I think I have to file for bankruptcy

I’m a single father of 2 kids. I had to take a leave last year from my job to take care of my wife’s medical condition. She passed away after 3 months and I didn’t go back to work in order to take care of my kids and myself. I am now employed again but with much less income and the debt I incurred during those 7 months I was off is more than I can afford to re-pay. I have 1 car that I need to get to work and we live in an apartment that is very close to my kids school – I don’t want to move. I thought about a small loan for my credit card debt, but the minimum payment is to much. Should I file for bankruptcy?

One Comment

  1. Whether or not to file bankruptcy is a personal decision. However, based on the facts that you present, it may be a good option for you. If you can not maintain the current credit payments and a consolidation loan would not help, then bankruptcy would likely be a good solution.

    Your decision whether to file bankruptcy needs to be a calculated one. You can not file another chapter 7 for 8 years and a filing will have an impact on your credit rating.

    My advice is to think hard about whether to file and if filing is best remedy then filing may be the answer. It will allow you a “fresh start” and you can concentrate on raising your children and paying your living expenses without fretting about loans you can not re-pay.

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