Is it a good idea to file a chapt 7 in this economy

    I am about to file a chapt 7, however, My wife and I are expecting large medical bills in the future.
    She has a recent heart condition that requires on going visits to the UCSF medical center.
    I don't think we can afford to file Bank Ruptcey. With our currant home loan we can afford to live in our house another 8 years. It is of course up-side down. After 8 years I don't know what we will do for a home. If I can't afford the home after eight years when the loan goes up to $5,000 a month, I will have to foreclose. Then the bank will come after me for the difference. I have a court case coming up in a few days. I'm being sued for $80,000. Then there is credit card debt of $80000,
    mechanics liens $100000. My point is; if I file now, I have expected future debts and I can only file once for several years. Over the next several years I see unafordable medical debt. I have liens with maybe more to come. I think we should change our minds and file in the next eight year.

    0  Views: 318 Answers: 1 Posted: 12 years ago

    1 Answer

    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.

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