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You didn't state what your income is, so it is difficult to assertain your situation for bankruptcy. The economy has little to do with whether or not a person should file bankruptcy. It all depends on your circumstances, which you listed some of them. If your debts far outweigh your assets, and you don't have any real means of paying off the debt, then it is probable to file bankruptcy. However, if your mortgage is going to be $5000, you are also living far above your means. On top of it, if you aren't incorporated, anyone can put a lean on your house if a judgement is found against you. So...I would try to sell the house, move into an apartment, sell off any assets you don't need, wait a year and file bankruptcy if you are still deeply in debt. Don't worry about the med bills. If you don't have income or assets, Medical Assistance will probably pick up the bills.

13 years ago. Rating: 0
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