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ramifications of bankruptcy


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Posted by Ramathiam (65.141.195.213) on January 08, 2004 at 16:52:56:

I am in the process of getting divorced. I am carrying about $17k in creditor debt along with a $38k vehicle thats financed. On my income, I was fine, but I just lost my job and the chance of finding a job making the money necessary to cover my lifestyle is extremely slim so making it impossible to pay for what I have. I am strongly considering bankruptcy. I guess I'm wondering what I should do? I have considered letting the vehicle go back which will help financially, but I don't know if it will help enough.

Also, what actually happens when you file? Does the court come and take everything you have. What are you left with? How long does it take to recover from it? Are there other alternatives? Lots of questions.

Thanks for any help.


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