Posted on: 11th Jan, 2012 12:49 am
Due to my severe financial downfall, I have decided that it doesn’t make any sense to pay the debts, so it’s better to stop paying them. I was unemployed for a year and ended up taking a job for 17K less than what I was earning. Should I hope that I won’t be getting sued or should I file for chapter 7? I haven't paid my mortgage in months and I'm about to be foreclosed on. I also have about 1K in unpaid utilities, and 15K in credit card debt. My bankruptcy would be on my record for 10 years, whereas if I just have a bunch of delinquent accounts they'll be removed in 7 years. Any advice?
You'll pay a set amount of money to the court each month. It will be divided among your creditors. I think you only pay for four years but that might be wrong.
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Hi Kasper,
If you cannot pay off your debts, then there is a high chance that you will be sued for those debts. As far as your unpaid bills and other utilities are concerned, it will be better if you could go for a debt consolidation. This will help you in getting rid of your debts and you won't have to file bankruptcy. If you have difficulty in paying off your mortgage, then you can apply for a loan modification to get a better repayment plan.
Thanks,
Jerry
If you cannot pay off your debts, then there is a high chance that you will be sued for those debts. As far as your unpaid bills and other utilities are concerned, it will be better if you could go for a debt consolidation. This will help you in getting rid of your debts and you won't have to file bankruptcy. If you have difficulty in paying off your mortgage, then you can apply for a loan modification to get a better repayment plan.
Thanks,
Jerry
