Oxnard, CA asked in Bankruptcy for California

Q: Do I need to file for bankruptcy? I can not afford to pay my monthly payments to SOME of my creditors for NOW.

My total debt is 30K to multiple creditors, 3 personal loans. I can not afford to pay my monthly payments to ALL of them for NOW. I am WILLING to pay but I can not promise when. Do I need to file for bankruptcy? Please advise. Thank you.

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3 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You need to meet with an attorney who can evaluate your comprehensive financial situation and then make a decision about how to handle it.

Peter Maurice Lively and Bruce Alexander Minnick agree with this answer

Aaron Michael Lloyd
Aaron Michael Lloyd
Answered
  • Bankruptcy Lawyer
  • Los Angeles, CA
  • Licensed in California

A: Maybe. What is your annual income? Are you married? Do you own a house or rent? We would want to know the answers to these questions and some others to better tell you if bankruptcy is the right choice. There is a chapter 7 bankruptcy option available for some qualified individuals who can discharge or erase most of their debt within about 3 months. I think you would want to schedule a phone consultation with a bankruptcy attorney. Most of us offer free consultations.

Theodore Allan Greene and Bruce Alexander Minnick agree with this answer

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: There are a lot of variables regarding whether a person can, should or is qualified to file bankruptcy. I recommend seeking an initial consultation with an experienced bankruptcy attorney who can analyze these issues and explain your options. Some of us offer a half hour no charge consultation which may provide you with some preliminary information. In terms of the fees involved, it obviously depends upon the attorney - but some also may be willing to set up payments. Get the information first about whether bankruptcy is a good option for you.

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