Q: When is the right time to file for bankruptcy, Can fed student loan be included,What should I not default on/or d on 1st
I have an enormous amount of debt (school loans (federal and private), credit card, mortgage, and car loan). I had a high paying job, but had a mental breakdown. For the next year I will get disability money which is fairly high (enough to cover minimum payments on debt not pay it off), but after one year that stops completely and I know that my mental capacity to work will only allow part time work (which will be much less income than my former job or the disability). I am also going through a divorce and don't know if I will receive or have to pay child support in the future. Should I file for Ch 7 now (while I have an high income from the disability which may exceed certain caps), or should I wait until the disability runs out and I can no longer even pay the minimum payments? If I wait until after the disability, and if I am awarded child support in the divorce, will the child support be considered income and potentially affect my ability to file bankruptcy? Thank you.
A:
You have question that only YOUR bankruptcy lawyer can answer, so go find a good one in your community.
Changes are coming about in the law about the discharge-ability of student loans, so you need your own lawyer for this. But it is possible.
I don't envy your situation, but you will certainly benefit from the advice of a good consumer bankruptcy lawyer
Good Luck
d
A: The right time differs from case to case. You should consult a bankruptcy lawyer to see what your options are ad when is best. Only your lawyer can answer that question after fully evaluating your situation.
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