Considering bankruptcy a few questions
Date: Fri, 07/23/2010 - 14:00
Three years ago I fell ill and ended up having two back surgeries and a battle with cancer. The situation left me with roughly 250,000 in medical debt. I also have about 3,000 in student loans and I am co-signer on a vehicle loan for about 13,000. I'm only 25 and managed to stay current on my student loans and car loan but the medical bills are to much.
My first question is, Is filing bankruptcy a smart idea? I care about my credit and this point I don't have any. But some research I read said filing bankruptcy isn't a good move if you have nothing to lose (i.e. house or car).
My second question is how would filing bankruptcy effect my car situation. I am the co-signer so technically its not even my loan but I pay it. I also own two other cars, but they are both junk and neither drives, but I've heard your only allowed one vehicle. If I file will they make me sell my newer car (w/ the loan) or because its not my loan will it matter at all?
My goal is to repair my credit am I heading in the right direction.
My first question is, Is filing bankruptcy a smart idea? I care about my credit and this point I don't have any. But some research I read said filing bankruptcy isn't a good move if you have nothing to lose (i.e. house or car).
My second question is how would filing bankruptcy effect my car situation. I am the co-signer so technically its not even my loan but I pay it. I also own two other cars, but they are both junk and neither drives, but I've heard your only allowed one vehicle. If I file will they make me sell my newer car (w/ the loan) or because its not my loan will it matter at all?
My goal is to repair my credit am I heading in the right direction.
FYI...as a cosignor on any loan, it does most definately make it
FYI...as a cosignor on any loan, it does most definately make it YOUR loan.
With that much medical debt, bankruptcy is your only solution. Get a fresh start. Make an appointment with a bankruptcy attorney...consolutations are free.
