South Fulton, TN asked in Bankruptcy for Tennessee

Q: Can I file bankruptcy on loans made to me from a Finance Company? I think its around $15,000. Or go with debt cons?

I have a few Finance company loans with outrageous interest I need help deciding between bankruptcy or consolidating?? I have 1 income 4 kids I work full time and bring home around $700 weekly. I do have a car payment I wouldn't want to put that in with the bankruptcy or debt cons. If I filed either one could I still keep my car as long as I still make the payments? What do I do? I also have around $5,000 in credit card debt. I am all on my own I have no family to help me I need advice. I am 36 will I be finanicaly ruined for life if I file bankruptcy or debt cons? I don't want to ruin myself forever. I just need help I'm drowning in debt. What will happen if I file for bankruptcy or debt cons? How will I know I would qualify for either? I'm so confused.

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1 Lawyer Answer

A: The best way to resolve your confusion is to make an appointment with an experienced bankruptcy lawyer in your area. Many bankruptcy lawyers offer free consultations. Bankruptcy does not ruin you financially for life, many individuals who file are able to reestablish their credit relatively quickly, and the bankruptcy only lasts on your credit report for 10 years. You cannot pick and choose which debts you file on; all your debts must be listed. However, the vast majority of people who wish to keep their vehicle in bankruptcy are able to do so. An attorney who evaluates your entire situation will be able to tell you what property you can keep and what the impact of bankruptcy will be on you.

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