I think the better question is whether bankruptcy s a good idea, and that depends on many different factors, including the value of your assets and whether the assets would be exempt in bankruptcy. The best thing to do is start with a consultation with a reputable bankruptcy attorney in your area, who can go over your entire financial picture and help you decide whether filing bankruptcy would be a good solution to your financial problems.
The information provided herein is general information only and not legal advice. The information provided herein does not create an attorney client relationship and is not a substitute for having a consultation with an attorney. It is important to have a consultation with an attorney as the information provided in this forum is limited and cannot possibly cover all potential issues in a given situation.
First, what are your chances for reemployment? Bankruptcy, Chapter 7, should be your choice. If you fall behind in your bills, Reemployment might qualify you for a Chapter 13 reorganization and allow you to potentially save your assets by creating a repayment plan. You might be best served by seeking a free consultation with a bankruptcy lawyer in your area. You need a road map to succeed financially.
This answer is general and is not intended to create an attorney client relationhsip and is for informational purposes only.
Whether bankruptcy is a good idea is a complicated question. It depends on your income history, your assets, your future plans regarding your home or other secured debt, your career, etc.
The home equity loan is secured by your home and cannot be eliminated in a Chapter 7. Without income you will not likely qualify for a Chapter 13.
Your best option is to seek a free consultation from a qualified bankruptcy attorney who can discuss this with you at length and work with you to determine the best way forward.
Answers provided are for informational purposes only. They should not be viewed as legal advice because in order to provide a qualified legal response a thourough client intake would be required. No attorney client relationship is created by this response.
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