I am a single parent of four and have students loans over 200,000 this is interest added. I also have credit card 3000 and other agencies bills adding up 5000. I have was working and did reciept aid from human services.
Unless you or one of your children are severely disabled, it is unlikely that bankruptcy will discharge your student loans. If you are describing all your other debts, I don't see bankruptcy being appropriate for you, even although you might qualify to file.
Hope this perspective helps!
There are several things to consider, the first is whether you have the income requirements to file a Chapter 7 bankruptcy. In order to qualify under a Chapter 7 bankruptcy, you must take and pass the means test, that is you have to show that your average income in the six months before you filed either was less than the median income by family size in your state or that, if it was higher, you do not have enough disposable income, after paying allowed expenses, to pay off your debt.
You should also keep in mind that a Chapter 7 bankruptcy does not discharge certain debts, for example student loans. An experienced bankruptcy attorney will be able to advise and guide you to the appropriate bankruptcy chapter. You should search AVVO for an experienced bankruptcy attorney in your area. Good luck.
Legal disclaimer: The answer presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.
You could file a Chapter 7 bankruptcy, but the only debt that will be dischargable will be the $8,000.00 of unsecured debt.
The $200,000.00 in student loans can only be discharged for reasons of a hardship, and the Bankruptcy Courts have chosen to narrowly defined what constitutes a hardship. From what you have described as your current situation, I do not beleive that you would be considered to have a hardship for bankruptcy purposes.
You will want to speak with an experienced bankruptcy attorney about your options.
The information provided is not intended as legal advice. No Attorney/Client relationship is intended, implied or created.
The real issue here isn't whether or not you can apply for a Chap. 7 bankruptcy - given your family size, unless you income is near 6-figures, you'll qualify. The real issue is whether a bankruptcy will resolve your debt issues. Sadly, they won't as far as the student loans are concerned. The only way to address student loans in bankruptcy is if you meet a VERY strict set of criteria - very few do. No bankruptcy can discharge student loans otherwise, so you're probably stuck on those. The CC's and other bills - those can probably be taken care of.
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