Bankruptcy or not??

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Bankruptcy or not??

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amother

Mistyrose

Wed, Oct 28 2015, 11:22 am

We recently made 2 chasunahs in a very short time, and I have maxed out my credit card to $19,000. I did not plan on doing this, and thought I had a game plan to pay for things, but expenses came up unexpectedly and it spiraled and now I am in debt more than I thought. My husband feels I should file for bankruptcy and discharge this debt. At first I was against it, but now I don't know what to do. While I do work, I do have expenses and I would not be able to pay this down for A VERY LONG TIME (20 YEARS OR SO) We still have tuitions, car payments, mortgage, etc that eat up our regular monthly bills, so I don't have any float to play with, but at the same time, I am uncomfortable with the idea of bankruptcy. Any thoughts out there?? I don't want to go to any gemachs/loans or otherwise, it is embarrassing enough to have this problem and have already reached out to the community to help with chasunah expenses.

Miri7

Wed, Oct 28 2015, 11:43 am

You need to talk with a bankruptcy attorney about this before making a decision. Filing for bankruptcy can have long lasting severe consequences. Find someone in your area who specializes in bankruptcy.

Amarante

Wed, Oct 28 2015, 12:08 pm

This is not legal advice but there are now two types of consumer bankruptcy. Depending on income, one cannot discharge debt but is put on a repayment plan by the Trustee.

If you are contemplating bankruptcy, you should see an attorney because others have posted, it is something that has serious legal consequences.

And not to point fingers or kick anyone when they are down, but if you are using a credit card to pay for your normal expenses or using a credit card to pay expenses which are discretionary, perhaps you should reconsider. Credit cards IMHO should be used to pay for items for convenience when you will be paying the bill in full every month or they should be used to pay for true emergency expenses like medical or if a car breaks down.

chayamiriam

Wed, Oct 28 2015, 12:23 pm

Best thing I ever did was file!

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