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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.