Q: I live in Alabama and I'm trying to decide if I should file bankruptcy .. I have a us ed student loan $10k owed, doctor
Bills $3k, and payday & on credit loans $9k.. annual salary $70k.. $650 rent, $318 car note, married with a child . What's my option?
A: Assuming your household size is single, or married with no dependents, Chapter 13 looks to be your best option under the U.S. Bankruptcy Code. Under Chapter 13, you would be required to set up a Plan which provides for a payment equal to your monthly "disposable income," running between 36 to 60 months. There are several other considerations to determining the amount of the Plan payment, such as whether you have mortgage arrears, tax claims, child support claims, an auto loan or auto loans, civil judgments etc. You should seek out an attorney near you who provides a free office consultation so that all options, including Chapter 7, can be looked at in more detail.
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