Q: Should I file for bankruptcy or settle law suit?
I make $20 an hour , I got behind on payments because I lost my job and I am in debt for $7000, all cards are in collection to debt agency charged off. One of them is suing me , I could settle that but I won't be able to settle all if any others come after me but may be able to pay monthly . My credit is 540 so it is bad already . I make payments on a car and if I file for bankruptcy don't want to lose my car if Judge doesnt reaffirm . I live in California if that helps
You may be able to file bankruptcy on this. If you want to discuss more feel free to reach out to a bankruptcy lawyer.
Aaron Lloyd, esq.
Provided that you take the necessary steps to seek reaffirmation of a vehicle loan, you don't lose the vehicle based upon the judge's decision.
Granting or denying a creditor's motion to approve the debtor's reaffirmation of a vehicle loan only impacts whether or not the debtor may be responsible for a potential deficiency balance (after auction) if the debtor defaults under the contract and the creditor repossesses and auctions the vehicle.
Best to speak with a bankruptcy attorney to discuss this and other issues before deciding how to deal with your debts.
A: Filing bankruptcy requires analysis of more than just one issue. It is important to consult with an experienced bankruptcy attorney to fully understand the issues and options. It incluudes analyzing all debt, income, monthy expenses and assets that you have. Some attorneys offer a no charge initial half hour consultation which may provide good direction for you. Good luck.
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